The numbers don’t lie–while the largest startup cities haven’t changed much over the last decade, a significant portion of dollars invested is leaking into the ‘burbs. The reasons behind this trend bear watching. Case in point: Lucy Beard started her 3D printed shoe company Feetz in startup central—Silicon Valley. The mission: end foot pain forever. Foot pain from badly fitting mass manufactured shoes is an epidemic and Lucy generated a solution capable of not only improving lives, but in doing so, changing a global industry. But amidst the early media attention and inbound calls from potential customers, she realized she had a sizeable hurdle to clear.
This is the fourth article in a multi-part series focused on Launch Tennessee’s accelerator program and the regional accelerators that operate in the eastern half of Tennessee, Today, we examine the plans of Chattanooga’s CO.LAB.
Chattanooga Times Free Press
Finding empty parking spots in downtown Chattanooga or near Chattanooga airport could become easier. Two recent college graduates plan to launch two separate companies aimed at making parking more efficient by using underutilized parking spots in one case, and in the other case locating empty parking spots in parking lots and garages for drivers through a phone application.
Local immunization data venture MedPass Health has raised $760,000 from its founders and seven angel investors and aims to grow its staff to 20 from today’s half dozen over the next year. CEO Hallett Ogburn and his team also have struck a partnership with the University of Alabama Management Information Systems program.
Former investment banker and finance executive Drew Hart just announced the launch of Inflammo LLC, a firm offering a suite of financial solutions to companies seeking scalable financial expertise. “There is great talent and momentum spinning out of the entrepreneurial and startup scene, and more broadly in the lower middle market, yet the majority of these companies run into a lack of in-house financial sophistication,” said Hart, who worked as VP of finance at Onlife Health after spending more than five years at Morgan Keegan. “We saw a niche for a new type of outsourced finance firm that could address this internal shortfall.”
Nashville Business Journal
Nearly two years after graduating from accelerator Jumpstart Foundry, InvisionHeart is nearly ready to start selling its product. CEO Josh Nickols said the company’s mobile device for real-time electrocardiogram (ECG) transmission has been under FDA review since the fall, and he’s expecting approval by mid-summer. At that point, the startup will start targeting customers in the post-acute industry and others with a telemedicine focus. The company also hopes to raise $10 million in Series B funding later this year to support its market entrance.
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