Smart City Accelerator to give Columbus ‘a huge leap forward on the international stage’ – Columbus Business First

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May 8, 2017, 3:02pm EDT

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Columbus Chief Innovation Officer Michael Stevens discussing the city's Smart Columbus more

Rick Titus

Columbus is inviting tech startups nationwide and globally to compete for slots in the Smart City Accelerator, and leaders say whether the resulting companies stay in Central Ohio or not, they'll benefit economic development and further establish the region as an innovation hub.

Columbus Chief Innovation Officer Michael Stevens discussing the city's Smart Columbus more

Rick Titus

Columbus is inviting tech startups nationwide and globally to compete for slots in the Smart City Accelerator and leaders say whether any resulting companies stay in Central Ohio or not, they'll benefit economic development and further establish the region as an innovation hub.

Silicon Valley-based Singularity University will operate the business accelerator program this fall for teams making industry-changing technology in energy, transportation, manufacturing and other aspects of urban life. Columbus venture capital firm NCT Ventures is investing up to $100,000 each in the 10 participants. They'll also have at their disposal a city-curated trove of data called the Smart City Sandbox.

Columbus Chief Innovation Officer Michael Stevens discussing the city's Smart Columbus more

Rick Titus

"By attracting the best startups from around the world to the region, we are taking a huge leap forward on the international stage," Nick Davis, Singularity vice president of corporate innovation, said via email.

Startups completing the business curriculum and refining their products in the accelerator could produce technology that benefits Central Ohio even if they leave the area after the program, said Michael Stevens, Columbus' chief innovation officer.

The long-term benefit is you will see more companies coming here and continuing to invest here and provide jobs and opportunity, Stevens said.

Davis, who splits his time between Silicon Valley and Columbus, is a founding partner in a separate organization that operates startup accelerators. Hes had a few years to watch and participate in the maturing of Central Ohios entrepreneurial sector. Its at a point where it needs even more incubation and an acceleration program, he said, as well as sources of capital.

Over the last several years the local accelerators have gained in momentum and sophistication just like the overall startup ecosystem in Columbus, he said. As more quality startups are formed there is a relational increase in funding to support them.

What is great now is to see the variety of accelerators and multiple players in town delivering these valuable programs to startups and for the community, he said.

No funding from the city or the Smart City federal grant goes to the accelerator, although the 10 startups will be aligned with goals of the program, Stevens said. Columbus-based American Electric Power Company Inc. (NYSE:AEP) is the lead operations sponsor. Other entities are helping with mentors and business services.

Technologies sought for the program are ways to bring old-school industries like manufacturing and transportation into the future.

Those industries are still important, and weve got to make sure were adapting to the change thats coming fast, and make sure were not left behind, Stevens said.

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Smart City Accelerator to give Columbus 'a huge leap forward on the international stage' - Columbus Business First