Two new startup accelerators to operate at Gravitate Coworking

Two new startup accelerators will begin operating out of Gravitate Coworking's downtown Des Moines shared office space this year.

Techstars Iowa, an incubator with offices around the world, will place 10 entrepreneurs launching startup businesses at the office at 500 Locust St., this fall. Gravitate Coworking founder Geoff Wood told the Des Moines Register that BrokerTech Ventures, an insurance accelerator, will also operate there.

"We’re super excited to work with Geoff and his team there," Techstars Iowa Program Manager T.J. Salyars said Wednesday during a presentation at the local entrepreneur networking event 1 Million Cups DSM. "We’re still trying to figure out the logistics, as far as where we’re going to place everyone. I think it’s going to be another testament … of growing an ecosystem and keeping everybody here.” 

Based in Boulder, Colorado, Techstars in October announced its plan to establish a Des Moines accelerator in partnership with Grinnell College. The company boasts of having a $265 million venture capital fund and about 12,000 investors.

Techstars Iowa will accept applications from Feb. 17 to May 10 for the 10 entrepreneurs in its first cohort, which will run from Sept. 8 to Dec. 3. 

Each startup will receive a $20,000 stipend and a $100,000 convertible note, Techstars Iowa Managing Director Kerty Levy said during the presentation. Techstars will have a 6% equity stake in the startups. 

“We’re going to be very actively recruiting over the next few months," Levy said. "So although I want a lot of companies from Iowa, not all of them are going to be from Iowa. It’s a numbers game, a little bit. How many startups in Iowa are actually ready to take this on?”  

BrokerTech Ventures, meanwhile, will host pitches from 20 companies on Tuesday at the headquarters of the Holmes Murphy & Associates insurance brokerage in Waukee. In addition to companies from Canada, Mexico, California and Massachusetts, three Iowa startups will make pitches to the accelerator: Chalkbites Inc. from Davenport, MakuSafe Corp. from West Des Moines, and Serious Social Media Inc. from Des Moines. 

Owners of the brokerage firms investing in BrokerTech Ventures will select companies to receive $50,000 convertible notes and go through a five-week incubator starting in March. (A spokesperson for the accelerator previously said the executives weren't sure how many of the 20 entrepreneurs would be selected for the five-week program.)

In addition to TechStars Iowa and BrokerTech Ventures, Wood said Iowa investors should follow developments at the new Iowa EdTech Accelerator. Run by NewBoCo in Iowa City, the accelerator will announce startups for its first 14-week cohort on Feb. 10.

"That's really exciting," Wood said. "That's been a big thing this year. Accelerators in general are very hot in the last couple of months in Iowa."

Tyler Jett covers jobs and the economy for the Register. Contact him at 515-284-8215 and tjett@registermedia.com. Follow him on Twitter @LetsJett.

Your support makes work like this possible. Subscribe at DesMoinesRegister.com/Deal.