Launch Tennessee adopts updated strategic plan, emphasizes capital formation, market building, and resource deployment

Launch Tennessee’s (LaunchTN) Board of Directors recently adopted an updated version of its strategic plan at its latest quarterly meeting. The updated plan emphasizes three key strategies: capital formation, market building, and systemic resource deployment. 

Capital Formation
According to the plan, one of LaunchTN’s strategies is to “expand capital resources and expedite their availability to TN businesses so that they can grow, be sustainable, create jobs, and build accessible economic prosperity for our state.” To achieve this strategy, LaunchTN’s objectives are to increase access to available LaunchTN capital and proactively engage with investors across the state, country, and world to improve access to non-LaunchTN capital. The organization will also develop outbound marketing initiatives to target other investors. 

Market Building
Building upon capital formation, LaunchTN intends to “identify and recruit recognized leaders in relevant markets to drive a systemic solution for stakeholders to engage, connect, and achieve mutually beneficial results by working together.” To adhere to this strategy, LaunchTN has three main objectives: build an accountable environment of systemic teamwork, collaboration, and communication with market and ecosystem builders; optimize corporate/big company engagement with startups; and develop outbound marketing initiatives targeting market and ecosystem builders. 

Systemic Resource Deployment
LaunchTN wrote that it aims to “streamline the connection of our statewide Network Partners and other stakeholders to resources that enable a high-functioning ecosystem in Tennessee for entrepreneurship.” LaunchTN has outlined four objectives in order to work toward this strategy: enhance and drive connectivity and convening; establish competitive policy influence; implement and optimize information systems; and develop and execute an outbound marketing strategy. 

In addition to other changes, CEO Margaret Dolan highlighted the organization’s new mission and vision statement to include the words “empowering a network of resources.” 

One of TAEBC’s commitments to our members and stakeholders is to foster the growth of Tennessee’s advanced energy technologies and startups. TAEBC works to fulfill this goal through our Energy Mentor Network that serves as one of LaunchTN’s Statewide Network Partners and pairs knowledgeable mentors with promising new companies and entrepreneurs in the region. 

Currently, the Energy Mentor Network has six participating startups who are working through the structured program, which involves panel presentations and mentoring sessions. The purpose of the program is to help develop and support quality advanced energy startups. Four startups have graduated from the program to date. To learn more about Energy Mentor Network startups or become a mentor, click here.

TAEBC wishes you a Happy Thanksgiving!

As Thanksgiving approaches, the Tennessee Advanced Energy Business Council has been reflecting on what we’re thankful for as Tennessee’s advanced energy sector continues to grow, creating jobs and economic development opportunities for the state.

Advanced energy is technology neutral. Any technology that makes energy cleaner, safer, more secure or more efficient is welcome at our table.

Our footprint expands to every corner of the state, and Tennessee’s advanced energy industry is well-positioned to strengthen at a robust pace. Other than our members, here’s what we’re thankful for this holiday season:

#1 Launch Tennessee & The Energy Mentor Network

We’re grateful for the opportunity to collaborate alongside Launch Tennessee, a public-private partnership that supports entrepreneurs from ideation to exit, to form the Energy Mentor Network.

The Energy Mentor Network’s goal is to foster the growth of Tennessee advanced energy technologies and startups by connecting entrepreneurs with mentors and industry specific expertise.

In broad strokes, the Energy Mentor Network pairs mentors with promising new companies and entrepreneurs through a structured program involving panel presentations and mentoring sessions.

The purpose of the program is to develop quality startups. After completing the program, startups will have an investable pitch deck, a rock solid business model and a plan to establish more traction. These tools will position Tennessee’s entrepreneurs to raise capital, request other funds like SBIR grants, and scale their company.

We’re pleased to say four energy companies, Stone Mountain Technologies, Solar Site Design, Active Energy Systems and SkyNano have graduated from the program with several more on track.

(Interested in becoming a mentor for the next energy innovator? Click here. Are you a Tennessee energy startup and want to apply to the Energy Mentor Network program? Click here.)

#2 The Tennessee Department of Economic and Community Development

TAEBC is committed to help Tennessee become the #1 location in the Southeast for high-quality jobs, in line with state leadership goals.

TNECD is working hard to make Tennessee a business friendly environment that not only attracts new companies to our state but also promotes growth for our existing businesses that call Tennessee home.

TAEBC has met with TNECD leaders outlining how our advanced energy sector employs nearly 360,000 Tennesseans in more than 18,000 businesses that contribute almost $40 billion to the state’s GDP. Advanced energy is a job-creation engine for Tennessee, and Tennessee’s advanced energy sector is growing faster than the overall state economy by a significant margin. 

#3 Increased federal support for energy research and development investments

Congress has continued to see the value in providing record funding for the Office of Science, one of the most important Department of Energy programs that support the work of our country’s 17 national laboratories, including Oak Ridge National Laboratory in Tennessee.

The Office of Science supports basic science and energy research and is the nation’s largest supporter of research in the physical sciences. For years, Congress has known and understood more comprehensive energy R&D funding means more economic development opportunities and high-quality jobs for Americans and Tennesseans. 

Happy Thanksgiving from the Tennessee Advanced Energy Business Council!

SBA Awards LaunchTN Grant to Support Small Business Innovation and R&D Commercialization

The U.S. Small Business Administration recently granted 24 awards up to $125,000 in the Fiscal Year 2019 through its Federal and State Technology (FAST) Partnership Program. TAEBC’s Energy Mentor Network partner, Launch Tennessee (LaunchTN), was named the grant recipient for Tennessee.

The program’s goal is to improve outcomes for underrepresented entrepreneurs in its Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs. FAST also aims to increase participation for rural-based, women-owned and economically disadvantaged firms.

In addition to receiving one-year of funding beginning September 30, the FAST program offers mentorship, technical assistance, specialized training and outreach opportunities for R&D focused small businesses. Organizations use the funding to help enact state and regional programs that support SBIR applicants and awardees.

“FAST partners support an important role in attempting to fill various gaps that R&D-focused small businesses may have to help them win SBIR/STTR awards,” said Acting Administrator Christopher Pilkerton in a prepared statement. “They focus on the needs of next-generation high-tech firms and support them through the entire cycle from ideation to commercialization. SBIR funding is one way to do that. Additionally, a number of these awards are going to partners that are located in Opportunity Zones where job creation and investments are moving forward to revitalize communities.”

To learn more about FAST, follow this link.

Launch Tennessee Commercialization Resources Workshop

Register for this workshop to learn about commercialization resources available specifically to Tennesseans.

RSVP HERE!

Tennessee is one of few states with an entrepreneur-resource infrastructure operating at the state level. Through our statewide partner network, we deliver curriculum, mentors and more to entrepreneurs building high-growth-potential businesses.

LaunchTN maintains a portfolio of resources for Tennessee-based entrepreneurial researchers to advance their commercialization efforts. These resources include:

  1. Networks programs that pair mentors with promising new companies and entrepreneurs;
  2. Microgrants that provide financial support for grant-writing assistance to Tennessee-based early-stage companies; and
  3. the SBIR Matching Fund that provides non-dilutive capital to Tennessee-based companies upon their successful federal grant award.

Lunch will be provided. Please direct questions about this workshop to allie@launchtn.org.

This workshop is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.