Looking To Start Your Own Business? New Illinois And Iowa-Based Program Can Help!
New funding and resources for entrepreneurs and startups are coming to the QC as The New Bohemian Innovation Collaborative, Inc. (NewBoCo) expands. In addition, ISA Ventures, the first multi-stage venture capital studio in Iowa, plans to expand into the QC region by building a local syndicate network of investors to support regional entrepreneurs on both sides of the river.
NewBoCo, a Cedar Rapids-based nonprofit, launched the Iowa Startup Accelerator (ISA) in 2014 that has assisted 67 Iowa businesses by providing entrepreneurs with the knowledge, expertise and more than $6 million in direct investment. In turn, those businesses have gone on to raise almost $100 million in additional venture funding and added hundreds of jobs to the region’s economy. The syndicate network allows NewBoCo to expand its programming and provide seed funding to entrepreneurs in the Quad Cities region.
The Quad Cities Chamber logo
“Our nonprofit has learned a thing or two over the past eight years as we’ve collaborated with partners to build and run accelerators, investor groups, K-12 computer science programs, adult tech education programs, innovation workshops, entrepreneurial events and more. All of these things work together, as a unique and aggressive economic development strategy,” said Aaron Horn, Executive Director at NewBoCo. “The needs of each region are unique, so it’s critical that we partner with a great local resource like the Quad Cities Chamber to bring new opportunities to the area.”
“We are excited NewBoCo and ISA Ventures are expanding to serve our bi-state region. Venture capital and support for startups have been identified as needs in the QC and we are excited they will be able to fill that gap by providing funding and resources for entrepreneurs here. The Quad Cities Chamber has been in discussions with NewBoCo and ISA Ventures for the last year to help boost our local angel investment network and assist startups in the region,” said Julie Forsythe, the Chamber’s Sr. Vice President of Business and Economic Growth.
Once funded, businesses will participate in the intensive Iowa Startup Accelerator, which provides instruction, mentoring and guidance to help the entrepreneur establish a foundation for scalability or expansion in industries such as ag, health, education, manufacturing and transportation. Participating startups also benefit from access to NewBoCo’s robust agency support including marketing and design services, software development, web design, social media support, innovation workshops, copywriting and public relations consultation.
Local accredited investors are needed to get the syndicate network launched. Syndicate investors are able to invest in tech-based startups throughout the QC and beyond. To learn more, visit isaventures.com.
Additional programs available through NewBoCo:
Software development and IT training
DeltaV is Iowa’s premier code, digital marketing and IT school. NewBoCo offers DeltaV Code, a bootcamp that trains new full-stack software developers in 20 weeks, DeltaV IT that trains Help Desk Analysts in 5 weeks, and DeltaV Cybersecurity, a new 10-week class that launches March 21.
DeltaV diversity tuition awards are available for students from an under-represented background in technology, such as women, U.S. military veterans (GI Bill can be used), low-income households, people with disabilities and ethnic and racial minorities. Thanks to a Future Ready Iowa grant, eight tuition awards are available for the upcoming Cybersecurity program that cover full tuition, including supplies and a laptop, for underrepresented adult career changers. Applications are currently being accepted for the class at deltavcodeschool.com, and several state-funded spots are still available.
Microlending
NewBoCo will expand Kiva Iowa to include the Illinois Quad Cities, which gives entrepreneurs access to a crowdfunded micro-lending platform that offers business loans with zero percent interest and zero fees. Iowa is the first to serve as a statewide hub partner with Kiva, an international nonprofit based in San Francisco.
Crowdfunded loans fill a critical lending gap faced by entrepreneurs whose businesses are too young, too small or have been rejected by traditional lenders due to low or no credit score. With a global repayment rate of 97%, it provides an opportunity to build the ‘missing micro’ ladder of small, affordable loans, especially for women, entrepreneurs of color and low- to moderate-income business owners. Applications can be found at newbo.co/kiva
About the Quad Cities Chamber:
The Quad Cities Chamber facilitates business growth to help create a prosperous regional economy where all can thrive. Its work is focused in three strategic areas: business and economic growth; placemaking; and talent attraction and development. Learn more about the Chamber at quadcitieschamber.com.
About NewBoCo:
The New Bohemian Innovation Collaborative, Inc. (NewBoCo) is a 501(c)(3) organization located in Cedar Rapids, Iowa. NewBoCo’s programming supports entrepreneurship, innovation and tech education to help Iowans become more resilient and thrive in a changing economy. Learn more about NewBoCo at newbo.co.
