GIGTANK Selects Startup Teams for 2014 Accelerator
Startup innovators and specialists from across the U.S. will soon convene in Chattanooga to launch 12 next-generation companies. As the newest members of GIGTANK, these emerging entrepreneurs will spend 10-12 weeks preparing startups for the 3D printing/additive manufacturing, smart grid and healthcare markets.
Hosted by The Company Lab (CO.LAB), GIGTANK is an annual startup accelerator that connects seed stage businesses with the tools, capital and connections needed to go to market. As the first and only startup accelerator wired to a metro gigabit network, GIGTANK attracts world-class talent to Chattanooga each summer, as well as ongoing recognition from tech circles across the globe.
This year, the accelerator will accommodate 12 startup teams and 10 specialists throughout the duration of the program, which begins May 12 and ends July 31. Key participation benefits include $15,000 in initial seed funding for startup teams, a $3,000 stipend for specialists, free workspace and free housing from the University of Tennessee at Chattanooga.
“The interest GIGTANK has received from startups across the country has been amazing,” said Mike Bradshaw, director of GIGTANK and executive director of CO.LAB. “The reputation the program earned in its first two years brought us dozens of very highly-qualified applicants.”
Participants for the 2014 program come from a diverse array of geographies, backgrounds and skill sets. Among them, some are based as far away as San Diego and Los Angeles, while others are located in nearby cities such as Atlanta, Huntsville and Asheville.
“We were very excited to see so many innovative, qualified teams from the Southeast apply to GIGTANK,” said Bradshaw. “Building a regional focus with neighboring startup communities is a priority we all share, and we already see that value at work in our 2014 cohort.”
To support GIGTANK 2014’s three startup tracks, EPB and ProjectLift are partnering with CO.LAB to facilitate the program. EPB is assisting with the Smart Grid vertical, and ProjectLift is leading the Healthcare track. CO.LAB will oversee the 3D Printing/Additive Manufacturing vertical and provide general programming.
“One of our goals this year is to connect our region’s legacy as a manufacturing hub with its future-forward position as the nation’s first Gig City,” explained Bradshaw. “Gigabit networks like ours will play a central role in connecting the manufacturing supply chains of the near future. Along with our healthcare and smart grid teams, GIGTANK 2014 combines our region’s traditional strengths with our culture of innovation.”
Visit www.thegigtank.com to learn more about GIGTANK 2014.
More Business News
Last Update on May 27, 2015 18:03 GMT
WASHINGTON (AP) -- Unemployment rates fell in 23 U.S. states in April as hiring rebounded nationwide from weak job gains the previous month.
The Labor Department said Wednesday that 11 states reported a higher unemployment rate than in March, while 16 states saw no change. Forty states gained jobs, and 9 states posted job losses.
The drag from lower oil prices that has triggered sharp cutbacks in oil drilling was evident in some states. Texas added just 1,200 jobs, far below its average monthly gain of 34,000 last year. Wyoming lost jobs, while North Dakota reported a small gain.
Nationwide, employers added a healthy 223,000 jobs in April, lowering the unemployment rate to a seven-year low of 5.4 percent. That represented a reassuring bounce back after the economy generated just 85,000 jobs in March.
Nebraska reported the lowest unemployment rate at 2.5 percent, followed by North Dakota at 3.1 percent. North Dakota had boasted the lowest rate for nearly every month since the Great Recession, but the figure has climbed from 2.7 percent a year earlier in part because of layoffs by oil drillers.
Nevada had the highest unemployment rate at 7.1 percent, followed by West Virginia at 7 percent.
WASHINGTON (AP) -- U.S. banks' earnings rose 6.9 percent in the first quarter from a year earlier as revenues increased, delinquent loans continued to fall and the number of "problem" banks reached a six-year low.
The data issued Wednesday by the Federal Deposit Insurance Corp. showed "gradual but steady improvement" for the banking industry, FDIC Chairman Martin Gruenberg said. Still, low interest rates continued to crimp banks' profit margins on loans during the January-March period.
The FDIC reported that U.S. banks earned $39.8 billion in the first quarter, up from $37.2 billion a year earlier.
Nearly 63 percent of banks reported an increase in profit in the first quarter from a year earlier. Only 5.6 percent of banks were unprofitable -- the lowest percentage of unprofitable institutions since the second quarter of 2005.
NEW YORK (AP) -- McDonald's says it will stop reporting its monthly sales results as the company works to fix its struggling business.
Steve Easterbrook, who became CEO of McDonald's on March 1, noted the change would happen during a presentation for analysts at the Bernstein's Strategic Decisions Conference in New York. The decision comes after Easterbrook laid out the initial steps for turning around the company's performance earlier this month.
McDonald's Corp., based in Oak Brook, Illinois, said June will be the last month for which it reports sales at established locations. Those results will be reported with its second-quarter earnings results.
Other major restaurant chains, including Burger King's parent company Restaurant Brands International and Yum Brands, which owns Taco Bell, KFC and Pizza Hut, do not report monthly sales figures.
DETROIT (AP) -- Ford is recalling nearly 423,000 cars and SUVs in North America because the power-assisted steering can fail while they're being driven.
The recall covers certain Ford Flex and Taurus vehicles, as well as the Lincoln MKS and MKT from 2011 through 2013. Also covered are the Ford Fusion and Lincoln MKZ from 2011 through 2012 and some 2011 Mercury Milans.
Ford says an intermittent electrical connection can cause the power steering to stop. That sends the steering into manual mode, making the vehicles harder to control.
Dealers will either update power steering software or replace the steering gear.
The company also is recalling 19,500 2015 Mustangs with 2.3-Liter engines due to high underbody temperatures that could degrade the fuel tank. Dealers will replace a heat shield and add insulation.
WASHINGTON (AP) -- The Obama administration is moving to protect the nation's drinking water with rules that clarify which smaller streams, tributaries and wetlands are protected from pollution under the Clean Water Act.
Two Supreme Court rulings had left the reach of the law uncertain. The rules issued Wednesday by the Environmental Protection Agency and the U.S. Army Corps of Engineers are designed to clarify which smaller bodies of water are federally protected.
EPA Administrator Gina McCarthy said the rule will only affect waters that have a "direct and significant" connection to larger bodies of water downstream that are already protected.
The rules have already run into deep opposition from farm groups and the Republican-led Congress. The House voted to block the regulations earlier this month, saying they amount to overreach.
DALLAS (AP) -- Shareholders are considering whether Exxon Mobil should put a climate-change expert on its board.
That is one of several environmental and company-governance resolutions on the agenda at the oil giant's annual meeting Wednesday in Dallas.
CEO Rex Tillerson is expected to discuss the outlook of the company, which has seen profits decline recently with lower prices for crude oil. Still, the company earned $32 billion last year.
An organization of Catholic priests in Milwaukee proposes to put a climate-change expert on the board, saying it would address a poor environmental image. The Exxon board opposes the resolution, saying several board members have engineering and scientific backgrounds and can handle climate issues.
DRESDEN, Germany (AP) -- Top finance officials from the Group of Seven wealthy democracies are gathering in Germany to discuss ways to strengthen the global economy.
U.S. officials are pressing countries such as Germany that have strong economies and finances to invest more and stimulate their economies. They're also urging European leaders to find a solution to Greece's financial problems that will avoid a messy exit from the euro.
Ahead of the meeting, activists urging more help for poor countries floated large balloons bearing the faces of G-7 leaders next to Dresden's historic Frauenkirche, or Church of Our Lady, urging the meeting to produce more than "hot air."
The gathered finance ministers will also tackle financial regulation and ways to cut off financing for extremist organizations such as the Islamic State group.
ATHENS, Greece (AP) -- Greece's Prime Minister Alexis Tsipras (TSEE'-prahs) says his country is close to reaching a deal with its creditors, but stressed that "calm and determination" were needed in the final stretch of negotiations.
Speaking after a meeting at the finance ministry in Athens on Wednesday, Tsipras said that "we have made many steps, and we are in the final stretch, we are close to an agreement."
His comments came shortly after government officials said negotiators were to start drafting a staff-level agreement with creditors to end a months-long deadlock and unlock aid that would allow the country to make a looming debt repayment on June 5.
MADRID (AP) -- Spain's government is calling for an overhaul of the European Union's common economic policy and for the European Central Bank to play a greater role in avoiding future crises.
The presidency issued a statement saying Spain has sent European institutions an eight-page proposal urging greater labor mobility, increased fiscal union with a common budget for emergency situations, completion of the banking union and the future issuance of common euro bonds.
The document says Spain believes current monetary policy is inadequate for certain members and leaves the union vulnerable to shocks.
Spain's push to give Europe more powers and forge closer financial ties seems to clash with the stances of Germany and Britain.
Spain was hit hard by the financial crisis and has a jobless rate of nearly 24 percent.
ZURICH (AP) -- Seven officials of soccer's world governing body have been arrested in Switzerland in an investigation of what the Justice Department calls "rampant, systemic, and deep-rooted" corruption.
The seven arrested in a raid at a luxury hotel in Zurich are among 14 people indicted in the U.S.
Swiss officials say only one of those officials has agreed to a quick extradition to the United States. He could be handed over to U.S. officials shortly. They say U.S. authorities now have 40 days to submit a formal extradition request to Switzerland for the other six.
All seven are connected with the regional confederations of North and South America and face up to 20 years in prison if convicted.
Hours after the arrests, Swiss prosecutors opened criminal proceedings into FIFA's awarding of the 2018 and 2022 World Cups.
The Swiss prosecutors' office said in a statement that "electronic data and documents" were seized at FIFA's headquarters on Wednesday as part of their probe. And Swiss police said they will question 10 FIFA executive committee members who took part in the World Cup votes in December 2010.
Side RoadsTake a ride with Brian Smith to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
The Good LifeCelebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
Educator of the YearVote now for Educator Of The Year!
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!