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.
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Last Update on August 28, 2015 17:24 GMT
WASHINGTON (AP) -- Federal Reserve Vice Chairman Stanley Fischer says that incoming economic data and market developments will likely determine whether the Fed boosts interest rates in September.
Fischer says that before the recent turbulence in financial markets, there was a "pretty strong case" for starting to hike rates in September. But he adds that the Fed is watching how events unfold following the surprise announcement by the Chinese that they plan to devalue their currency.
Fischer says that central bank officials have not made a decision yet on whether to raise rates but would be closely following data such as next week's jobs report and market moves before the Sept. 16-17 meeting.
Fischer said the plan is still to move rates up very slowly and gradually.
WASHINGTON (AP) -- U.S. consumers increased their spending by a moderate amount in July, while income growth was propelled by the largest jump in wages and salaries in eight months.
The Commerce Department says spending rose 0.3 percent in July, helped by a big jump in purchases of big-ticket items such as cars. June's result was revised up to a matching 0.3 percent gain.
Incomes increased 0.4 percent. The key category of wages and salaries rose 0.5 percent, the biggest advance since last November.
The report indicates that consumer spending, which accounts for 70 percent of economic activity, got off to a good start in the third quarter. Economists believe the economy will be fueled in the second half of this year by solid income and spending gains.
WASHINGTON (AP) -- Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary.
The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The index is still up 11.4 percent from a year ago.
The figures provide an early read of the impact on consumers from the 1,900 point drop in the Dow Jones industrial average over six days through Tuesday. Stock prices have since recovered some of those losses.
The University of Michigan surveys consumers throughout the month and so some of the responses were tallied as the stock market plunged.
Even so, the survey also found that Americans remain confident about the U.S. economy and their personal finances.
FACEBOOK-ONE BILLION A DAY
NEW YORK (AP) -- You, your mom, your grandma and elementary school buddy Lawrence might have been some of the billion people who logged in to Facebook on Monday -- the first time that has happened in a single day. That's right, one billion people, or one-seventh of the Earth's population.
It was a big symbolic milestone for the world's biggest online social network, which boasts nearly 1.5 billion users who log in at least once a month. CEO Mark Zuckerberg marked the occasion with a Facebook post.
Most of the billion people who logged in on Monday were outside the U.S. and Canada. Of Facebook's overall users, more than 83 percent come from other countries. This is also where Facebook's next billions of users will likely come from as it grows.
NEW YORK (AP) -- The CEO of adultery website Ashley Madison is stepping down in the wake of the massive breach of the company's computer systems and outing of millions of its members.
Avid Life Media Inc., Ashley Madison's parent company, says Noel Biderman's departure was a mutual decision and in the best interest of the company.
Hackers originally breached Avid Life's systems in July and then posted the information online a month later after the company didn't comply with their demands to shut down.
Ashley Madison, whose slogan is "Life is short. Have an affair," purports to have nearly 40 million members.
WASHINGTON (AP) -- Republican presidential candidate Donald Trump is promising to offer a plan within a month to overhaul the tax system, calling himself "king of the tax code."
He's been hinting at such a plan recently, saying that wealthy Americans should pay more.
In a phone-in interview Friday on MSNBC's "Morning Joe" show, Trump says, "I know the hedge fund guys. ... These guys don't really build anything. They shuffle papers back and forth."
Trump says he'll unveil a plan to simplify the tax code and eliminate some deductions, asserting "nobody knows the tax code better than I do."
Trump says hedge fund managers are big supporters of Democrat Hillary Rodham Clinton and GOP rival Jeb Bush and adds, "I will have a plan."
He says hedge fund managers won't be happy.
NEWPORT BEACH, Calif. (AP) -- Defense Secretary Ash Carter is announcing that the Pentagon will fund a new venture to develop cutting-edge electronics and sensors that can flex and stretch and could be built into clothing or the skins of ships and aircraft.
The high-tech investment could lead to wearable health monitors that could be built into military uniforms or used to assist the elderly. Or it could foster thin, bendable sensors that could be tucked into cracks or crevices on weapons, ships or bridges where bulky wiring could never fit. The sensors could telegraph structural problems or trigger repair alerts.
Carter plans to lay out the details for the newly created high-tech innovation institute in a speech Friday in California's Silicon Valley.
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