Tennessee Reveals Plan to Improve Startup Companies

By November 14, 2011

In an effort to create more jobs, improve business and make the state the “No. 1 location in the Southeast for high quality jobs,” Tennessee recently revealed their plan to help entrepreneurs who are in the midst of working on their next big idea.

According to Knox News, Governor Bill Haslam and Economic and Community Development Commissioner Bill Hagerty announced that nine “entrepreneurial accelerators” will be established throughout the state, and each one will receive a $250,000 grant made up of state and federal money, which will go towards their goal of boosting startup companies.

Joe Cook Jr., chairman of the nonprofit organization, Life Science Tennessee, said that Tennessee is one of the top 10 states when it comes to receiving the most federal money for research, but it still remains in the bottom 10 in terms of how many jobs they create with that money.

“The regional entrepreneurial accelerators will be an incredible asset throughout Tennessee to help aspiring entrepreneurs launch and grow their businesses with expert mentoring and support,” Haslam said in a news release. “Startup companies have the potential to be a significant source of job creation, and we want to give local entrepreneurs their best chances for success as we work to make Tennessee the No. 1 location in the Southeast for high quality jobs.”

With the launching of their plan, startup companies in Tennessee will have access to an evaluation of their product and company as a whole, education and training as well as guidance towards success of their company.

Although the accelerators are open to helping out startups no matter what level they are at, the majority of their efforts will go towards helping those that are just about ready to propose their ideas to investors.

More information can be found here.