NXTUS Completes Banner Year of Entrepreneur Empowerment, Community Impact
By: NXTUS, Inc
January 8, 2024
Photograph courtesy of Darrin Hackney Photography, 2023
NXTUS, Inc.’s 2023 Annual Report, released today, showcases the milestones reached and lives changed by NXTUS Inc.’s work to help entrepreneurs grow companies of significance.
Bucking trends in a year characterized by caution and uncertainty in startup growth around the country, NXTUS programs successfully mobilized $1.48 million in capital to help early-stage ventures succeed and engaged 361 entrepreneurs with business and customer prospects through its in-depth programs. In total, NXTUS staff members connected a record 1,039 entrepreneurs to community assets, a figure up thirty-fold from just five years ago.
“Fueled by support from established businesses, regional foundations and the public sector, NXTUS has grown into a dynamic force,” said Mary Beth Jarvis, NXTUS president and CEO, who succeeded Josh Oeding, CEO since 2018, last spring. “We exist to uplift growth-minded entrepreneurs who are driving innovation, economic growth and qualityof-life advancements in our region. The beauty of it is that we’re a startup serving startups; we work alongside regional partners to see what entrepreneurs and innovators need most, then jump in to offer innovative programs to propel them forward.”
“At NXTUS, we roll up our sleeves and unite with collaborators around the state to provide tailored programs that serve the needs of diverse entrepreneurs, said Erik Pedersen, President and Chief Operating Officer of NetWork Kansas and Chairman of the NXTUS Board of Directors. “We customize support for innovators and ambitious companies so that they can not only survive but flourish in the vibrant landscape of Kansas. This focused technical assistance is vital to the growth of entrepreneurship-led economic development in our state.”
NXTUS engages with regional partners, such as NetWork Kansas, the Create Campaign, Groover Labs, The US Small Business Administration, Wichita State University, and Flagship Kansas, among many others. NXTUS also supports volunteer-led initiatives, including Wichita Startup Week and Startup Grind. NXTUS is committed to supporting diverse entrepreneurs, many of whom have been traditionally underserved by growth capital networks and startup programs. For example, 70% of the entrepreneurs that participated in the four NXTSTAGE programs have female and/or minority founders, illustrating the transformative impact NXTUS is having in fostering a diverse and vibrant entrepreneurial community to power growth for the region.
The $1.48 million of private capital mobilized in 2023 by NXTUS’s angel investor syndicate, Accelerate Venture Partners, brings the group’s overall total to more than $7.4 million mobilized since its inception five years ago. Accelerate Venture Partners’ 64 members have been instrumental in both investing in and providing guidance to startups.
“Accelerate Venture Partners is a group that we have been fortunate enough to partner with for a number of years. As a young company starting out on the fundraising route and trying to get connected, AVP has been so helpful for us as we navigated what that would look like,” said Tim McCown, founder of Spinal Simplicity. “They have been able to provide us not only connections to investors and dollars but also advice on the way and connections for relationships. I could not be more happy and thankful for our relationship with AVP.”
Alongside NetWork Kansas’ Entrepreneurial Growth Ventures group, NXTUS also launched the Accessing Growth Capital Series in 2023. This program fills a crucial and common education gap for Kansas’ early-stage entrepreneurs, helping them better understand and navigate the process of seeking investors and raising external capital. Beyond assisting entrepreneurs in acquiring capital, NXTUS supports startups’ customer acquisition efforts through its four NXTSTAGE programs, engaging 361 entrepreneurs with business and customer prospects this year.
The NXTSTAGE programs consist of two pilot competitions, the Community Health and Vibrancy Pilot Competition and the Financial Technology Pilot Competition, plus two Kansas-company-driven programs, the Customer Traction Cohort and Enterprise Engagement Series. In 2023, the NXTSTAGE Community Health & Vibrancy Pilot Competition attracted 128 competitors from 28 states and 11 countries. Nine finalists were brought to Kansas for the Innovation Showcase, where pilot partners announced six pilot projects, along with 22 additional potential future projects.
All projects aim to enhance Kansas’ population health and economic vibrancy. Similarly, the NXTSTAGE Financial Technology Pilot Competition chose 7 finalists out of 111 competitors hailing from 22 states and 11 countries. The Financial Technology Innovation Showcase concluded with 7 pilot project winners. The Customer Traction Cohort, an accelerator program aiding Kansas founders in achieving product-market fit, testing sales strategies, and accelerating revenue growth, served 21 Kansas companies this year, with 81 percent being ethnic minority or female founders.
Additionally, NXTUS partnered with NetWork Kansas for the NXTSTAGE Enterprise Engagement Series, expanding statewide to bridge knowledge gaps between early-stage companies and established enterprises. This year saw 11 Enterprise Partners successfully collaborating with 19 cohort members, reaffirming NXTUS’ commitment to diverse entrepreneurs across Kansas. NXTUS strives to strengthen the support systems for growth-minded entrepreneurs, connecting them with mentors and resources for success.
In 2023, NXTUS connected a highest-ever total of 1,039 startups to community assets, working one-on-one and through organized programs to facilitate connections with peer support and mentorship.