Wichita group gets $750,000 to boost startups

A federal grant will infuse $750,000 into the startup ecosystem in Wichita.

The funds are coming from the U.S. Economic Development Administration as part of the agency’s nationwide competitive Build to Scale Venture Challenge program.

The money will go to the Wichita Entrepreneurial Coalition for projects to be led by Wichita State University and entrepreneurial organization NXTUS Inc. 

According to a press release, the local initiative over the next three years will include the establishment of Ignitor, an 8-week program at WSU that will focus on early-stage startups.

The funds also will help with technology transfer and commercialization of local ideas through WSU. 

There will be an accelerator program through the NXTSTAGE arm of NXTUS, as well, and support for its pilot competitions. 

The coalition has set the following goals for the new programs:

• Review 340 business concepts.

• Coach 185 entrepreneurs.

• Transfer at least four WSU-owned technologies for commercialization.

• Form 30 new companies.

• Launch 50 new products.

• Grow combined revenue of participating companies by $12 million through 2024.

The grant to Wichita was one of 50 awarded across the country.