LaGrange Economic Development Corp. launches business acceleration program

The pilot program was created to assist high-growth-potential businesses — existing or just starting up — looking to take on new products or services, the EDC said in a statement Jan. 11.

Designed to offer a rapid, focused and extensive curriculum, the program assists participating businesses by collectively evaluating and addressing the typical challenges faced by a business when taking on a new venture.

The accelerator will lead LaGrange County’s new entrepreneurs and business owners through the strategic planning and business model development processes, as well as preparing them with the fundamentals necessary to pitch to investors if the company is seeking funding.

This pilot program will include two startup ventures as well as one well-established company looking to expand its current product offerings — each identified and recruited based on the potential for fast growth and its ability to scale.

“Venture accelerator programs have become a popular alternative to traditional business incubators in recent years and for very good reason. The three businesses in this pilot program each demonstrate the best attributes of successful accelerator participants: ingenuity, passion, hard work and the foresight to see great opportunity,” said Steve Franks, an EDC consultant who will facilitate the program. “Our goal is for each business to use the knowledge and insights gained during this program to move their operations to the next level.”

Ryne Krock, president and CEO of the LaGrange County EDC, said he believes the program will have a lasting impact.

“The EDC is thrilled to announce yet another critical piece to the entrepreneurial and innovation support system in LaGrange County. As with other programs developed and launched within the past year, the business accelerator program is a chance for us to invest in the businesses and entrepreneurs who are committed to advancing our community,” he said.

“In addition to increased profits for participants, we firmly believe this program will facilitate job growth, investment and diversification of our local tax base. Specific businesses were sought out for this initial pilot program. However, we expect to announce a competitive application process for businesses and entrepreneurs interested in future ‘cohorts’ later this spring.”

The program officially launched Jan. 4 and is expected to run through mid-March. Plans call for at least two more 10-week sessions to take place in 2016.