Memphis’ entrepreneurial ecosystem is getting a major boost with the launch of Innovate Xcelerate, a program aimed at fostering a diverse pipeline of innovative entrepreneurs. Spearheaded by Epicenter, the city’s leading hub for startups and business innovation, the program is set to provide crucial resources and support to aspiring business owners across Memphis.
“We [at Epicenter] realized that Memphis has undervalued the talent in many of our communities, and Innovate Xcelerate is designed to apply those lessons, providing a full ecosystem of support to help entrepreneurs not just survive but thrive,” said Choya Johnson, entrepreneurial programs specialist at Epicenter.
Innovate Xcelerate is based on the idea of uncovering talent in communities where innovative problem solvers may have been overlooked in the past. The program is open to Memphis residents ages 18 and older and promises support for budding entrepreneurs. It offers hands-on support with things like funding, mentorship, corporate connections and resources essential to entrepreneurs for building sustainable businesses.
The two-year program, backed by a generous $380,000 grant from the MassMutual Foundation, officially kicked off February 7 with a design thinking workshop held at Epicenter. Focused on the five phases of design thinking, the workshop is used to spark innovation and develop creative solutions to problems. This event will be followed by a Hackathon from March 7–9, led by CodeCrew, a Memphis-based bootcamp that trains aspiring entry-level software developers. It is known for empowering underrepresented groups in technology.
“It’s going to be a high-energy event where participants form teams to develop their business ideas into working prototypes,” said Johnson. “Over three days, you’ll collaborate with mentors, refine your concept and present your solution to a panel of judges.”
The Hackathon gives participants an opportunity to test their ideas and get feedback. Following the Hackathon, 10 selected teams will receive funding to develop product prototypes and join a year-long accelerator program. Participants will gain access to technical assistance, legal and accounting advice, marketing guidance, and opportunities to connect with corporate buyers.
At the conclusion of the accelerator, at least three finalists will be awarded up to $25,000 each in capital investments, with the possibility of more funding opportunities.
“It’s going to be a high-energy event where participants form teams to develop their business ideas into working prototypes. Over three days, you’ll collaborate with mentors, refine your concept and present your solution to a panel of judges.”
Choya Johnson, entrepreneurial programs specialist at Epicenter
Johnson, who previously served as Capital Programs Specialist at Frayser Connect, will lead Innovate Xcelerate. For Johnson, Innovate Xcelerate is a huge step toward deepening the idea that Memphis is the epicenter of inclusive innovation.
“The long-term impact [of the program] is central to attracting future investors and job creators and strengthening the city’s economic growth by building and retaining companies that offer incentives for founders and innovators to thrive,” said Johnson.
By investing in innovative business ideas and fostering a culture of entrepreneurship, Innovate Xcelerate aims to contribute to Memphis’ economic growth while empowering historically underrepresented entrepreneurs.
“We want to be the hub for entrepreneurs in Memphis and the Delta Region, front and center, growing the ecosystem of tech and innovation companies and talent,” Johnson said, “and we’re well positioned to do that.”
