NKY company to invest in start-up businesses - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

NKY company to invest in start-up businesses

HIGHLAND HEIGHTS, KY (FOX19) -

A super business accelerator called UpTech has been created in Northern Kentucky to provide startup companies with financial and developmental support.

UpTech is committed to funding 50 of the best and brightest early-stage informatics companies from the United States and abroad, and invites those with good ideas to apply for this program.

Applications will be accepted beginning on Feb. 1 and the application period will close on March 1.

UpTech will invest up to $100,000 into each of the 50 winning startup companies that demonstrate their commercial potential through an application and review process.

UpTech will also provide each business with six months of free, premium riverfront office space in, with a view of the Cincinnati skyline, along with essential business support.

"Several Greater Cincinnati-area companies have joined forces with UpTech to provide the winners with the critical business support they need during the early foundational stages," said Bill Scheyer, co-founder of UpTech. "These local companies will provide the legal, financial, accounting, and marketing/public relations support startups need to become strong, successful businesses."

The UpTech winners will also receive support from faculty, staff and graduate assistants and two student interns from Northern Kentucky University's College of Informatics for each company along with on-campus informatics labs and facilities for collaboration, events, and seminars.

"With one of only a handful of informatics colleges in America, Northern Kentucky is poised to develop as an international leader in the informatics field," said NKU President James Votruba. "This initiative is the next step in that development. Attracting innovative companies – and the high-paying jobs that come along – to our region will be critical to our continued growth and prosperity."

A formal announcement on UpTech is expected Tuesday morning at NKU.

The UpTech selection process will consist of five rounds of submissions, with each round having 10 companies as winners. The rounds will be completed over the next three to five years, with a total of 50 startups winning a portion of the overall $5 million in equity investment.

A panel of national informatics, futurists, business and investment experts from leading companies such as CBS, Cisco, Dell, Procter & Gamble, SAP, Scripps, and Summus Software will serve as the contest judges. Winners will be determined through an online application and review process, which will look at seed level ideas to support five sectors of informatics: health information technology, cloud computing virtualization, business analytics, and digital media, and cyber security.

More information and an entry application for UpTech can be found by clicking here.

The first round applications are due March 1, and the winners will be announced in mid-April 2011.

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