Economic Development

YBI, Gener8tor Kick Off gBETA with Six Startups

YOUNGSTOWN, Ohio — With six startup companies in its first cohort, the new gBETA program is underway, connecting early-stage companies with mentors and investors.

The seven-week program runs through Sept. 5 and is the result of a partnership between the Youngstown Business Incubator and Gener8tor, a nationally ranked accelerator based out of Madison and Milwaukee, Wisc. The program began July 18 with a two-day kickoff that featured lessons on creating an executive summary, raising venture capital, and how to make the most of the next seven weeks.

“I am excited to have such talented local entrepreneurs with amazing new technologies to be a part of this program,” said Patrick Bailey, gBETA director, in a release. “There is a lot of entrepreneurism here in the rust belt, and I am happy that Gener8tor is tapping into it. Also, I am excited to get down to business!”

The six companies in the first gBETA cohort include:

  • Grale Technologies Inc., Youngstown, whose Industry 4.0 system enables sensors and automates computers to work seamlessly together to quickly gather accurate data.
  • Loginno, an Israeli-based startup that has developed an Internet of Things, or IoT, system to track sensitive packages throughout the entire journey of the shipment.
  • Prophit.ai, which helps prevent companies from overpaying in sales and use tax by using machine learning.
  • Juggerbot 3D, a Youngstown-based company that develops innovative 3D printers for quicker and more intricate 3D prints.
  • Humtown Products, Columbiana, whose real-time earning system technology empowers employees of industrial companies to perform to their highest potential.
  • Thrive Neuromedical, who develops IoT products to support brain development in infants and children.

The free gBETA accelerator is specific to companies and technology related to additive manufacturing, logistics, IoT and Industry 4.0. Over the next seven weeks the companies will receive individualized coaching and mentorship from the gBETA team during weekly one-on-one meetings and a weekly lunch and learn series that is open to the public, featuring topics such as understanding market size, choosing a revenue model and how to pitch investors.

In addition, the companies receive more than $1 million in deals and perks from vendors like IBM Cloud, Rackspace, Amazon, PayPal, Zendesk and Microsoft. The gBETA program will culminate with an exclusive Pitch Night reception where the startups have the opportunity to pitch to an audience of entrepreneurs, mentors, investors and community members.

“We’re excited to see the results of of the gBETA program,” said Barb Ewing, YBI CEO. “We’ve had many discussions with the Gener8tor team, and combining their network and resources with ours is already proving to be a huge benefit.”

The goal of gBETA is to help startup companies create more wealth and jobs locally, which is measured by the amount of funding raised and number of full-time jobs created by gBETA companies. To date, gBETA has worked with 224 companies that have raised $40,237,500 and created 616.5 jobs.

YBI announced its partnership with Gener8tor in December 2018, saying it would roll out two programs: gBETA and gALPHA. The four-week gALPHA venture creation workshop works with individuals who aren’t sure yet if they want to launch a company. These individuals could be industry experts, students studying a specific niche or technologists who are connected with people in their industry. The gALPHA program will be offered in the fall.

The next gBETA cohort will take place in Spring 2020. Interested parties can find more information at GBETAStartups.com.

Pictured: Barb Ewing, YBI CEO addresses the gBETA cohort during the two-day kickoff.

Published by The Business Journal, Youngstown, Ohio.