Oak Ridge National Laboratory, the Tennessee Valley Authority and the University of Tennessee System announced the Techstars Industries of the Future Accelerator today in partnership with Techstars, the worldwide network that helps entrepreneurs succeed. The accelerator will work with 30 startups over the next three years that use clean energy, AI, big data, cybersecurity, digital currency, 5G and other innovations to transform society.
This will be the first Techstars-operated accelerator in Tennessee, the first affiliated with a national laboratory, and the first focused on “Industries of the Future.”
The effort will combine forces of the country’s largest science and energy lab in ORNL, the nation’s biggest public power utility in TVA, and UT research and education resources that have won international awards for bringing technology to the marketplace.
“Working with ORNL, TVA and UT to foster an environment where startups building advancements in the Industries of the Future can come together and thrive is a unique and galvanizing opportunity,” said Techstars General Manager Nancy Wolff. “The heart of the Oak Ridge Corridor and the abundant scientific research and quantum computing facilities available to entrepreneurs is game changing for startups tackling the most critical problems of our future.”
The accelerator is expected to create an environment where startups focused on Industries of the Future can come to the Oak Ridge-Knoxville area and thrive. The program will begin accepting applications for its inaugural class in July. Members of that group will refine their technologies, receive mentorship, find and develop talent, and connect to organizations who could become customers while gaining access to Techstars’ global network.
“Research and technology from ORNL and from companies that have grown up here have made a difference in lives around the world,” said Thomas Zacharia, director of Oak Ridge National Laboratory. “In the next three years, the Techstars accelerator will attract high-potential companies in fields that will define the economy in the generations to come. This is a unique opportunity to share our region’s great strengths with rising entrepreneurs.”
Jeff Lyash, president and CEO of TVA, said he sees how work they do in the Southeast can impact the accelerator in Oak Ridge-Knoxville, and then the world.
“Today, innovative startup companies have the opportunity to deliver impactful benefits, similar to those of nearly 90 years ago when TVA first brought electricity that transformed the lives of the people in this region we are privileged to serve,” Lyash said. “We look forward to supporting the companies that participate in the Techstars Industries of the Future Accelerator to drive advanced solutions with enormous energy, economic and environmental benefits for the people of the Valley, the country and the world.”
University of Tennessee President Randy Boyd likewise highlighted the broad impact of the accelerator and the partners’ support.
“The University of Tennessee is committed to being an economic driver for Tennessee,” Boyd said. “The resources available with our partners and through the Techstars Industries of the Future Accelerator will establish the Oak Ridge Corridor as a world-class location for breakthrough technology startups to benefit people and provide jobs. Working together, this initiative will catalyze tremendous entrepreneurial growth for our region’s future.”
Startups are expected to participate in the Techstars Industries of the Future Accelerator from fields such as clean energy, smart cities, robotization and autonomy, artificial intelligence, quantum technologies, edge computing, sharing economy, cybersecurity and cryptography, IoT, 5G and advanced communication, grid scale energy storage, digital currency, industry 4.0 and battery technology.
Startups interested in the accelerator can learn more by visiting Techstars Industries of the Future Accelerator page. Corporations interested in learning more about Techstars’ dedication to corporate innovation can learn more at techstars.com/corporate.
The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 2,500 companies with a combined market cap of more than $209B. www.techstars.com
About the University of Tennessee
Founded in 1794, UT is big on tradition, and is proud of its beginnings as the first public university chartered west of the Appalachian Divide. The UT System enrolls about 50,000 undergraduate and graduate students statewide, and more than 11,000 students graduate from UT campuses each year. The UT System’s delivery of education, discovery, outreach and public service contributes to the economic, social and environmental well-being of all Tennesseans.
About the Oak Ridge National Laboratory
Oak Ridge National Laboratory is the largest US Department of Energy science and energy laboratory, conducting basic and applied research to deliver transformative solutions to compelling problems in energy and security. ORNL’s diverse capabilities span a broad range of scientific and engineering disciplines, enabling the Laboratory to explore fundamental science challenges and to carry out the research needed to accelerate the delivery of marketplace solutions.
The Tennessee Valley Authority provides electricity for 153 local power companies serving 10 million people in Tennessee and parts of six surrounding states, as well as directly to 57 large industrial customers and federal installations. We don’t get taxpayer funding; rather our revenues come from sales of electricity. TVA also provides flood control, navigation and land management for the Tennessee River system, and assists local power companies and regional governments with their economic development efforts.