Concord-based Flywheel announces Tech Accelerator for greater Charlotte region

Flywheel designed and operates the coworking space at the Cabarrus Center for Innovation and...
Flywheel designed and operates the coworking space at the Cabarrus Center for Innovation and Entrepreneurship and is an organizing member of the Center’s Entrepreneurship Council.(Submitted photo)
Published: Dec. 8, 2022 at 6:14 AM EST
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CABARRUS COUNTY, N.C. (WBTV) - Flywheel and the Cabarrus Center for Innovation and Entrepreneurship have announced the launch of a services-based tech accelerator that will offer $50,000 worth of free software and business development for Greater Charlotte Region tech startups.

The program is operated under the Flywheel New Ventures accelerator framework with the software development firm Induro providing the tech acceleration services. It includes a free residency at the Cabarrus Center for selected companies as well as the opportunity to enter the New Ventures equity-based investment network.

The application site for interested founders is open year-round. Applications will be reviewed quarterly and up to three companies per year will be selected for acceleration and incubation. Details about the program and a link to the application portal can be found at https://cabarruscenter.com/new-ventures-tech-accelerator.

The tech accelerator is designed for early-stage founders who do not have a technical cofounder and need technical support developing their product and will benefit from being surrounded by other resources including legal, marketing, accounting, and business development.

“As we focus on supporting existing business growth and cultivating entrepreneurs, I’m proud of the growing business support ecosystem at the Cabarrus Center,” said Page Castrodale, Executive Director of the Cabarrus Economic Development Corporation.

Located at 57 Union Street South in downtown Concord, the Cabarrus Center is operated by Flywheel and is home to the Cabarrus EDC, the Small Business Center at Rowan-Cabarrus Community College, the Chamber, Leading Business in Cabarrus, as well as entrepreneurs and knowledge workers.

Castrodale continued, “Part of our new strategic plan focuses on developing our economy through supporting home-grown businesses. Our Retail Lab has already helped launch several ‘Main Street’ entrepreneurs and I am excited about the possibility of cultivating scalable technology startups focused on solving big problems.”

The Induro team has 45 years of combined experience as a partner for many startups and established businesses. “We help you identify the real issues you are trying to solve and develop a plan of action that will provide the most value as early and efficiently as possible,” said Erik Murphy, President of Induro.

“Our technical solutions are designed to be low maintenance and to scale with you in terms of performance and cost,” he continues. “Our team is also 100% local because we value being able to collaborate with you and each other face-to-face.”

Additional service providers include:

Sublmnl – branding and marketing: https://sublmnlcreates.com Schell Bray PLLC – legal services: https://schellbray.com Shields Financial – accounting services: https://www.shieldsfinancialservices.com Flywheel New Ventures – lean startup development: https://newventuresnc.com

The Flywheel New Ventures program has been in operation since 2016 and has invested $1,005,000 in 23 early-stage companies.

“So far the results have been very good”, says program administrator Peter Marsh. “The combined valuation of our portfolio companies has grown to more than $50 million based on priced follow-on investment rounds. Our companies have raised a total of $14.9 in follow-on financing. Many of our companies are now in a growth hiring mode.”

While the program intentionally seeks in-state startups, it also invests throughout the Southeast and beyond. New Ventures primarily invests in software applications (Saas, B2B, and B2C) and device startups that intersect with regional market verticals.