The Ion receives $1.5M economic development grant to go toward Houston accelerator programs
The Ion — a rising hub for innovation being developed in Midtown by Rice Management Company — has received a $1.5 million grant to go toward supporting its startup accelerator programs.
The grant from the Economic Development Administration is a part of the organization's Build to Scale (B2S) program and will also benefit three accelerators: the Ion Smart and Resilient Cities Accelerator, the Rice Alliance Clean Energy Accelerator, and DivInc Accelerator.
"Receiving this grant is a big win for our city — furthering the Ion's opportunity to bring together leading minds to solve some of our toughest challenges," says Brad Burke, managing director of the Rice Alliance, in a news release from Rice. "We believe that it's a fully collaborative approach that will lead to accelerating energy innovation and sustainable solutions."
All three of these accelerators will be represented in The Ion's Accelerator Hub and will work in collaboration, according to the release, in The Ion, which is expected to open in 2021 with cohorts set to open applications in early 2021.
"We are really excited about working together with DivInc and the Rice Alliance for Technology and Entrepreneurship to realize the full potential of the opportunities that these funds will help unleash," says Jan Odegard, interim executive director of the Ion, in the release.
The Ion Smart and Resilient Cities Accelerator has cycled through two rounds of cohorts — first focusing on resilience and mobility in Cohort 1 then air quality, water purification, and other cleantech in Cohort 2.
The 12-week Clean Energy Accelerator was only recently announced by The Rice Alliance for Technology and Entrepreneurship at the annual Energy Tech Venture Forum earlier this month. The program is established to support Houston Mayor Sylvester Turner's Climate Action Plan.
Meanwhile, DivInc's accelerator comes out of a partnership with the Austin-based nonprofit and The Ion, which was announced in spring of this year. The goal with this program is to increase access to minority entrepreneurs.
"DivInc embodies the mindset that this generation and all the generations of innovators to follow must be inclusive of people of color and women entrepreneurs – who will build successful scalable growth companies to address tomorrow's challenges and opportunities," says Preston James, chief executive officer at DivInc, in the release.
"By removing the barriers that currently exist, we unleash this untapped potential and lift Houston to new economic heights. To do this we must establish strong collaboration with partners like The Ion, Rice University, the EDA and many others."