There is a substantial gap in funding for early stage hardtech companies with a disparity of 15:1. Meaning, for every $15 invested in software and other digital startups, just $1 is invested into hardtech startups. mHUB, a leading center for hardtech innovation, has launched new programs to help close that gap.
Programs are designed to fast-track hardtech companies and make smart manufacturing better, stronger and more efficient, especially as the nation turns to the manufacturing sector to grow, create jobs and address the needs of workers and consumers amid the COVID-19 pandemic and the longer-term economic recovery.
Programs are now open for high-growth hardtech and hardware startups across the U.S. include:
Industrial IoT Startups can now apply for the first cohort of 6-month, hands-on hardtech accelerator: For the first cohort of the accelerator, mHUB will actively source teams focused on breakthrough IIoT solutions to improve efficiencies in electrical and network infrastructures, operational management and security and the manufacturing value chain, but are open to any disruptive solutions that improve the efficiencies of the industrial sector. Each mHUB Accelerated Incubation cohort is supported with nearly $1M in cash investment and over $500K in engineering, design, fabrication, and programming, along with full access to the mHUB community, in exchange for 5% equity investment and $230K in convertible notes with strategic corporate partners. Additional follow-on investments of up to $750K from the fund and other co-investment opportunities exist. Apply today at https://mhubaccelerator.com/
Industrial startups with founders who are women or people of color can pitch for $8,000 in cash awards: The mHUB Industrial Startup Pitch Competition is designed to give a leg up to underrepresented startups by connecting female founders and entrepreneurs of color in the Industrial Internet of Things sector with investors and industry leaders. Startups can apply by November 19th at https://apply.mhubaccelerator.com/IndustrialStartupPitch.
Finalists will pitch on December 3rd in a virtual pitch competition judged by industry leaders and investors.
New $15M Product Impact Fund for hardtech startups: mHUB Product Impact Fund will seek to invest in seed and early-stage hardtech companies in the United States, with a focus on startups building and growing demand-driven technologies in industries such as the Industrial Internet of Things (IIoT), medical devices, connected buildings and home, communication technologies, smart cities, smart mobility, and energy technologies. MHUB Product Impact Fund has secured over $5 million in commitments with a goal of raising a total of $15 million. It will invest in companies participating in the mHUB Accelerated Incubation program. Learn more here at https://mhubchicago.com/mHUBProductImpactFundI.
For more information about mHUB programs to support hardtech startups, visit https://mhubchicago.com/.
About the Author
mHUB, a leading independent hardtech innovation center, exists to convene the entrepreneurial ecosystem around physical product innovation. The mHUB community includes over 350 startups supported by a deep talent pool of product designers and developers, entrepreneurs, engineers and manufacturers, corporate leaders, industry experts, mentors and investors. Learn more at: www.mhubchicago.com.
