The entrepreneurial community on the First Coast is home to a number of intriguing startups, with 2021 seeing an expansion of their ranks. ¶ Whether the companies were founded by seasoned veterans collecting money from venture capitalists or teenagers looking to grow a new social media platform, several startups are a must-watch for 2022. As First Coast Inno expands its coverage of the area’s innovation economy, here’s some of the companies we’re keeping an eye on.
Unlike other startups to watch on the First Coast, The Aurora Forge aims to invest in startups.
The Aurora Forge is a new venture capital fund started in 2021 and founded by industry experts in the health and technology sectors. The fund, founded in part by HCI CEO Ricky Caplin, aims to empower disruptors in industry and facilitate their growth.
Tell us a little bit about your investing strategy and your approach to startups.
There is tremendous opportunity in investing in the early stages of a company but there are three components for success: Getting your proof of concept to the customer college, access to capital and the ability to scale. We identify companies with those attributes and we help them excel. You can look at us almost like an incubator or a foundry in that we have knowledge and incredible industry expertise at our disposal.
How do you envision Aurora Forge's roll moving forward?
We'll be operating in two distinct but related spaces. We have scientists, academics, business leaders and investors at our disposal, plus partners working in gov-tech. First, we'll start from a problem statement and create the company, write the software, bring a proof-of-concept to market and fund it ourselves through other partners. Secondly, our team of experts will be looking at existing startups and assessing what our expertise can bring to the table.
What is your next component?
We're already working with Georgia Tech's Creative Distribution Lab but we plan announcing several partnerships with major universities throughout the country in 2022.
What is the target number of companies you want to have in your stable?
I think it's going to grow but over the first year we are looking for a handful to refine the process. But the first fund, we'll probably see a dozen companies.
What differentiates you from others in your space?
Because of our expertise and what we have to offer -- we have some of the leading minds in their respective industries -- we take a larger size of equity that what others might typically but in return we offer greater value that will catapult growth.
