The 2020 Fuel Accelerator announced Monday that its startups from seven states and five countries graduated, having secured millions in investments and created more than a dozen Arkansas jobs.
The Fuel Accelerator, in its second iteration, was a 14-week program that matched growth-stage, artificial intelligence startups with established companies to accelerate the development of the startups’ products and services. The startups received mentoring from more than 65 industry experts and business leaders as they worked to secure investments and pilot progjects with corporate entities in the region.
The startups secured nearly $4 million in investments during the program and created at least 15 jobs in Arkansas. And 22 pilot projects are in discussion, while three pilot contracts have been signed.
In addition, Truckish, a fleet management software startup, moved its headquarters from Memphis to northwest Arkansas during the accelerator.
“Despite all the challenges faced by COVID-19 we are incredibly pleased with the outcomes of the program. Over half the cohort participants are establishing a presence in northwest Arkansas, resulting in the creation of several new jobs,” said Taylor Hasley, Startup Junkie executive director and Fuel Accelerator director, in a news release.
Halfway through, the program was forced by the pandemic to go online-only. “Although the cohort was not able to spend as much time in our region as we hoped, it was enough to convince the majority to establish a permanent presence here. This echoes the amazing opportunities and lifestyle Northwest Arkansas has to offer,” Hasley said.
The accelerator program concluded with a virtual Demo Day on April 29, where the 12 startups pitched their products or services.
Sign up for Daily E-news
