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Every American city wishes it could\u00a0better support\u00a0technology, entrepreneurship and infrastructure, unfortunately\u00a0few actually have the resources to set truly ambitious goals into motion. But Columbus, Ohio, having secured $40 million in grants<\/a> to improve access to transportation and ready itself for autonomous vehicles, is one city actually in a position to take risks. Its\u00a0latest, a smart city accelerator assembled by Singularity University<\/a>,\u00a0NCT Ventures<\/a> and American Electric Power<\/a> (AEP), aims to simultaneously lure businesses to the region while building solutions\u00a0to\u00a0public sector problems.<\/p>\n Locally based NCT Ventures is putting up $1 million to form the new accelerator.\u00a0Startups that have developed products and services that improve the operation of\u00a0cities will be eligible for up to $100,000\u00a0in investment. Singularity University, the ambitious project of Peter Diamandis and Ray Kurzweil, will offer specialized instruction and mentorship to each of the startups selected while AEP, a locally based electricity conglomerate, will be helping during the selection process, receiving its own training from Singularity and keeping an eye on\u00a0startups along the way.<\/p>\n \u201cOur intention is to find the best working companies, not just ideas that fit criteria,\u201d explained Rich Langdale in an interview, managing partner at NCT Ventures.<\/p>\n NCT will have a financial interest in each of the startups selected, but Langdale told me that the firm aims to incubate rather than suffocate. Instead of prioritizing things like rights to follow on investment, NCT is collaborating with\u00a0other Ohio\u00a0investors as part of\u00a0Venture Ohio, a statewide advocate for entrepreneurship. Singularity is taking\u00a0a similar ideological approach, noting that it wants its relationship with startups in the cohort to last well beyond its\u00a0artificial end date.<\/p>\n \u201cWe try to think of this as a lifetime partnership,\u201d Nick Davis, vice president of corporate innovation for\u00a0Singularity University, told me.<\/p>\n Columbus isn\u2019t the first city in the United States to call a smart cities accelerator home. Washington D.C.\u2019s\u00a0Smart City Works<\/a> has worked with startups like IHT and\u00a0Capital Construction Solutions, companies\u00a0bringing transparency to construction and enabling better monitoring of municipal water systems respectively. In New York City, Urban-X<\/a> is doing much the same \u2014 supporting Envairo, a startup ensuring\u00a0space is allocated optimally within large buildings and\u00a0Citiesense, a startup bringing fresh data to real estate.<\/p>\n But before\u00a0Columbus\u2019s own program\u00a0opens its doors in September, it will have to prove itself adept at balancing public and private interests. On one hand, it\u2019s\u00a0important that the accelerator itself be economically viable. If NCT is able to deliver returns to its own investors, that sends a signal\u00a0to other investors that Columbus is capable of incubating real businesses that serve municipalities.<\/p>\n But that said, startups should also be addressing specific problems that are part of Columbus\u2019s\u00a0smart city initiative and directly contribute to the city\u2019s growth.\u00a0The city has been wrangling supplementary private dollars at an impressive pace in the wake of winning the U.S. Department of Transportation\u2019s Smart City Challenge<\/a> and there is no shortage of mobility, transportation and infrastructure startups in need of capital and strategic partners\u00a0\u2014 threading the needle is well within reach.<\/p>\n Applications to the program will open on May 15th. Additional information for interested parties can be found at the Singularity University site.<\/a><\/p>\n Featured Image: Walter Bibikow\/Getty Images<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/gettyimages-520328670.jpg?w=680\")
Every American city wishes it could\u00a0better support\u00a0technology, entrepreneurship and infrastructure, unfortunately\u00a0few actually have the resources to set truly ambitious goals into motion. But Columbus, Ohio, having secured $40 million in grants to improve access to transportation and ready itself for autonomous vehicles, is one city actually in a position to take risks. Its\u00a0latest, a… Read More<\/a><\/p>\n\n<\/img><\/a>
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