SSR - September 6, 2024
Lendio recently released a study of the best states to start a small business in 2024. The study examines critical factors for small business success, including access to small business lending, cost of living, real estate data, educated worker migration, corporate tax rates, state-level incentives for business owners, and more.
Florida was named the best state to start a small business, and four states covered by the Southern Startup Report made it to the top ten list: North Carolina (3rd), South Carolina (5th), and Georgia (7th). Meanwhile, Arkansas (24th), Tennessee (32nd), Mississippi (33rd), Louisiana (42nd), and Alabama (43rd) fell further down the list.
Lendio's report may overlook some key advantages in the Southern states regarding fundraising, growing a company, and providing returns to investors. The Southern Startup Report aims to spotlight the companies and startup success across the South. We'll share more data on the success and strategy for fundraising in the South in upcoming issues. I'd love to hear about your experience starting a business and raising money in the South. Reach out if you want to contribute your story!
Louisiana
Congratulations to Conway Solomon on winning the Louisiana Entrepreneur Organization (EO)'s March Klein Entrepreneur of the Year Award. Conway led the technology company Wrstbnd, which announced an acquisition by AXS earlier this year. Palette, a workspace & resource community, announced it would open its first location in Covington. The venture is led by a group of real estate managers and entrepreneurs and is partnering with groups such as The Idea Village, StartUp Northshore, and GNO, Inc. The announcement comes from several growth stories focused on the Greater New Orleans Northshore. Finally, the New Orleans BioInnovation Center (NOBIC) announced that Silicon Valley Bank would sponsor its 2024 BioChallenge. The BioChallenge pitch competition invites researchers, entrepreneurs, and startups to present their ideas and technologies to win $100,000.
Alabama
The Economic Development Partnership of Alabama (EDPA) recently announced the second iteration of the HBCU Innovation Internship Program. The program places interns who want to work in technology or other innovative industries with innovative employers in Alabama. The EDPA leads the program, and participating businesses include Analytical AI, the Alabama Business Intelligence Center, and the Chambers County Innovation Center. Alabama also held the Drive Electric Alabama EV Summit, where leaders in the EV industry discussed the state's ties to eclectic vehicles and the economic impact of the EV market.
Arkansas
The 2025 Governor's Cup Collegiate Business Plan Competition has some new partners. Arkansas Capital of Little Rock, Fayetteville's Startup Junkie, and ARise have come together to sponsor the competition. The Governor's Cup is open to undergraduate students from two- and four-year institutions in Arkansas, and the winner will be awarded entrepreneurial support and a cash prize of $144K.
Florida
Congratulations to Orlando-based healthcare company Abanza for closing $5M in Pre-Series A funding. The round was led by private investors and a family office specializing in medical devices. In Miami, Turntable Labs, the company behind the music platform Hangout, announced they had raised $8.2M before their public launch. Time.fun, a cryptocurrency company based in Miami, announced a $3M seed round led by Brevan Howard Digital. Techstars Miami announced its Fall 2024 Class of Entrepreneurs, which includes 12 companies. Finally, Miami hosted its first Startup World Cup, in which 60 startups competed for a chance to win $1,000,000. The contest was narrowed down to 10 companies who will compete in the regional final on September 14th.
Georgia
Congratulations to Atlanta-based Evolve on announcing $6M in growth funding. Evolve is a prefabrication workflow company for mechanical, electrical, and plumbing contractors. Mudstack, a file versioning and asset management company, announced that it had closed $4M in financing, and The Cloud Minders, a company in the high-performance computing industry, raised $3M in growth funding. The Atlanta Startup Awards announced its 2024 finalists in all categories. Check out the nominees here and save the date for the award ceremony on October 1.
Mississippi
Innovate Mississippi announced its 2024 CoBuilders Cohort, featuring eight startups across Mississippi! These companies will embark on a 12-week journey, honing their products, business plans, and pitches with the help of expert mentors and the Innovate MS team. This leads to the big Pitch Day on November 19th, kicking off the 25th Annual Accelerate Conference in downtown Jackson.
North Carolina
There's a lot of funding news out of North Carolina. EydisBio was awarded a $2.6M grant to continue its innovative approach to autoimmune and inflammatory disease treatments. Allstacks announced $10M in Series A funding, bringing its total funding to date to $25M. Carpe, a digitally native sweat control brand, announced it had received funding from Topspin Consumer Partners to continue its product development.
South Carolina
Congratulations to Case Status, a Charleston-based company that received a $250K investment from the South Carolina Research Authority. Case Status was recently named in the top 10% of fastest-growing companies on the prestigious Inc. 5000 list and provides a legal software tool to help attorneys manage their case files.
Tennessee
Angel Kids AI, an AI-powered browser designed to provide children with a safe and age-appropriate internet experience, announced that they have raised an additional $1.1M of funding in an extended Seed round. The extra funds bring the company's total seed round to $5.85M. Launch Tennessee announced the formation of the Tennessee Intellectual Property Alliance (TNIPA) designed to advance the state's intellectual property ecosystem. The group's mission is to " translate more university research from the lab to the market" and foster more community innovation and jobs.