The inaugural cohort of CoBuilders, a partnership-driven accelerator, got underway when startup companies from around Mississippi convened in Jackson on Tuesday, May 3, 2022. The companies offered products ranging from medical devices, food and even technology to track dirt. Regional startup and economic development organizations sent each company to represent them in Jackson. CoBuilders is powered by Microsoft and supported by the Mississippi Development Authority. The accelerator is a partnership among many regional groups throughout the state.

The companies then participated in a 12-week startup accelerator program, culminating in Pitch Day on July 28, 2022, where participating startups presented their companies to investors and the general public.

CoBuilders, in its inaugural year, succeeded in bringing together partners from around the state to identify promising startups, accelerate them and get them in front of potential investors. 

“This was the first accelerator program that covered the entire state – and working with regional partners provided us the bandwidth to make that possible,” said Innovate Mississippi CEO Tony Jeff last year. “Not only did it benefit the individual founders and their companies, but it shone a spotlight on how much potential there is for entrepreneurial growth in Mississippi.”

All CoBuilders cohort companies were eligible for a minimum of $7,650 in non-dilutive grant funding provided throughout the program. Later, four companies also received Mississippi Seed Fund proof-of-concept awards. The ultimate prize, of course, would be seed or angel funding from investors that they were able to wow with the pitch that they gave to prospective investors—and the general public—at the end of the 12-week accelerator.

“Inclusive economic growth can only happen when we work together with business, nonprofit, entrepreneurial, and community groups,” said Microsoft TechSpark Manager J.J. Townsend last year. “By collaborating with Innovate Mississippi, we can create an environment where more people and businesses have a chance to thrive. We see this as just the start of a broader commitment to bridge technology gaps and foster lasting regional innovation.”

Twenty-one founders and members of their startup teams tackled topics designed to help them prove the commercial viability of their product and the effectiveness of the marketing and financial plans. Innovate Mississippi walked the CoBuilders companies through a curriculum including tasks such as market-fit analysis, customer interviews, and pricing. Along the way, mentors and guest speakers offered advice on avoiding pitfalls, honing the solution they were offering and making sales.

CoBuilders 2022 was a regional partnership convened by Innovate Mississippi working together with Mississippi State University Center for Entrepreneurship and Outreach; Oxford-Lafayette County Economic Development Foundation and the University of Mississippi; Higher Purpose Co,; Jackson State University and the Beanpath; the Mississippi Polymer Institute at the University of Southern Mississippi; the Small Business Development Center at Hinds Community College (Vicksburg); and the Meeting Place (MS Gulf Coast). The partners hoped that bringing all of these stakeholders together on the state level would “raise all boats” in the entrepreneurial ecosystem.

“Having a statewide business accelerator is something desperately needed – CoBuilders will not only benefit the companies going through the program significantly but also communities as we strengthen the entrepreneurial ecosystem to encourage companies to stay and grow in Mississippi,” said Jon Maynard, president and CEO of Oxford-Lafayette County Economic Development Foundation last year. “We had a strong pool of applicants and while it was difficult to narrow it down, we are proud of the cohort we selected and their opportunity to develop and flourish in Oxford, which has become a hotbed of entrepreneurial energy.”

CoBuilders continues in 2023, with regional partners holding pitch competitions around the state. Companies will once again convene in Jackson this summer, followed by the accelerator program and a Pitch Day in conjunction with the Accelerate 2023 conference in November. For more information, visit CoBuilders.ms or contact April Dixon.