Manhattan Advances Entrepreneurial Funding

The Greater Manhattan region has had incredible economic development success over the past two years with a record number of new projects announced, including hundreds of jobs planned and well over $1 billion of investment in the pipeline. Our community achieved this success through the collaboration of our economic development partners, specifically, the City of Manhattan, Pottawatomie County, Kansas State University and the Greater Manhattan Economic Partnership.

Our region’s growth will also be driven by the success of small businesses and home-grown accelerators. To that end, our partners are now enhancing local entrepreneurship through strategic investment. The community has a long history developing entrepreneurial ventures that have become staples of the community. These include, but aren’t limited to, Steel and Pipe Supply (now expanded to SPS Companies), CivicPlus and Manko Window Systems. Even companies like Caterpillar and HanesBrands have established strongholds in the region after buying locally based companies.

“Continuing our advantages in entrepreneurial development is critical to our long-term success as a region,” said Jason Smith, president and CEO of the Manhattan Area Chamber of Commerce.

Our economic development partners recently released an investment continuum strategy that enhances the deployment of K-State innovations and facilitates technology-based startups as well as enhances opportunities for entrepreneurs across the region.

“The investment continuum will provide innovative faculty and entrepreneurs with a linear path of overlapping funding opportunities and clearly stated criteria for each opportunity,” said Rebecca Robinson, president and CEO of K-State Innovation Partners. “This will demystify an important element of the technology development and entrepreneurial process and help drive interest in engaging in technology development, advancement and deployment.”

The four funding mechanisms include two K-State-specific funds as well as two funds from the Manhattan regional community that will be accessible to community entrepreneurs, including K-State start-ups.

1. The Pathway to Commercialization Grant Program (P2C) is a new collaborative program implemented by the K-State Office of the Vice President for Research in partnership with K-State Innovation Partners to encourage the advancement of commercially viable, early stage, pre-disclosure research by faculty at K-State. P2C is a competitive grant program that will help faculty inventors start the commercialization process with concepts or research that have not yet yielded a technology disclosure, and which are currently purely conceptual in nature or have not yet advanced to the point of garnering other grant funding. This grant funding opportunity will open this spring.
2. The K-State Innovation Partners Innovation Advancement Fund provides capital to advance previously disclosed K-State-developed technologies. Funds will be awarded on a competitive basis. Proposals will be reviewed by an investment review committee, which will recommend those for further development and enhancement opportunities.
3. The Entrepreneurial Evergreen Equity Investment Fund will provide investments in technology-based, high-growth, potential startups and early-stage companies that either develop from within the region or are being attracted to the region. Charitable contributors will raise $3 million in total capital. These funds will begin to be raised in 2023 and the fund is anticipated to be launched late 2024.
4. The Elevate Community Fund will assist Manhattan area for-profit businesses with funding for growth and expansion projects that will drive economic activity in the region. This funding will strengthen and grow small businesses; dedicate funds towards advancing diversity, equity and inclusion; assist businesses in becoming bankable; and provide gap financing. A total of $3 million will be raised for this fund. Once capital is raised, the funds will be available to businesses in the community through a revolving loan program as well as a grant program planned to be developed in the future.

"Developing a continuum of potential funding for entrepreneurs creates a pipeline of opportunities to grow the regional economy through startup companies,” said Daryn Soldan, director of economic development, Manhattan Area Chamber of Commerce. “Initiatives like these directly align with the region’s strategic economic development plan.”

Entrepreneurship is an important element of our entire economic development strategy. In addition to being key employers, locally owned businesses help make the Greater Manhattan region a special place for both residents and visitors.

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