IN: Powderkeg Plans Indy Growth to Expand Services for Scale-Up Companies
16 Feb, 2018
Powderkeg, a technology-based network that helps high-growth technology ventures connect with resources to scale up, announced plans to expand in central Indiana, creating up to 37 new jobs by 2022.
"Hoosier entrepreneurs like Powderkeg continue to fuel Indiana's reputation as a hub for innovation," said Elaine Bedel, president of the Indiana Economic Development Corporation (IEDC). "Our talented workforce paired with our pro-growth business climate make Indiana an ideal place to launch a business, grow a business and get a job. We look forward to witnessing Powderkeg's continued growth as they work to connect high-growth companies across the U.S. with 21st century tools for scaling up."
With more than 10,000 members across the U.S., Powderkeg will continue to improve its Powderkeg Member Platform, which is a subscription-based service that utilizes technology to connect founders, investors and advisors. The company has rolled out its platform in Indianapolis, Bloomington, Lafayette, Muncie, Terre Haute and four additional major metros outside of Indiana, and it plans to expand into 25 additional markets by 2019 including Denver, serving a total of 50 cities by the end of 2020.
To support its growth, the company invested into private office space located inside Industrious Indianapolis, a new 20,000-square-foot coworking office space at 350 Massachusetts Avenue in downtown Indianapolis. The new space, which the company moved into this year from DeveloperTown, will offer its growing team with a collaborative and innovative environment including a roof deck.
“We’re going to kill the term ‘flyover cities’ in the next four years. Our platform taps the immense tech talent, services, products and growth potential in the majority of the country between the coasts,” said Matt Hunckler, founder and chief executive officer of Powderkeg. “With our expanding national ecosystem for tech innovators, scaling companies will have the tools and resources they need to grow.”
To support increased demand and planned growth, the company is currently hiring for software developers, client success administrators, product managers and sales associates. New positions are expected to offer average salaries more than 50 percent higher than the state’s average wage. Interested applicants may apply online.
Powderkeg is a network for technology entrepreneurs, investors and professionals. The company's proprietary platform connects founders with capital, talent and customers around the country, bringing resource density to the “flyover” states so they can scale their businesses faster. In addition to greater access to resources, the platform gives its members the ability to reach a global audience through its award-wining podcast, publication and national media partners like Forbes, VentureBeat, and Inc.
Powderkeg continues to drive engagement with its platform through digital and physical experiences like its Pitch Night series, which allow entrepreneurs, investors, and professionals to connect in person with tech companies. More than 300 companies have pitched on the Powderkeg stage, collectively raising more than $1 billion in capital.
The IEDC offered Indy Founders LLC (dba Powderkeg) up to $400,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis supports the project at the request of Develop Indy, a business unit of the Indy Chamber.
“Powderkeg has taken full-advantage of Indianapolis’ culture of innovation, helping to fuel the local tech industry by providing companies a crucial jump-start,” said Indianapolis Mayor Joe Hogsett. “Today’s announcement and the continued growth of Powderkeg will ensure all tech entrepreneurs have the resources they need to connect ideas with investment – and Indianapolis is proud to have this company continue to call our city home.”
Powderkeg’s growth comes as Indiana continues its efforts to grow as a 21st century global leader in innovation and entrepreneurship. Making Indiana a magnet for jobs and a hub for innovation is an important part of Governor Holcomb's 2018 Next Level Agenda, ensuring companies that expand in Indiana have the talent and tools they need to succeed.
With more than 10,000 active members in cities around the country, Powderkeg helps high-growth tech ventures connect with the resources they need to grow and scale in areas beyond Silicon Valley. The Powderkeg Member Platform connects tech professionals with a suite of resources to help them play smart, take the next step on their journey and make a bigger impact. For more information, visit www.Powderkeg.com.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.