By Tom Ballard, Chief Alliance Officer, Pershing Yoakley & Associates, P.C.
We caught-up with Jerry Wright earlier this week to get a quick update on the new JusticeXL. He serves as Program Director for the start-up accelerator that launched right after Labor Day at the Southern Middle Tennessee Entrepreneur Centers in Tullahoma. As the name implies, the focus is on companies in the law enforcement, corrections or public safety space. “Our teams are hitting their stride, and we are having some great successes as we hit approximately the halfway point.” Wright says. “Demo Day” is set for December 18. Wright listed a number of key milestones.
- One company received funding within the first week of the accelerator.
- A second start-up is in the final stages of negotiating a licensing deal with a Fortune 50 company.
- Another company has placed in the top five in a recent pitch competition.
- One company has entered due diligence for an angel round.
- Not unexpectedly in these situations, two companies have pivoted and are focusing on new customer value propositions.
- Finally, one company has been dropped after JusticeXL and the start-up mutually agreed that they would be better served attending a later accelerator.
“The remainder of the companies are doing well, moving forward at different paces (as expected),” Wright say. “I feel that we are going to have three to five investable companies total out of the group.”