Coralville’s GTT Receives Innovation Acceleration Funding7/23/2012
ICAD Group Working with Company as it Adds Staff and Builds Client Base
The Iowa Economic Development Authority (IEDA) board awarded financial assistance to five companies throughout the state, including a $250,000 loan from the Iowa Innovation Acceleration Fund for Green Team Technologies (GTT) of Coralville.
GTT is a software development company focused on providing solutions to the independent automotive parts and accessories industry. The award will assist the company with increased marketing, enhanced support of customers, conversion of prospects to customers, and expanding functionality of its cloud-based software Fuse5, a product tailored specifically for the automotive parts and accessories market.
Mark Nolte, ICAD Group Interim President, said the funding came as a direct result of a regional technology funding presentation that ICAD Group helped host this past May. “We were able to arrange a few follow up meetings for GTT after that workshop to help them identify what program made the most sense,” said Nolte. “Now we’re excited to congratulate Gabe and his team on this award.”
The “Regional Workshop on Technology Funding,” sponsored by ICAD Group, the Entrepreneurial Development Center, and the Cedar Rapids Metro Economic Alliance, featured speakers from VentureNet Iowa and local companies providing first-hand accounts on the steps and strategies for applications, mentoring and pitching business ideas for capital.
Nolte added that GTT’s story is an example of how the state of Iowa and local economic development groups work together to help companies grow their ideas. “While every company is different, there are plans and programs we can offer to help companies develop and expand,” said Nolte. “In September of 2010, GTT received a $150,000 Demonstration Fund Award from the state to help launch Fuse5, and since that time, GTT has continued to add clients and staff.”
IEDA awards come from two sources, the Demonstration and Innovation Acceleration Funds, and are for job creation, expansion and small business development projects. The Iowa Innovation Acceleration Fund is one of several funds established under the State Small Business Credit Initiative (SSBCI). Award recommendations for both the Demonstration Fund and Iowa Innovation Acceleration Fund are made by the Technology and Commercialization Committee to the IEDA Board for approval.