TN APEX Accelerator Achieves Significant Q2 Milestones
The Tennessee APEX Accelerator, a program of the UT Center for Industrial Services, continues to make impactful strides in supporting Tennessee businesses, particularly in the government contracting sector. The success of the APEX Accelerator during the second quarter of 2024, covering April 1 through June 30, underscores its critical role in fostering economic development and helping businesses secure lucrative contracts.
The Tennessee APEX Accelerator team facilitated an impressive $623,619,672 in total client awards, encompassing 5,008 contracts. Of this, $171,703,494 was awarded to diverse firms within the Defense Industrial Base (DIB) and Government Industrial Base (GIB), highlighting the program's commitment to inclusivity and diversity.
This team also onboarded 19 new DIB clients and 23 new GIB clients this quarter, reflecting its growing influence and reach. These new clients join the 181 DIB and GIB-ready clients who received assistance, further expanding the APEX Accelerator's network of successful government contractors.
A total of 41 training events were conducted, attracting 968 attendees. These events included the creation of an "On-Demand" Government Contracting 101 course, which allows new clients to familiarize themselves with the basics before their initial counseling session. This initiative has streamlined the process, ensuring that clients are better prepared and counselors can operate more efficiently.
Key Events and Conferences
- NASA Marshall Space Flight Center Conference and Matchmaking: A virtual event on May 22, 2024, brought together manufacturers and innovators to explore contracting opportunities with NASA and its prime contractors, including SpaceX, Blue Origin, and Boeing. The conference was followed by a matchmaking session on June 25th, where 28 companies had one-on-one meetings with potential buyers.
- Go Beyond 2024 – TN Small Business Conference: Held on June 12-13, 2024, this conference was a major success, drawing 250 attendees to the Nashville Music City Center. It featured matchmaking sessions with prominent agencies like the City of Memphis, the Department of Veterans Affairs, and the Tennessee Valley Authority. This event marked a significant milestone as the first statewide sponsored conference with a registration fee, further solidifying the APEX Accelerator's leadership in organizing high-impact events.
- West Tennessee Procurement Opportunities Conference: On June 8, 2024, this virtual event targeted the Memphis and West Tennessee area, focusing on the SBA Mentor Protégé Program and strategies for responding to Sources Sought announcements. The event attracted 53 attendees, emphasizing the APEX Accelerator’s dedication to supporting small businesses across the state.
Success Stories
- Infinotech Solutions: This IT consulting firm from Collierville, TN, secured a contract with the Shelby County Sheriff’s Office in February 2024, thanks to the guidance provided by the APEX Accelerator. The company’s CEO, Rajeena Choran, credited the APEX team with helping her navigate the complex world of government contracting, particularly in becoming CMMC Level 1 compliant.
- eSpin Technologies: A long-time client of the APEX Accelerator, this Chattanooga-based nanofiber technology company was selected by the U.S. Department of Energy for a project worth up to $6.3 million. This project represents a significant achievement for eSpin, which has grown its federal contracts portfolio with the APEX Accelerator’s assistance.
Looking Ahead
As the APEX Accelerator continues to expand its reach, upcoming opportunities include the Fall UT Innovation Summit in September and a Construction Opportunities Conference at the Music City Center on September 27th. These events, coupled with ongoing training and support, ensure that the APEX Accelerator will continue to play a pivotal role in driving economic growth in Tennessee.
The achievements of the APEX Accelerator in Q2 2024 demonstrate its unwavering commitment to helping Tennessee businesses succeed in the competitive government contracting arena. With a robust pipeline of events and training, the APEX Accelerator is poised to build on this success in the coming quarters.