New Georgia Tech, Atlanta venture fund to put city on tech map


The city of Atlanta, Georgia Tech and 10 of the metro area’s biggest corporations, including Home Depot and Delta Air Lines, announced Thursday they are combining resources to launch a technology incubator and venture fund that they hope cements Atlanta as a tech powerhouse.

Engage will launch with $15 million right off the bat and be open to start ups around the country to lure top talent to Atlanta, Georgia Tech said. Applications will be available this spring.

Calling Atlanta the “southeast’s technology, innovation and entrepreneurship capital,” Mayor Kasim Reed said in a statement, ““We must take advantage of these unique assets to further stimulate our growing ecosystem of start-ups and growth-stage companies, connecting them to capital, talent and mentorship.”

The other companies participating in Engage are AT&T, Chick-fil-A, Georgia-Pacific, Georgia Power Foundation, Intercontinental Exchange, Invesco, UPS and Cox Enterprises, which owns The Atlanta Journal-Constitution. Each of the companies committed $1.5 million to the venture fund.

Thursday’s announcement is a jewel in Georgia Tech’s crown and also bolsters Atlanta and Georgia’s position in the national tech stratosphere.

In the past year, Anthem, Honeywell, NCR and GE Digital have announced major tech hubs in the city of Atlanta that will bring thousands of high-paying jobs in the coming years.

In particular, Midtown has emerged since the Great Recession as the Atlanta region’s technology boomtown. NCR in recent years announced it would relocate from Gwinnett County to a new headquarters at Technology Square.

The company then doubled down on that move last year when it announced its tech hub and second phase of development. The company will ultimately have more than 5,000 workers in Midtown.

Other prominent names that have built new innovation labs or made corporate expansions near Georgia Tech include Equifax, Southern Company, Panasonic, Sage Software and AT&T. Coca-Cola and Turner Broadcasting teamed up in late 2015 to back start ups that could bring potential innovations to both companies.

“By engaging the business community to maximize our collective strengths, we can attract and grow new companies, foster economic development and retain talent in Georgia,” Georgia Tech President G. P. “Bud” Peterson said in a statement.


Reader Comments ...

Next Up in Georgia Politics

Federal tax overhaul plans target bonds widely used in Georgia
Federal tax overhaul plans target bonds widely used in Georgia

Congressional proposals to change the U.S. tax structure may have a major impact in the future on infrastructure projects in Georgia — from road construction to how much students pay to live in college dorms. The tax overhaul that the U.S. House passed last week would eliminate the kind of bonds the University System of Georgia has used to build...
First American title pawn pays $225K for alleged violations against Georgia customers
First American title pawn pays $225K for alleged violations against Georgia customers

A Georgia title pawn company is paying about $225,000 to settle allegations that it sued customers who defaulted on loans, threatened customers with arrest warrants and misrepresented itself in advertisements. Georgia Attorney General Chris Carr announced last week that First American Title Lending of Georgia will make the payment in response...
The Left warns that GOP tax reform will help no one but the rich
The Left warns that GOP tax reform will help no one but the rich

Tax reform bills offer a break, the left says, but they are a break for businesses, not families. A roundup of editorials Monday takes a look at the issue.Opinions from the Left:1. For tax reform worthy of the name, make it pro-employmentFrom The Hill: Now, just how is this plan going to help American workers? 2. Tax-Cut Bill to Make Scrooge...
The Right looks forward to the relief promised by tax reform
The Right looks forward to the relief promised by tax reform

Will tax reform bills in Congress offer Americans families a break? A roundup of editorials Monday takes a look at the issue. From The Oregonian: Oregon Sen. Jeff Merkley warns that the tax reform bill isn’t what you may think it is. From The Democrat-Gazette: Arkansas State Sen. Jason Rapert says the tax reform plan is the best shot for reinvestment...
Some ACA premiums fall while others spike; enrollment keeps surging
Some ACA premiums fall while others spike; enrollment keeps surging

Tyrone Jenkins sat in his insurance agent’s office on Friday, relieved about his health insurance. After all the upheaveal and news over skyrocketing Obamacare premiums, Jenkins will actually see his coverage costs plummet next year. He’ll pay less than half in 2018 what he did in 2017 for similar coverage. How can this be? Jenkins doesn&rsquo...
More Stories