INDIANAPOLIS--(BUSINESS WIRE)--Powderkeg, a community-as-a-service platform for technology entrepreneurs, investors and professionals, today announces plans to expand its footprint in Indiana with incentives from the Indiana Economic Development Corporation. Powderkeg will create at least 37 high-wage, local jobs by 2022, as well as expand into four additional cities in 2018, serving a total of 50 cities by the end of 2020.
Powderkeg’s Member Platform connects entrepreneurs outside of Silicon Valley and New York City, who have traditionally been at a competitive disadvantage because of resource scarcity and disconnected tech ecosystems.
“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 CEO of Powderkeg. “With our expanding national ecosystem for tech innovators, scaling companies will have the tools and resources they need to grow.”
The IEDC offered 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 Roles will be largely technical including product managers and software developers, as well as roles in sales and client success. The platform is currently serving active customers, and Powderkeg plans to bring together 50 of the top entrepreneurs in each of the top 50 cities for tech outside Silicon Valley by 2020.
"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."
Later this month, Powderkeg will release the findings from the first-ever Indianapolis Tech Census, a collaborative effort to better understand and serve the growing technology and startup community in Central Indiana. For more information on Powderkeg, upcoming events and findings from the census, visit Powderkeg.com.
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 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.