Channel Partners
July 8, 2024—In 2023, the Wells Fargo Innovation Incubator (IN²) chose seven winners for its seventh Channel Partner Strategic Awards cycle. This funding addresses gaps in the cleantech and agtech ecosystems, with the goal to eliminate barriers startups face on the road to commercialization.
Many awardees focused on supporting pilot and demonstration projects for startups, particularly those with underrepresented founders and helping underserved communities. Here is the story of how one winner used their award and the impact they made in less than a year.
With the money from IN2, Suzanna Caldwell, tech deployment track manager for Launch Alaska, says the accelerator was able to expand its reach, bringing diverse participants with cutting-edge technologies from halfway around the world to their Alaska-based program.
“They were from all over the U.S., plus one from the United Kingdom, and one from Sweden,” Caldwell said. “We want to make sure the communities in Alaska that need these solutions are getting them, and that requires having the right people in the room.”
Launch Alaska, based in Anchorage, is an eight-month accelerator program for companies to develop technologies in the Alaska environment. With the funding from the Channel Partner network, the program not only expanded its reach, it also hired a new staff member and brought on the most successful cohort ever.
“We were able to support 19 companies in this recent cohort thanks to the award,” Caldwell said. “Eleven graduated and entered our portfolio—that’s the most companies we’ve ever invited into our Portfolio in a year. They each found successful market traction in Alaska and have several projects in the works. I have a lot of faith that they’re going to do great.”
Photo courtesy of Launch Alaska.
Alaska faces unique challenges when it comes to the energy transition. The state has many different communities and not all are easily accessible by roads. Some areas need planes or barges to deliver their energy resources. The journey for fuel is often long and convoluted. It must first go to Anchorage, then to a hub for several rural areas, and then to the smallest towns.
“Many Alaskans are already dealing with the effects of climate change,” Caldwell said. “Even though we have this huge oil and gas production here, we have many places that struggle with the high cost of fuel. Even Anchorage, the most populated area of the state, is facing a natural gas shortage. Alaska is an important place for these climate technologies to come because there is so much need.”
Due to its energy challenges, it is important that the state of Alaska does not fall behind in the energy transformation age. Energy costs are already high, and the people in Alaska need solutions that are not dependent on unreliable transportation.
“If you can do business in Alaska, you can do business anywhere,” Caldwell said. “We have some really big challenges—like transportation logistics and extreme cold—but we’re also home to the third busiest cargo airport in the world.”
This makes it an intriguing place for many startups who want to test the limits of their technology. Once innovators join the Launch Alaska program, they discover that Alaska is similar to a big, small town—everyone knows someone. Participants meet with advisors throughout their journey who can provide them with leads.
“If the current project partner is not the right fit, someone on our team will likely know a better person and make the connection quickly. This ensures things keep moving and projects see the right results with the right people,” Caldwell said.
Launch Alaska is always striving to expand its reach and diversity. For the last cohort, 39% of all the advisors were women, which is the highest ratio so far. Additionally, a local startup joined the program for the first time and flourished.
Caldwell is also happy to gain knowledge and assistance from the Channel Partner network.
“It’s so amazing to be in a group with a bunch of other accelerators and innovators that are working on climate tech,” she said. “Every time I meet with those folks, I’m so inspired. I’m grateful for the support from the channel partners and Wells Fargo and being able to have access to funds like this.”