Local group wins $14 million for blue tech accelerator

Area entrepreneurial, innovation and scientific leaders have secured $13.9 million to advance marine technology solutions that promote environmental resilience.

The National Oceanic and Atmospheric Administration (NOAA) announced Monday that a consortium featuring Tampa Bay Wave, the St. Petersburg Innovation District and the University of South Florida’s College of Marine Science was one of four selected to help bolster the blue economy. The funding will establish a data-driven business accelerator and product commercialization network.

The overarching goal is supporting and scaling startups that pioneer environmental sustainability tools through technological advancements. Alison Barlow, executive director of the Innovation District, said the award presents an “amazing” opportunity.

“Sometimes entrepreneurs or people who care about the ocean might think the only solution for their ideas is to become another nonprofit,” Barlow told the Catalyst. “What we want to do is challenge that.”

In February, NOAA announced that the three local organizations were among 16 nationwide awardees to receive new Ocean-based Climate Resilience Accelerator funding. The group received $250,000 and a chance to compete for the four-year grant.

Myriad regional stakeholders gathered at the Maritime and Defense Technology Hub in June to plan their approach. The result was The Continuum, a partnership including Seaworthy Collective, Ocean Exchange, World Ocean Council and Braid Theory.

The Continuum’s $13.9 million investment, funded by the Inflation Reduction Act, was the most awarded to the four winning accelerators. Barlow credited the consortium’s various skill sets and collaborative approach.

“We brought a team together across Florida and also included people with a national reach,” she said. “We were willing to work together and create this unique collaboration … None of the other groups are doing that.”

From left: Linda Olson, CEO of Tampa Bay Wave; Alison Barlow, executive director of the St. Petersburg Innovation District; and Pat Mack, founder and CEO of PVM discuss parameters for a new Ocean-based Climate Resilience Accelerators program in June. Photo by Mark Parker.

The consortium hopes to propel advancements in renewable energy, pollution control, hazard mitigation and ecosystem services. Creating an interdisciplinary continuum of support that bridges business, academia and nonprofits will help ensure future success for hundreds of participating blue tech startups.

Congresswoman Kathy Castor noted Wave’s “strong track record of driving innovation through tech entrepreneurs who turn creative ideas into solutions and business opportunities.” She said recent hurricanes have highlighted the need for innovative environmental resiliency solutions.

“This public-private partnership will benefit from the world-class marine scientists at USF St. Pete and the St. Petersburg Innovation District to bring ocean-based resiliency solutions to the market,” Castor said in a prepared statement.

Barlow expects the accelerator to welcome its first cohort in the late spring. She said a navigator will discern what participating founders need to be successful, from business education to introductions with potential customers.

Barlow noted that Miami-based Seaworthy Collective “loves to work” with entrepreneurs still in the ideation stage, while Wave typically works with more established startups. The local organization has recently partnered with USF St. Petersburg, an Innovation District anchor institution, to create health and financial technology-focused accelerators.

Linda Olsen, CEO of Wave, said The Continuum would “leverage cross-industry expertise from sectors like FinTech and CyberTech” to “address the pressing challenges of resiliency and ocean sustainability with groundbreaking technologies that are tested and ready to launch in a receptive market.”

The Continuum’s efforts will span the region, state and nation as Braid Theory operates from the Port of Los Angeles. Barlow said participating startups will receive roughly half the $13.9 million award to “further their vision.”

“I suspect we will not only grow entrepreneurs from the Tampa Bay region, but we’ll also expose entrepreneurs from around the country to Tampa Bay as a possible place to work,” she added. “We’re hopeful that by figuring out how to make viable businesses, they’re able to hire more people, grow the idea and make a living.”

Coastal resilience and hazard mitigation were among NOAA’s priority themes. Barlow called that focus area appropriate, considering St. Petersburg’s one-two punch from recent hurricanes.

The Continuum will also seek entrepreneurs with potential storm prediction and flood risk analysis tools that could help reform the insurance industry. Barlow said additional immediate focus areas include carbon capturing and potential applications within the local defense industry.

She said the four-year grant is “just the beginning” of establishing Tampa Bay and Florida as a national leader in the ocean economy’s innovation ecosystem. “Our hope is, not only do we see outcomes for entrepreneurs themselves, but we create the sustainable structure that can keep it going.”