Portfolio of RetailTech companies has grown to 35 with more in the pipeline.
Since launching a program focused on supporting the growth and development of Georgia entrepreneurs in retail technology (RetailTech) a year ago, the Advanced Technology Development Center (ATDC) has seen a growing number of entrepreneurs in the sector choose to take part in various industry focused events and education and join it.
The ATDC RetailTech program was created in 2017 through a $1 million gift the Georgia Institute of Technology received from Mookerji Foundation.
“We’ve had outstanding results in our inaugural year with a strong lineup of 35 RetailTech companies in our ATDC Signature and Accelerate portfolios, including 12 that raised more than $50 million in investment capital,” said Chris Dudley, ATDC’s RetailTech catalyst. “Our goals in building this program were to find cutting-edge, Georgia-based tech companies with the potential for meaningful impact in retail, connect them with investors and companies, guide their growth, and build a robust pipeline of new, innovative companies based in Georgia.”
The effort underscores ATDC’s mission of helping technology entrepreneurs learn, launch, scale, and succeed in creating startups, said ATDC General Manager Jen Bonnett. “We’re continually exploring different industries and sectors such as retail that provide an opportunity for change, attract new investment to Georgia, create new jobs, and bring new solutions to the marketplace,” she said.
Built on ATDC’s record of startup success, combined with deep retail expertise, the incubator’s RetailTech program identifies and works with companies that are solving the business challenges retailers currently face.
The program works with Georgia-based technology companies to help them develop solutions that will power the modern retailer’s customer-facing, distribution, and back-office operations. It accelerates RetailTech innovation by leveraging the ATDC advantage and creating synergies among startups, retailers, and investors.
“Our program is giving RetailTech entrepreneurs the framework, tools, education, and connections to create disruptive and problem-solving companies in the unified commerce space,” Dudley said. “Four of our RetailTech companies — Mogean, Sudu, Smart Gladiator, and Smart Commerce — were recently selected to participate in Shoptalk 2018, a premier industry trade show.”
Mogean’s technology helps businesses identify consumer lifestyle patterns so they can create actionable and tailored market strategies.
“ATDC has been a huge differentiator in accelerating our growth,” said Matt Reilly, CEO of Mogean. “The depth of expertise, coaching, and collaborative environment of ATDC, in addition to its proximity to the engineering and data science talent we need to fuel our expansion has been the ‘x factor’ for Mogean.”
Globally, the retail sector is a $39 trillion market and in a state of constant change, said Sid Mookerji of the Mookerji Foundation. In Georgia, the industry supports nearly 1.3 million jobs, includes more than 120,000 establishments, and adds $75.6 billion a year to the state’s economy,
“Our goal in funding ATDC’s RetailTech program is to cement Georgia’s position as a center and leader in retail technology excellence,” he said. “We are doing this through our ATDC efforts and Georgia Tech’s superior engineering talent and research resources.”
About the Mookerji Foundation:
In addition to establishing our retail initiative, the Mookerji Foundation works toward creating a world where all children have access to education to give them the best chance to succeed in life. We do so by taking on projects globally to improve schools, provide tutoring, and financially enable underprivileged children in need. For more information, visit mookerjifoundation.org.
About the Advanced Technology Development Center:
The Advanced Technology Development Center (ATDC), a program of the Georgia Institute of Technology, is the state of Georgia’s technology startup incubator. Founded in 1980 by the Georgia General Assembly which funds it each year, ATDC’s mission is to work with entrepreneurs in Georgia to help them learn, launch, scale, and succeed in the creation of viable, disruptive technology companies. Since its founding, ATDC has grown to become one of the longest running and most successful university-affiliated incubators in the United States, with its graduate startup companies raising $3 billion in investment financing and generating more than $12 billion in revenue in the state of Georgia. To learn more, visit atdc.org.