TOURISM APPRECIATION MONTH RECAP

How TechFarms Boosts Local Businesses

Take a tour with Steve Millaway through TechFarms and you can expect it to come with a few interruptions. From growth projects at the facility, impromptu meetings, and various company representatives in and out of the facility, this high-tech incubator is buzzing with activity. Budding entrepreneurs are regularly seeking the guidance of Steve Millaway and the team of professionals he has assembled at TechFarms. This collaborative environment is what makes the businesses within TechFarms so primed for success. This successful ecosystem is prompting the organization to expand after just six years since its inception. Steve Millaway is the CEO and Founder of TechFarms, and the Managing Director of TechFarms Capital.

TechFarms was established to support the growth of tech companies in Bay County and throughout Northwest Florida. Its facility is one in which tech entrepreneurs can bring an idea and mold it into reality.

Prior to founding TechFarms, Steve Millaway was a successful Tech entrepreneur himself. Throughout his career, Steve developed a passion for building the Tech ecosystem in Northwest Florida and decided to establish TechFarms in Bay County in 2015. While a key focus of TechFarms is the creation and matriculation of technology companies out of the incubator, another major driver for their passion is the creation of jobs, specifically tech related jobs in Northwest Florida. The overall improvement and growth of the technology workforce in Northwest Florida is one in which TechFarms is helping to nurture.

While TechFarms is specifically tailored to support tech related companies, its principles of entrepreneurship growth and encouragement are what help drive our local economy. That economy being built upon by entrepreneurs who had a vision for the community. Thousands of entrepreneurs run successful small businesses across Bay County every day. Frequently, these small businesses can transform into large businesses and become major employers in the community. Throughout Bay County examples include Eastern Shipbuilding, Linea Peninsular, Merrick Industries and countless others.

According to the Florida Chamber of Commerce, two out of every three jobs in Florida are created by small businesses. Additionally, about 90% of Florida’s manufacturers are small to medium sized businesses. Behind most of these companies, were entrepreneurs who had a vision to develop a business to meet a need or to improve a service provided. Entrepreneurship is the cornerstone of the United States, and has led our country to be full of individuals who have built successful businesses of all sizes. While entrepreneurship is not synonymous with small business, the impact small businesses have on our economy is phenomenal. However, in their founding, most entrepreneurs do start as a small business.

According to the U.S. Small Business Administration, (SBA) there are nearly 32 million small businesses in the United States. Small businesses also account for 47.1% of private sector employees and 40.3% of private sector payroll. Additionally, small businesses have accounted for 65% of net new job creation since 2000. While not all entrepreneurs operate small businesses, the impact of creating an ecosystem to support entrepreneurs and small business creation is one that is vitally important to our economic base. In Bay County, at nearly every turn there is a small business operation. Many of these small businesses are operated by entrepreneurs who ventured out on their own and decided to start their own businesses. Specifically in Bay County, it is estimated small businesses employ over 30,000 employees. Creating and nurturing an ecosystem where these entrepreneurs can thrive is vitally important to ensuring our communities have a diverse and well-balanced economy. The needs of a small business can vary, however, a few key needs include professional guidance, access to space or a workshop, market information, and access to capital.

For the high-tech sector, TechFarms is helping meet these needs, not only in space, access to equipment, and access to industry experts but also in access to capital. TechFarms Capital, established by Millaway, was created to help meet one of the greatest needs of high-tech start-ups, access to capital. TechFarms Capital is a venture capital fund with the sole intent to invest in high-tech start-ups. For high-tech start-ups, traditional sources of funding are commonly not available due to the many unknown variables within the company. However, that is where venture capital funds fill the gap for high-tech start-ups.

A recent company TechFarms Capital invested in is a local Bay County success story. Chaos Audio was founded by Gulf Coast State College students who are now engineering students at Florida State University - Panama City (FSU-PC). Chaos Audio is helping change the music industry by creating an all-in-one electric guitar effects pedal that allows literally hundreds of sound effects to be produced from a single pedal. Previously, musicians had to purchase a new pedal for each sound effect they desired. Chaos's new pedal, the Stratus, will allow musicians to download new sound effects from Apple or Google app stores to their cell phones or tablets, and then install them on the Stratus using Bluetooth wireless technology. While attending Gulf Coast State College, Landon McCoy founded Chaos Audio with the idea of reducing the number of foot pedals and cost required to play different sound effects on his guitar.

Since its founding, Chaos Audio has seen major accomplishments. The company has secured venture capital funding for their business and been emersed into a supportive environment setting the company up for success. According to Landon McCoy, CEO of Chaos Audio, “The assets and environment created at TechFarms have led us to prosper. I am 100% certain that if it were not for the environment created by TechFarms and the educational assets in the community, we would not be here today. TechFarms has created a network of resources to support innovative high-tech companies like Chaos Audio.”

Chaos Audio also recently won first-place in the “Florida State University 2021 InNOLEvation Challenge” in March. Chaos Audio was the only team from FSU-PC to compete in the final competition. With this win, Chaos Audio took home $10,000 and will move to a statewide competition.

Chaos Audio is just one success story of an entrepreneurial start-up coming out of TechFarms. Throughout our community, there are thousands of entrepreneurs who work every day to grow their business and who employ thousands in Bay County. We are proud to have these businesses help drive our local economy. These entrepreneurs have a positive impact on our local economy, as well as the direction of our community.