UVA’s i.Lab Incubator Spawns Successful Startups - NBC29 WVIR Charlottesville, VA News, Sports and Weather

UVA’s i.Lab Incubator Spawns Successful Startups

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Two startup companies that began in the University of Virginia's Darden School of Business i.Lab Incubator are now celebrating their success.

VividCortex, started by program alumnus Kyle Redinger, has secured $2 million from investors. The company manages large data sets for companies that don't want to expend their own resources.

Meanwhile, alumnus Jon Carrier's 501 Auctions, a smartphone app that allows users to participate in a silent auction directly from their phones, has just topped $6 million in event revenue.

"What we really provide is again some financing, mentorship, instruction, and also a community, the fact that our students are here now with a dozen other startups that are part of the community," said Philippe Sommer, director of the school's innovation lab.

Professors at Darden say the feedback students get from the community is what helps them become successful. Currently, 40 percent of UVA startups become self-sufficient.

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