Afternoon All,
Here is your chance (press release below) to get a grant to help fund your start-up in NC.
Their website is www.ncidea.org.
Happy Hunting!
Montie
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NC IDEA seeks grant applications from entrepreneurs and early-stage companies
08-21-2006
RESEARCH TRAINGLE PARK, N.C. NC IDEA is seeking grant applications from North Carolina entrepreneurs and early-stage companies focused on information technology, medical devices or material sciences.
NC IDEA is a private, non-profit organization dedicated to helping establish and develop early-stage companies through the commercialization of research innovation. NC IDEA plans to award $150,000 ?proof of concept? grants to help bridge the gap between innovative ideas and venture capital funding. The grants are designed to prepare companies for equity funding, accelerating the creation of new North Carolina companies and jobs.
NC IDEA is accepting online applications through its Web site (www.ncidea.org) beginning today, Aug. 21. Grants of up to $50,000 per company will be awarded in December.
The grants support business activities that validate potential markets, reduce business risks, and advance projects to the point at which they are suitable for consideration by private equity investors. Preference is given to companies that have not previously received equity financing. An entrepreneur who has not formed a company may apply, but company incorporation is required prior to the awarding of grant funding.
Bridging the Innovation Gap
Many new technologies are not successfully transferred out of universities and research institutions because of a funding gap between government and private equity support. Research funding typically does not include support for business development activities or development of product prototypes suitable for mass production. Yet, venture capital funds typically do not invest in companies until they have a product and are already generating revenues from customer sales.
The NC IDEA grant program provides a novel source of assistance to bridge this gap. Earlier this year, NC IDEA awarded $225,000 in grants to seven early-stage North Carolina companies.
“NC IDEAs grant program offers young pre-venture companies an opportunity that cant be found elsewhere,” said Josh Whiton, chief executive officer of TransLoc, which received an NC IDEA grant in the previous cycle earlier this year. Dr. Nimmi Ramanujam, a professor at Duke and project manager for previous grant recipient Illuminus, agreed. ?There are no other sources of early funding that can be sought to address these issues,? she said.
In addition to funding, NC IDEA and its strategic partners facilitate access to business and technology leaders who will mentor and guide entrepreneurs to help them overcome research, product development, sales and product adoption hurdles. NC IDEA collaborates with the Council for Entrepreneurial Development (CED), The North Carolina Technology Association (NCTA), the North Carolina Small Business and Technology Development Center (SBTDC) and Southeast TechInventures.
The initial ?pre-proposal? applications must be submitted online by Sept. 15. Approximately 12 to 15 companies submitting ?pre-proposal? submissions will be selected to participate in a subsequent full proposal submission and review period from Sept. 15 through Oct. 27. This process will include submission of a more in-depth proposal and prioritized budget for use of grant proceeds, and potentially a presentation from the company to a NC IDEA Grants Program advisory committee.
About NC IDEA
NC IDEA provides grants, loans and traditional venture capital to help young companies between seed funding and Series A financing. The non-profit company further supports these companies by leveraging strategic partnerships and alliances to help companies through research phases, business challenges and growth goals. NC IDEA is committed to supporting North Carolinas economic development by ensuring young, innovative companies grow, create jobs and become contributing business leaders. For more information, visit www.ncidea.org. Media Contact: Scott Yates, Largemouth Communications (for NC IDEA), 919-649-6621, scott@largemouthpr.com.