Innovation Fund Awards
The Innovation Fund makes awards to promising early-stage technology based businesses that are in one of two phases of the Innovation Continuum:
“A” Awards provide funding (up to $25,000) to help Validate the Technology
“B” Awards provide funding (up to $100,000) to help Validate the Business model
Outlined below are the elements that are required for both types of awards, as well as the differences between the “A” and “B” Awards.
Eligible recipients of the Innovation Award (A and B level) must:
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Have an innovative and cutting edge technology or new application for an existing technology that advances Ohio's high growth industries sectors as defined by the Ohio Third Frontier Program: Alternative/Advanced Energy; Advanced Materials; Instruments, Electronics and Controls; Biomedical; Information & Communication Technology.
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Be willing to create an Entrepreneurial Educational Experience for students, staff and/or faculty members and agree to oversight.
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Agree to receive GLIDE enhanced management support services and oversight of the business opportunity and financial performance.
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Agree to public disclosure of involvement with Innovation Fund.
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Sign an agreement including provisions and conditions for the Award.
“A” Awards
Validating the Technology
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At the stage of validating the technology, the idea is formed, but the concept needs to be proven, and the prototype needs to be developed and tested.
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Formal business structure is in place (LLC, C-Corp, S-Corp, etc.)
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Awards in this category will typically be up to $25,000.
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A copy of the "A Award Agreement" is available by contacting 440-366-4121.
“B” Awards
Validating the Business
- At the stage of validating the business, the technology has already been developed and a prototype exists.
- Formal business structure is in place (LLC, C-Corp, S-Corp, etc.)
- Experienced CEO and/or business team is in place.
- Awards in this category will typically be up to $100,000.
- Entrepreneur needs to secure dollar-for-dollar match.
- A Fund Replenishment Right applies which helps to sustain the Innovation Fund.
- A copy of the "B Award Agreement" is available by contacting 440-366-4121.
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