Innovation Fund North Carolina (IFNC), an organization created in the Fall of 2013 to help entrepreneurs statewide through pre-seed funding, enhanced networking and mentorship for high-growth, scalable technology startups, has announced the award winners for its second cycle of funding. A total of $125,000 was awarded this cycle, bringing the overall total awarded to date to $425,000.
The following companies will each receive a $25,000 grant from IFNC:
eosNANO (Charlotte) – advanced process of soil remediation using fungi
FokusLabs (Wake Forest) – technology to improve focus of ADHD or autism patients
Next Generation Biomedical (Fayetteville) – technology to facilitate wound recovery
Plum Print (Asheville) – digital archives of children’s artwork
RASP Technologies (Asheville) – innovative reaction and separation devices
Awards for Cycle 2 were presented at a private luncheon in Fayetteville on Friday, May 2.
“The most exciting thing to me about this young initiative is the quality and number of ideas being brought forth from startups throughout North Carolina,” stated Daniel Friel, one of the final round judges. Friel, also a general partner in Cornerstone Ventures, added, “The connecting of company founders in this initiative with the extended North Carolina ecosystem is particularly promising for the success of these companies and economic growth throughout the state.”
Employing a rigorous application method three times per year, IFNC works to ensure entrepreneurs benefit from the process while advancing core community and economic development objectives. As conditions of the award, awardees must agree to milestone-driven plans tailored to their business, intensive mentoring programs and headquartering their business in North Carolina for a minimum of six years.
IFNC began accepting online applications for its third cycle on May 1, 2014 to award pre-seed funding, $25,000 grants and up to $100,000 no interest, non-collateralized loans, for startups in agricultural technology, advanced manufacturing technology, health care technology, IT/communications and energy.
“Our overall objective at IFNC is not only to provide funding, but also to mentor in such a way that the business prospers, creates jobs, and helps to boost the economy of North Carolina,” stated Dr. Tony Mifsud, Executive Director of IFNC.
Individuals or companies interested in applying can visit InnovationFundAmerica.org/NorthCarolina or call (828) 327-7000 ext. 4709 for more information.
About Innovation Fund North Carolina
Innovation Fund North Carolina (IFNC) aims to bridge a common funding gap between when entrepreneurs have exhausted their personal funding and when their companies can attract angel and venture capital funding. IFNC makes pre-seed funding awards to help entrepreneurs validate their technologies and business concepts. In addition to
funding, IFNC provides education and mentoring resources to all awardees. IFNC is funded by financial donations from businesses, organizations and individuals. Its founding partners include Catawba Valley Community College, Fayetteville Technical Community College and the City of Conover. IFNC is a self-funded member of Innovation Fund America, which was established with the support of the Ewing Marion Kauffman Foundation, to nurture the growth of promising, high-impact startups. For more information, please visit www.InnovationFundAmerica.org/NorthCarolina.