Innovation Fund North Carolina (IFNC), an organization created to help entrepreneurs through pre-seed funding and mentorship for high-growth, scalable technology startups, has announced the award winners for its first cycle of funding. Awardees will be honored at a private reception Tuesday, Dec. 17 in Conover, N.C.
The following companies will each receive a $25,000 grant from IFNC:
10 for Humanity™ (Clayton)
AccuFlow Imaging (Raleigh)
Advanced Hydrogen Power Technologies (Morganton)
VX Aerospace (Morganton)
White Stagg, LLC (Charlotte)
The following companies will each receive a $75,000 (non-recourse) loan from IFNC:
GO2, Inc. (Wilmington)
“I congratulate the awardees on their successful completion of such a rigorous process,” stated Dr. Tony Mifsud, Executive Director. “It is exciting to see the companies and their technologies being developed here in North Carolina. Companies such as these will help boost economic growth here in the state.”
Employing a rigorous application method, IFNC works to ensure entrepreneurs benefit from the process while advancing core community and economic development objectives.
As a condition of the award, awardees must agree to milestone driven plans tailored to their business, intensive mentoring programs and having their business headquartered in North Carolina for a minimum of six years. The progress of each milestone is monitored, with mentoring in place to ensure each company’s success in preparation for the next stage of funding.
IFNC will have three funding cycles each year. The second cycle begins with the next round of information sessions in mid-December. Six information sessions have been scheduled across the state. IFNC will begin accepting applications for its second cycle Jan. 1, 2014 for pre-seed funding, $25,000 grants and up to $100,000 non-recourse loans, for startups in agricultural technology, advanced manufacturing technology, health care technology and IT/communications.
Individuals or companies interested in applying are encouraged to attend one of the scheduled information sessions prior to submitting an online application. Please visit InnovationFundAmerica.org/NorthCarolina to register for an upcoming information session.
About Innovation Fund North Carolina
Innovation Fund North Carolina (IFNC) aims to bridge the financial ‘valley of death,’ which occurs after entrepreneurs have exhausted personal financing, and before their companies are attractive to angels, venture capitalists and bank lenders—the time in which most startups fail. In addition to pre-seed funding, education and mentoring resources are provided. Founded in 2013, IFNC is part of a pilot project between Innovation Fund America, the Ewing Marion Kauffman Foundation and Catawba Valley Community College. IFNC's founding partners include Fayetteville Technical Community College and City of Conover. For more information, please visit InnovationFundAmerica.org/NorthCarolina.