DURHAM, NC – October 19, 2016 – NC IDEA, an organization committed to supporting entrepreneurial business innovation and economic advancement in North Carolina, announced today that it has selected 25 semi-finalists from across the state in its 22nd grant cycle. These semi-finalists were chosen from 142 competitive applications.
“North Carolina has such an exciting and diverse group of entrepreneurs which is reflected in the semi-finalists moving forward in our seed grant process,” said Thom Ruhe, President and CEO of NC IDEA. “We had a difficult task in narrowing down the competitive field of applicants, but are looking forward to working with this group in the next phase of the process.”
The 25 NC IDEA Fall 2016 Seed Grant Cycle semi-finalists include:
The semi-finalists have been invited to submit a full, more detailed proposal by the end of October. Finalists will then be selected to present before a review panel comprised of experienced investors, industry experts and entrepreneurs. Grant recipients will be announced in mid-December. The grants, which are up to $50,000 per recipient, support business plan research and development, reduce the risk of early failure and advance projects to the point of suitability for angel or venture capital investment. In addition to the funding, winners will also benefit from mentoring by successful entrepreneurs and experienced investors; use of MBA interns; in-kind services from attorneys, accountants and marketing consultants; public recognition and access to growth capital.
About NC IDEA
NC IDEA is a private foundation committed to supporting business innovation and economic advancement in North Carolina and serves as a catalyst for young, high-growth companies. Today, the organization fulfills this mission through four initiatives. The Ecosystem Partner Grant program funds organizations across the state that execute creative programs to support entrepreneurs. Over the last decade, the Seed Grant program has awarded over $4.5M to 109 high-growth companies across the state. Since 2011, more than 100 companies have participated in the Groundwork Labs startup program. SoarTriangle, a program founded in 2012 to address the proven funding gap for female entrepreneurs, formally became a foundation program in August 2016. Learn more at www.ncidea.org.