Durham, NC – December 15, 2008 – NC IDEA continues to help North Carolina start-up companies during this economic downturn.
NC IDEA has recently awarded $199,965 in grants to five early-stage companies throughout North Carolina in the fall cycle of its bi-annual grant program. These awards are the sixth cycle of the grant program.
Since its inception in early 2006, this program has seen over 460 applications and awarded approximately $1.2M to thirty-two companies in North Carolina. NC IDEA targets companies who need help crossing the chasm between initial product development and venture capital funding.
The grants, which are up to $50,000 per recipient, support business plan research and development, reduce risk of early failure, and advance projects to the point of self-sustainability when suitable for private equity investors.
The following companies are the Fall 2008 grant recipients:
Arctic – offers Frostbite TM , a green alternative to herbicides for lawn care, golf course care and organic farming. Frostbite kills weeds and crabgrass but doesn’t harm fescue regardless of the outside temperature.
b2b2dot0 – a software as a service (SaaS) company offering web based B2B sellside Order Management services to manufacturers running the SAP ERP system.
BioMedomics – develops diagnostic platforms and disposable test trips used at point of care and based on molecular diagnostics. Their first test product is in the coagulation segment.
InnerOptic – medical device company that offers an advanced visualization device to be used in tumor ablation and biopsies.
Spoonflower – custom, on-demand fabric printing. Visitors to Spoonflower.com can upload their own textile designs and print what they need with no minimum order. The company is developing a user-friendly tool that will allow customers to design their own fabric.