DURHAM, NC – October 1, 2013 – NC IDEA, an organization committed to supporting business innovation and economic advancement in North Carolina, announced today that it has selected 24 semi-finalists from across the state in its 16th grant cycle to-date. These semi-finalists were chosen from the 117 applications received from NC-based startups focused on software, information technology, medical devices or material sciences.
The 24 NC IDEA Fall 2013 Grant Cycle semi-finalists include:
The semi-finalists have been invited to submit a full, more detailed proposal by mid-October. Finalists will then be selected at the beginning of November to present before a review panel comprised of experienced investors, industry experts and entrepreneurs. Approximately four to six grant recipients will be announced in early 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.
Earlier this year, NC IDEA announced the organization’s latest grant recipients from its Spring 2013 cycle: BaseTrace, INRFOOD, NeuroSpire, Novocor Medical Systems and ProctorFree. Since its inception in 2006, NC IDEA’s grant program has awarded nearly $3.0M to 77 companies across the state.
About NC IDEA
NC IDEA, a 501(c)(3) not-for-profit organization, targets promising technology companies that need help bridging the gap between initial product development and venture capital funding. The organization helps young, innovative companies mainly by providing early financing in the form of grants. NC IDEA further supports its grant winning companies by leveraging the organization’s solid partnerships and strategic alliances to assist companies through research phases, business challenges and growth goals. Learn more at www.ncidea.org.