HICKORY, NC – Dec 9, 2013 – 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, NC.
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: Creisoft (Charlotte) 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 thecompanies and their technologies being developed here in North Carolina.Companies such as these will help boost economic growth here in
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 start ups 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 sessions.
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 start ups 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 FayettevilleTechnical Community College and City of Conover. For more
information, please visit: InnovationFundAmerica.org/NorthCarolina.