$1.5 million Arizona Innovation Challenge

The ACA is seeking to invest non-dilutive capital (the ACA will not retain equity) in innovative companies in advanced materials, advanced manufacturing, aerospace and defense, bio and life sciences, clean-tech and renewable energy, and information technology. Eligible companies are existing for-profit corporations, limited liability companies, or partnerships with at least two but fewer than thirty employees, and net assets not exceeding $10 million. Applicants will be evaluated on the qualifications of their team, market potential of their technology and the potential risk versus benefit to the State of Arizona. The evaluation criteria are described in detail on the application.

Awards may range from $100,000 to $250,000. Funded companies will be required to commercialize their technology solution and generate revenue within one year of the date of award. The ACA will require that funded companies partner with a commercialization assistance provider. Commercialization partners may include incubators, accelerators, and other technology service providers who will be vetted and approved by the ACA, but selected by awardees prior to execution of award contracts. Commercialization assistance and project management will be funded by the ACA and will not be deducted from Arizona Innovation Challenge grants.

Between six and fifteen deserving companies will receive awards. All applicants will receive significant feedback generated from the evaluation process and a seasoned panel of evaluators, be invited to partner with commercialization resources across Arizona, and will be evaluated for eligibility in other ACA incentive programs like the Angel Investment Program.

This funding competition is now open.  The application may be downloaded below, and must be submitted on this website starting January 13, 2012.  Applications will be accepted until 5PM Mountain Standard Time on February6, 2012.

All qualified submissions will be evaluated and a select group of semi-finalists will be invited to provide a detailed project plan and proposal for consideration. Finalists should be prepared to pitch to evaluators prior to award decisions. The evaluation and award process will be conducted as quickly and as thoroughly as possible. It is the ACA’s intent to make awards no later than April, 2012.

Download an Application · Submit an Application · info@azinnovationchallenge.com

Due to the volume of interest in this program, interested parties are encouraged
to use the email above to guarantee a timely response.