The Loudoun County Economic Development Authority (EDA), in partnership with Loudoun Economic Development, has announced the 2023 Loudoun Innovation Challenge, the fourth-annual competition for entrepreneurs seeking to take their business to the next level.
Donor Name: Loudoun County Economic Development Authority
State: Virginia
County: Loudoun County
Type of Grant: Challenge
Deadline: 09/05/2023
Size of the Grant: $40,000
Details:
The Loudoun Innovation Challenge is to promote entrepreneurship and business growth by identifying and supporting companies that are developing truly innovative products and services in Loudoun County.
Loudoun County is a unique place that has grown from a variety of diverse entrepreneurial achievements. In the eastern part of the county, an entire industry was born from internet entrepreneurs that spawned the highest concentration of data centers in the world. This infrastructure is the foundation for Loudoun County’s primary focus on technology and the basis for efforts to grow high tech entrepreneurship in the county.
Awards
- Overall Innovation Challenge Winner: $40,000
- Agri-Tech Innovation: $25,000
- Agri-Tech – the use of technology in or for agriculture, horticulture, and aquaculture with the aim of improving yield, efficiency and profitability for farm managers and growers.
- Information & Communications Technology (ICT) Innovation: $25,000
- Information & Communication Technology – All technologies, whether process, product or service-based, that allow people and organizations to interact in the digital world or to improve someone’s quality of life. ICT can include, but is not limited to, business in the areas of health and wellness, cybersecurity, aerospace and defense, unmanned systems, logistics, transportation, cloud computing, quantum computing, machine learning, gaming, artificial intelligence, computer networks, among others.
- Clean Energy Innovation: $25,000
- Clean Energy – Any process, product, or service that reduces negative environmental impacts through significant energy efficiency improvements, the sustainable use of resources, or environmental protection activities. Clean energy includes, but is not limited to, businesses in the areas of recycling, renewable energy, transportation, infrastructure, automotive, unmanned systems, engineering, construction, energy capture and storage etc.
- Highly Specialized Manufacturing Innovation: $25,000
- Highly Specialized Manufacturing – The use of techniques and processes designed to improve methods for manufacturing existing products, and the production of new products enabled by advanced technologies. Highly Specialized manufacturing includes technologies and innovations to increase productivity in areas such as quality control, shop floor or inventory management, enable next-generation products, and create or support training for new, high-quality, and higher-paying jobs whether through the manufacturing of equipment or software. Highly Specialized Manufacturing can include, but is not limited to, businesses in the areas of unmanned systems, health and wellness, aviation, defense, quantum computing, transportation, logistics, consumer products, automotive, robotics etc.
- People’s Choice Award: $10,000
- Winner selected from the 12 finalists. Anyone can vote, even people who cannot attend the competition in person. (This is when having friends on social media can pay off. Start promoting day one, and you could win the People’s Choice Award.
Criteria
An applicant must demonstrate:
- Problem– What is the problem your product or service is seeking to solve?
- Solution– What is your solution to this problem and why do you believe it will be successful?
- Team– What qualities of your team give you a competitive edge?
- Innovation – Expand upon why you feel your solution and/or plan is innovative and worthy of this challenge.
- Plan– What is your financial and strategic plan to achieve your goals? This includes a high level budget and how you will leverage program resources.
Eligibility
- No purchase is necessary to enter or win.
- Applicant must have a physical location in Loudoun County and/or demonstrate a commitment to establish future physical office location in Loudoun County within six months of accepting an Innovation Challenge award.
- Each Applicant must have at least one Principal who is a legal resident of the United States and at least 18 years old at the time of entry. Businesses owned, controlled or represented by members of the EDA or by employees or officers of Loudoun County are not eligible for entry.
- All businesses entered into The Challenge must be for-profit. Non-profit businesses are not eligible.
- Applicants must agree to be available for an in person pitch. Applicants shall authorize the EDA to utilize service marks in marketing efforts and shall participate in interviews with media at the local, state and national levels at the conclusion of the program.
- A business is not eligible if it has more than 100 employees (employees including partners, owners, and W2 employees).
- A business is not eligible if it has more than $8M in revenue in your most recently completed fiscal year and/or currently.
- Applicants cannot be winners from previous years of the Loudoun Innovation Challenge.
For more information, visit EDA.
