You are looking to grow and scale. NC IDEA $50K SEED grant may be just what entrepreneurs need to advance their startup, gain customers or attract future investment.
Donor Name: NC IDEA
State: North Carolina
County: All Counties
Type of Grant: Seed Money
Deadline: 02/27/2023
Size of the Grant: $50K
Grant Duration: 6-12 months
Details:
NC IDEA SEED offers early-stage companies the critical funding they need to scale faster. Their $50K grants are awarded to innovative startups with a proven concept — even if they are not yet profitable. The funds, along with mentorship and guidance, push companies forward and reduce the risk associated with growing startups.
Funding information
- NC IDEA SEED awards funding in the amount of $50K to innovative startups to support business activities that reduce the risk associated with early-stage companies and help companies grow and scale.
- Grant funds are typically released over the span of 6-12 months in separate milestone-based tranches.
Benefits
In addition to funding, grant recipients also receive support from NC IDEA through mentorship, introductions and programming, including:
- Opportunities to participate in monthly seminars and workshops on topics such as marketing, sales and meeting with fellow founders
- Access to NC IDEA staff to get feedback on pitches, funding opportunities, market pivots and other topics facing your startup
- Introductions to potential partners, mentors, advisors, funders and customers
Eligibility Criteria
The NC IDEA SEED evaluation process is rigorous and extremely competitive. Companies must meet the following criteria and make a strong case that $50K will have a strong impact in the life cycle of the company in order to be considered for an NC IDEA SEED grant.
- Geography
- NC IDEA SEED grants are specifically targeted at companies headquartered in and that conduct a majority of corporate operations in the State of North Carolina. All publicly facing materials, including website, social media, and other marketing materials and channels should identify the business as a North Carolina company.
- Industry and Company Type
- NC IDEA SEED grants are awarded to innovative companies with proprietary intellectual property or other means of sustained competitive advantage that are solving large problems.
- Companies with high capital requirements and a long runway to commercialization, such as pharmaceutical companies, are not eligible. Other companies that are considered out of scope and not eligible for grant funding include consulting practices or agencies; training companies; tv/film production companies; distributors; franchises; resellers; local, service-oriented small businesses (i.e. restaurants, catering businesses, retail stores, and cleaning companies) and other “lifestyle” companies; and not-for-profits.
- Stage of Development
- Companies have demonstrated proof of concept (existence of a problem, market readiness and an MVP) and are prepared to leverage a $50K grant to scale the business.
- Revenue
- Companies that have revenue in the last 12 months of more than $250K are less likely to be considered.
- Prior Investment
- Foundation funding is intended to help early stage companies accomplish specific milestones that demonstrate to investors and other funding sources that the company has high growth potential. Therefore, companies that have received greater than $250K in equity investment or over $1M in non-dilutive grant funding at the time of applying are less likely to be considered. We do however, consider founder and “friends and family” funding differently, and such funding will not negatively impact consideration.
- Impact of Grant
- The grant will enable the company to scale to the point that it could raise institutional investment, win grants or increase revenue to ensure its continued growth and sustainability.
For more information, visit SEED Grant.
