NC IDEA SEED awards funding in the amount of $50K to innovative startups to support business activities that reduce risk associated with early stage companies and help companies grow and scale.
Donor Name: NC IDEA
State: North Carolina
County: All Counties
Type of Grant: Grant
Deadline: 08/28/2023
Size of the Grant: $50K
Grant Duration: 12 months
Details:
Grant funds are typically released over the span of 6-12 months in separate milestone-based tranches. Prior to the release of each tranche, grant recipients report on their progress. In addition to funding, grant recipients also receive support from NC IDEA through mentorship, introductions and programming.
Program 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
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. Selected companies must agree to maintain the majority of corporate operations in the State of North Carolina for at least the 12-month period following completion of the grant.
- 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 event venue and management companies; traditional staffing agencies; consulting practices or agencies; training companies; tv/film production companies; distributors; franchises; resellers; local, service-oriented small businesses (i.e. restaurants, retail stores); trucking, hauling, and freight and other “lifestyle” companies; and not-for-profits. Also excluded are businesses that are illegal in NC, even if legal in other states or countries.
- Market Opportunity
- NC IDEA SEED grants are awarded to companies addressing large, rapidly growing market opportunities, with a unique value proposition, and on a path to become a multi-million dollar company, have 50+ employees or be investable in 3-5 years.
- 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.
- Team
- Competitive applicants must have at least one full-time founder living in NC. It is preferred that all founders live in NC. NC IDEA defines a full-time founder as one who works 40+ hours a week on their startup and does not spend more than 15 hours a week, either 1) working at another company; 2) working at a different startup run by the founder(s); or 3) on school-related activities (including class time and homework).
- Revenue
- Companies that have revenue in the last 12 months of more than $250K are less likely to be considered.
- Prior Investment
- The 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. They 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 NC IDEA.
