Information Technology Joint Venture Fund
The Information Technology Joint Venture Fund provides financial assistance to encourage Iowa companies to work together to develop targeted IT innovations. Targeted IT innovations are innovations within the information technology field that enhance current technologies or create new technologies or products. These innovations have commercial potential, but the IT user company may not wish – or may not have the time or expertise – to further develop the innovation themselves. The primary purpose of this program is to encourage Iowa IT user companies and Iowa software or hardware companies to collaborate on joint research and development programs with a goal of commercializing these specialized IT products and services.
Eligibility
An eligible business must be an Iowa-based company within the industries of advanced manufacturing, bioscience, or information technology that wishes to partner with another Iowa-based IT company. Projects must result in a product or service available for commercial sale and must not be an innovation only used internally by the IT user company.
Applicants must assess the commercial viability of their technology and demonstrate their ability to develop and lead a commercially successful venture. Companies seeking funding go through a rigorous due diligence process and are judged in terms of marketability, return on investment, and economic development impact.
Awards and Spending Guidelines
Awards are available up to $100,000. The award is managed on a reimbursement basis with a maximum of two draws per year. All expenditures under the award must be supported with time sheets, payroll receipts, invoices or other documentation.
Projects must be completed within a reasonable period considering the technology to be developed. The company must reach all milestones to continue to receive funding.
No expenses will be paid for university overhead expenses or any work that was conducted by the company or any third-party consultant which was incurred prior to the term of the contract.
Matching Requirement
Companies must match the award with at least two dollars of non-state funding for every one dollar of state funding. No funds that have been generated through any state source can be used as matching funds; federal funding is an eligible match. Funds spent prior to receiving the award cannot be used as matching funds.
How to Apply:
Companies may submit an application for financial assistance. IDED staff and the Technology and Commercialization Committee will review the application and may invite the company to present to the committee.
Information Technology Joint Venture Fund
To Learn More:
Phone: 515.725.3193
E-mail: innovation@iowa.gov