Information Technology Joint Venture Fund
The Information Technology Joint Venture Fund establishes a program to provide financial and technical assistance to encourage joint-venture development of "orphan" IT innovations. Orphan IT innovations are those technologies which have commercial potential but the generators of the technology do not wish to further commercialize the innovation themselves. The primary purpose of this program is to encourage Iowa IT-user companies and IT producer companies to work on joint R&D programs to develop the next generation of specialized IT products and services.
Eligibility
An eligible business must be an Iowa-based company with a NAICS code falling within the information technology industry that is proposing to enter into a joint venture with another firm to commercialize existing technology.
Applicants must demonstrate the commercial viability of their technology and must demonstrate their ability to develop and lead a commercially successful venture. Companies seeking capital 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:
The first step in the application process is to contact the Iowa Department of Economic Development to obtain a project review form. Companies that submit qualifying project review forms will be invited to make a full application for financial assistance.
Information Technology Joint Venture Fund
To Learn More:
Phone: 515.242.4808
E-mail: innovation@iowalifechanging.com
|
