BUILD TO SCALE VENTURE CHALLENGE SUPPORT PROGRAM
The US EDA Venture Challenge, part of the US Economic Development Administration’s (US EDA’s) 2020 Build to Scale (B2S) Program, seeks to spur innovation capacity-building across the US. More specifically, the Venture Challenge funds proof-of-concept and commercialization programs which result in business creation, accelerated paths to export, increased foreign direct investment and new jobs. Examples of activities supported through US EDA’s program include technology advisement, market evaluation, business planning, mentorship and improved access to early-stage capital. Programs can be physical, virtual, new or existing. Information about the RIS program and past Venture Challenge (previously name i6) awardees can be found on the US EDA website at https://www.eda.gov/oie/ris/i6/
NJEDA proposes to award up to three (3) individual grants of $100,000 to eligible NJ-based entities applying to the 2020 B2S Venture Challenge.
- <strong>PROGRAM DETAILS</strong>
- <strong>ELIGIBILITY</strong>
- <strong>HOW TO APPLY</strong>
- <strong>APPLICATION MATERIALS</strong>
PROGRAM DETAILS
Through its B2S Venture Challenge Support Program, the NJEDA is providing support to NJ-based entities that are applying to the US EDA for Build to Scale Venture Challenge funding, with the aim of spurring cluster development across the State and accelerating New Jersey’s innovation economy.
NJEDA proposes to award up to three (3) individual grants of $100,000 to eligible NJ-based entities applying to the 2020 B2S Venture Challenge. Grants will be committed in order for entities to count it towards their matched funding total but will be contingent upon that entity receiving a B2S award from the US EDA.
By increasing an entity’s matched funding capacity, the Support Program aims to improve the competitiveness of NJ-based Venture Challenge applicants, as well as to increase the amount of Federal funds that an entity is eligible to receive from US EDA.
ELIGIBILTY
Eligible applicants for US EDA funding through the B2S Venture Challenge Program include:
- a State;
- an Indian tribe;
- a city or other political subdivision of a State;
- an entity whose application is supported by a State or a political subdivision of a state and that is:
- a nonprofit organization;
- an institution of higher education;
- a public-private partnership;
- a science or research park;
- a Federal laboratory;
- a venture development organization
- an economic development organization or similar entity; or
- a consortium of any of the immediately aforementioned entities.
Individuals are not eligible to apply.
What are the eligibility requirements for the NJEDA’s B2S Venture Challenge Support Program?
- Applicants must meet the eligibility requirements of the US EDA i6 Challenge
- Applicants must fit into the parameters of the Economic Recovery Fund (ERF) – attached in the Notice of Funding
- Applicants must be a NJ-based entity (located and registered to do business in NJ)
- Applicants must submit proof of $250,000 in matching funds committed to the i6 challenge project for which it is requesting NJEDA support
- Applicants must submit proof of local government support.
HOW TO APPLY
Please see the Notice of Funding Availability for specific instructions on how to apply.
The Authority will accept applications no later than Wednesday, May 19, 2020 at 4:00 pm EST. To qualify for funding, applications must be complete and in full compliance with all requirements. At its discretion, the Authority may request supplemental materials and such materials must be received within five days of the date of request or the application may be rejected.
The electronic applications must be uploaded to the Authority’s ShareFile system via https://njeda.sharefile.com/r-r44f0c5d9a2840daa.
APPLICATION MATERIAL
- Array
PROGRAM GUIDE
QUESTIONS
All questions must be submitted in writing to grants@njeda.com no later than 12:00 PM EST on April 21, 2020. You will receive an email confirming the receipt of your email.
Answers to submitted questions will be posted on this page. No questions will be answered after this date. It is the applicant’s responsibility to check this page for any information posted.