Seed funding for startups is designed for early-stage companies throughout the state of Ohio that have already passed the family and friends capital-raising stage but have not yet received investment from outside firms. The Foundation provides two awards based on where a business stands with its technology offering.
Providing up to $50,000, the “A” Awards are provided to late imagining-stage opportunities. Awards at this level are used to “prove the technology” through finalizing the prototype, conducting additional research and testing, and filing a patent. A Award recipients are encouraged to return to apply for a “B” Award once they have successfully fulfilled the business and education requirements outlined in their signed agreement.
“B” Awards are provided to incubating phase companies. Awards at this level are used to “prove the business concept” through development and refinement of the business plan, market testing, acquisition of market prospects, hiring of key personnel, or other tasks.