Futureworks NYC Growth Initiative

New York City Economic Development Corporation (NYCEDC)

Agency: Foundation

GrantWatch ID #166187

Grant Description

Grants of up to $30,000 to New York City early-stage businesses to develop advanced technologies in manufacturing. Questions may be submitted through October 31. The purpose of this program is to support the development of high-potential companies that are working to bring advanced technologies to the market.

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Eligibility:

Others (see text field entitled "Additional Eligibility Criteria" for clarification)

Additional Eligibility Criteria:

Businesses eligible for that program should:

-Be using and/or developing advanced manufacturing technologies* to produce tangible goods.
-Have been incorporated for at least one year.
-Have less than 15 full-time equivalent employees.
-Have generated revenues and / or piloted products.
-Not have received institutional financing**.

*Advanced manufacturing technologies should be understood broadly as activities that (a) depend on the use and coordination of information, automation, computation, software, sensing, and networking, and/or (b) make use of cutting-edge materials and emerging capabilities to manufacture existing and new products emerging from new advanced technologies.

** Institutional financing should be understood as funding received by a professionally managed investment fund (Series A round and above). Financing received through angel investors and / or crowdfunding sources will not be considered institutional financing.

Additional Geographic Information:

Companies in New York City may apply.

Pre-Application Information:

Respondents may submit questions and/or request clarifications from NYCEDC no later than 5:00 PM on October 31, 2016. Questions regarding the subject matter of this application should be directed to futureworksnycgrowth@edc.nyc. Responses will be posted on the website by 5:00 PM on November 7, 2016.

Eligible companies should download the application form and submit all required documentation by Monday, November 14, 2016, at futureworksnycgrowth@edc.nyc.

Companies selected for the second round will be announced late December. Selected companies will participate in a short phone or in-person interview, and will have to submit additional information

NYCEDC plans to select funding recipients on the basis of factors which include, but are not limited to, the experience and commitment of the founders of the companies, the strength of the business model, the potential to scale, and the founders’ understanding of the industry context and technology.

NYCEDC staff will review the information provided and anticipates awarding funding by mid-January subject to entering into an agreement with NYCEDC.