Research Triangle, NC–NC IDEA has recently awarded $215,000 in grants to five early-stage companies throughout North Carolina in the fall cycle of its bi-annual grant program.

These awards are the fourth cycle of the grant program. The following companies are the fall 2007 grant recipients:

Chiliport – Real-time, on-demand audio portal that plays user-defined web-based information over a cell phone line.

CorePrognostex – A tissue acquisition protocol, a patented stereotactic tissue-holding device, and designed custom kits to enable uniform collection of high quality human tumor samples.

CPS Biofuels – System that converts waste byproducts into high-energy, safe oxygenates and fuel additives that improve vehicle performance and reduce particulate emissions.

Filtara – Small, lightweight, long lasting portable oxygen concentrator.

Size Me Up – Sizing tool for online retail shoppers.

Since its inception in early 2006, this program has seen over 275 applications and awarded approximately $810,000 to twenty-one companies in North Carolina. NC IDEA targets companies who need help crossing the chasm between initial product development and venture capital funding.

Spring 2008 Cycle Now Open
The spring 2008 cycle opened Friday, January 11 for “pre-proposal” submissions. The initial “pre-proposal” applications must be submitted online by February 8 through the NC IDEA website (www.ncidea.org).

Approximately 15 companies submitting “pre-proposal” applications will be selected to participate in a subsequent full proposal submission and review period.

This process will include submission of a more in-depth proposal and prioritized budget for use of grant proceeds, and potentially a presentation from the company to a NC IDEA Grants Program advisory committee. Grant recipients will be notified in May and will feature in a press release.

The grants, which are up to $50,000 per recipient, support business plan research and development, reduce risk of early failure, and advance projects to the point when companies are suitable for private equity investment.

Preference is given to companies that have not previously received equity financing. An entrepreneur who has not formed a company may apply, but company incorporation is required prior to the awarding of grant funding.

“The monetary and non-monetary components of the 2006 NC IDEA grant program were a great help to us,” remarked Joshua Whiton, co-founder and CEO of TransLoc Inc, a spring 2006 grant recipient.
“The grant provided capital to help us take our product to market and the affiliation with NCIDEA helped immerse us into a nurturing ecosystem of investors, potential employees, advisors, and other startups.”

TransLoc is an intelligent transportation systems company whose next-generation technology provides the location of public transit buses in-motion on a detailed, web accessible map of the transit system and surrounding areas.

In addition to grant funds, award winners may receive paid enrollment in the CED’s FastTrac Tech training and mentoring program that addresses the needs of start-up entrepreneurs refining and writing their business plans and seeking to grow sustainable high-impact companies, a paid MBA intern to aid in business research and development, or complementary consulting services from an affiliate company.

The NC IDEA Grants Program receives financial support from the following companies: Kennedy Covington, Hughes Pittman & Gupton, Square 1 Bank, Hutchison Law Group, and Smith Anderson.

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