The Community Foundation of Louisville on Thursday announced applications for its 22nd annual Vogt Invention and Innovation Awards grant funding and startup accelerator program will open Friday, April 29.
Up to six early-stage businesses will receive $25,000 in non-dilutive funds, participation in a 10-week startup accelerator program, coaching, mentorship from industry veterans, strategic introductions and recognition, all designed to boost their companies’ growth. What sets the program apart from other business accelerators, according to a news release, is that founders retain full ownership of their startups.
The program is funded by the Vogt Invention and Innovation Fund at the Community Foundation, an endowment established in 1999 thanks to the generosity of businessman and philanthropist Henry Vogt Heuser Sr.
The fund’s purpose is to strengthen Louisville’s economic health by supporting innovative startups and inspiring entrepreneurship. The fund's originating $5 million principal is still intact after providing non-dilutive grants to 96 startup companies totaling more than $3.7 million, with 37% of those funds going to women or founders of color.
“We’re proud of the incredible legacy of this program, which would not be possible without Mr. Heuser’s passion for innovation,” said Ron Gallo, president and CEO of the Community Foundation of Louisville, in the release. “The Vogt Awards catalyzes human, social and financial capital to invest in talented, diverse inventors and innovators who are developing big solutions to large-scale problems. Past recipients have gone on to secure an additional $156 million in follow-on local investment.
"I believe Mr. Heuser would be proud to know that his vision for the evolution and growth of Louisville’s business community is being realized, one startup at a time.”
Applications for the 2022 Vogt Awards will be accepted through May 31. Eligibility requirements are:
● Must have headquarters in the 13-county Louisville metro area
● Must be registered with either the Indiana or Kentucky Secretary of State
● Is developing an innovation-led product or service, which is a new idea or invention of a new product or service that creates customer demand
● Has received no more than $250,000/year of customer revenue
● Has been funded by no more than $500,000 since its inception
“This year, we have expanded the program’s eligibility criteria to remove some of the barriers facing the startup community, and the program remains very competitive,” said Lisa Bajorinas, Vogt Awards program director. “For example, two or more founders are no longer preferred. We’ve also eliminated the requirement that a founder work in the startup full-time, which we understand may not be possible at this stage of their business. Instead, the selection committee will evaluate the strength of the company’s entire team as a whole.”
For more information about eligibility and to apply, click here. Recipients will be announced in July.
The accelerator program will be held in August and September, with a demo day planned for Oct. 13. This year’s selection committee is led by chairperson Monique Quarterman, deputy executive director, Kentucky Innovation, Kentucky Cabinet for Economic Development.
