Ideadvance Seed Fund, a grant program created by the University of Wisconsin System’s Center of Technology Commercialization in Madison, has opened its 11th round of funding for startups founded by UW System alumni, students, faculty and staff.
The program grants funding of $25,000 (stage 1) and $50,000 (stage 2) to eligible startups. Since 2014, the program has awarded $2.3 million to 64 stage 1 startups and 21 stage 2 startups.
Stage 1 grants help fund market research and pilot testing, while stage 2 grants help fund sales and product development.
The business models submitted to the program span a bevy of industries, including biotech, information technology, agriculture, manufacturing, music production, textiles and art. Applications from companies focused on food technology, agriculture technology and agriculture manufacturing are especially in demand, according to the program.
“Ideadvance is an exciting way to encourage innovation and facilitate connections between the academic and business worlds,” said WEDC secretary and CEO Missy Hughes. “It provides an opportunity for students, faculty and staff to develop the knowledge base they need to bring their ideas to market while offering businesses new insights into the research and training that’s being done throughout the University of Wisconsin System. We’re pleased that WEDC can be part of this important program.”
In addition to money, companies that are selected receive mentoring and coaching through the Ideadvance Lean Startup program.
The deadline to apply for the grants is April 17.
