The University of Arizona Center of Innovation and law firm Perkins Coie LLP are looking for a winning startup team to receive a one-year program of facilities, services and business guidance.
The collaborative program is taking applications through Jan. 19, with evaluation and interviews to follow. The winning team will be announced on Feb. 1.
The winner will receive a prize package worth $25,000 that includes $15,000 in cash and admission to the UACI for a year. The cash prize will be disbursed in multiple installments based on participation in the program and completion of agreed-upon milestones.
The UACI’s mission is to be a business incubator, helping startups get off the ground and in turn benefit Arizona’s economy.
The center’s enhanced program offers customized business support, along with dedicated space, and takes the startup team through a 27-point process, with help developing a business plan, performing a market assessment, implementing product validation, preparing a business pitch, securing funding and more.
Perkins Coie's collaboration with the center has been ongoing, with the firm already bringing support to launching businesses in the past. The award money includes funding for a legal project budget.
“As a law firm committed to serving as trusted advisors to the most innovative companies, Perkins Coie is proud of our longtime partnership with UACI,” Perkins Coie Partner Raj Gangadean said in a statement. “Opportunities like this fuel the continued expansion of Arizona’s startup landscape, resulting in a positive impact on the state’s economy.”
To be eligible, a startup must: operate in southern Arizona and be able to use UACI space and programming; be pursuing an innovative solution to a significant business or societal challenge; be pursuing a scalable business model; have a team with a strong overall commitment to commercializing its innovation; have at least two founders or team members contributing significant efforts and time to the startup; demonstrate a need for incubation services; and be making a significant difference in local and global communities through innovation.
The UACI has been in operation for almost two decades and has served more than 160 companies in the state, as well as thousands of entrepreneurs.
Those interested in applying for the program can do so here.
