Review Criteria and Selection Process
The review process will be carried out within four weeks of the proposal submission date. Funding decisions will be made within an additional two weeks of the end of the review process.
The proposal review process consists of independent review by a panel of external reviewers (venture capitalists, entrepreneurs and other members from the regional business community) with expertise in each area, e.g., health, energy, etc. A score for each proposal will be assigned. The primary criteria include the likelihood of commercial success of the technology as measured by launch of a startup company or ability to secure outside investment and anticipated need of additional funds to bring the product to market.
Elements considered in the criteria scoring may include, but are not limited to, the following:
- Merit of technology opportunity in filling identified gap in the market
- Evidence of well thought out business model
- Evidence funds will accelerate product development
- Discussion of the target market and competition
- Evidence budget is reasonable and sufficient to achieve milestones
- Analysis of strengths, weaknesses, opportunities and threats
Each proposal will receive a final score on which the funding decision will be made. Awards generally will be in the range of $15,000-$40,000 depending on the project, with up to $200,000 in total awards in any one calendar year. Funding will depend upon the volume of proposals submitted in any one funding cycle and the availability of funds.