Commonwealth Commercialization Fund Funding Opportunities (Private Sector Funding opportunity)
This funding opportunity provides financial support to Virginia-based technology companies in the early stages of development to help them validate their products and grow their businesses in the state.
This grant opportunity is provided by the Virginia Innovation Partnership Authority (VIPA) for high-potential, Virginia-based, for-profit technology companies at the proof-of-concept, product development, or other pre-seed stages of commercialization. The grants can provide up to $75,000 to support early technology and market validation efforts such as prototype development, customer pilots, and intellectual property protection. Applications are accepted on a rolling basis and awards are made throughout the year with a typical application turnaround time of 90 days. Eligible companies must be for-profit Virginia-based companies in good standing with the federal government and Commonwealth of Virginia. They must also operate in one of the targeted industries listed, have received no more than one prior grant from VIPA, and commit to growing their business in Virginia. Matching funds are required with a minimum one-to-one match. Projects should have timelines that allow for 2-3 key milestones and typically range from 6-12 months. The selection process involves initial review by VIPA, pitching the project to the CCF team, due diligence, and final approval by the President of VIPA. Evaluation criteria include market need, technical risks, development milestones, budget efficiency, project strength, team potential, and impact on scaling into a successful Virginia-based technology startup.
Award Range
Not specified - $75,000
Total Program Funding
Not specified
Number of Awards
Not specified
Matching Requirement
Yes - A minimum one-to- one match is required
Eligible Applicants
Additional Requirements
Grants up to $75,000 can support early technology and market validation efforts that include but aren't limited to: development of prototypes or minimum viable products (MVPs), customer pilots, and intellectual property protection. Be a for-profit Virginia-based company, defined as: o Headquartered in and whose primary business address (if different than company headquarters) is located within Virginia o Administrative and strategic operations are performed within Virginia o Chartered in or duly registered to do business as a foreign corporation in Virginia o Virginia is the primary state of residence for 50% or more of senior management, and at least 50% of founders’ ownership is held by Virginia residents Be in good standing with the federal government and Commonwealth of Virginia, including the State Corporation Commission (SCC); a valid federal tax ID number and Virginia SCC entity ID are required Be committed to Virginia; CCF funding is intended for companies whose founders are committed to growing their business in the Commonwealth Operate in one of the following targeted industries: o Advanced manufacturing o Aerospace o Agriculture o Autonomous systems o Communications o Cybersecurity and cyber-physical systems o Energy o Environment o IT (includes data science and analytics) o Life and health sciences o Modeling and simulation o Nuclear physics o Transportation Received no prior CCF or CRCF award o Companies that are affiliated with one another through majority ownership, common management, or common leadership, will be considered by VIPC as a single entity for purposes of awarding grants CCF Program Guidelines – Private Sector Page 2 of 4 o CCF funding to support accelerator participation is acceptable and not considered prior funding for this purpose. Received no more than $1 million from investors. Companies that have received any funding from VIPC’s Virginia Venture Partners (VVP, formerly CIT GAP funds) are not eligible
Geographic Eligibility
All
Application Opens
Not specified
Application Closes
Not specified
Grantor
Virginia Innovation Partnership Corporation
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