The Fall 2015 round of the Arizona Innovation Challenge (AIC) continues as the Arizona Commerce Authority (ACA) today announced 10 finalists in its bi-annual business plan competition.
The ACA provides $3 million in grants annually – $1.5 million in the spring and $1.5 million in the fall – to the most qualified, innovative startups and early-stage companies. Up to $250,000 is granted to each recipient to commercialize their technologies and grow their businesses. Grant money is provided only as each company reaches specific business milestones during a 12-month period.
“Startups and small businesses are critical to Arizona’s economy, and we value the opportunity to help them grow through programs such as the Arizona Innovation Challenge.” said Sandra Watson, Arizona Commerce Authority President and CEO. “These finalist companies are excellent examples of the incredible innovation occurring in Arizona, and we wish them all the best of luck in the last round of competition.”
The 10 Fall 2015 Arizona Innovation Challenge Finalists are as follows:
• Allbound, IT – Software, Phoenix, AZ
• Beacon Biomedical, Bio & Life Sciences, Scottsdale, AZ
• BeckonCall, IT – Software, Scottsdale, AZ
• ClearVoice, IT – Software, Phoenix, AZ
• GRVTY, IT – Software, Phoenix, AZ
• Omedix, IT – Software, Scottsdale, AZ
• Paraffin International, Bio & Life Sciences, Phoenix, AZ
• Smart Clinic, IT – Software, Paradise Valley, AZ
• SolarThermiX, Cleantech/Renewable Energy, Phoenix, AZ
• The Medical Memory, IT – Software, Phoenix, AZ
A panel of expert judges evaluated 131 applications for the Fall 2015 AIC submitted by companies based in Arizona, California, Ohio, Utah and Virginia. The judges assessed each application on a set of criteria including technology potential, marketing strategy, quality of management team and economic impact. In October 2015, a total of 25 semifinalists were named in this round.
Every applying company that meets the AIC’s eligibility requirements receives constructive feedback generated from the rigorous online evaluation and scoring process. All 25 semifinalists are considered for participation in Venture Ready, the ACA’s mentor program that connects early stage companies with high-level CEOs to further refine business plans and investor pitches.
The ACA will name its Fall 2015 Arizona Innovation Challenge winning companies later this month.