The Proof of Commercial Relevance program is designed to define and articulate the business opportunity for businesses that have demonstrated a proof-of-concept for innovative technology.
- Iowa-based company with innovative technology solution
- Fewer than 500 employees
- Advanced manufacturing, bioscience or information technology industries
- Demonstrated proof-of-concept (functional Minimum Viable Product - MVP)
- Minimum of two co-founders/principals actively engaged in the business (expertise in core technology and business development and/or financial operations)
- Recommend the applicant has completed initial inquiry as to value proposition, target market and business model
- Applicant company has been legally formed and registered with the Iowa Secretary of State
- Applicant's concept or intellectual property has been validated or proof-of-concept demonstrated
- Applicant is seeking market validation of its products/services offering and its business model prior to commercial launch
Match Requirement and Award Structure
Awards up to $25,000 will be primarily in the form of low interest loans with a 1:2 (Private : Public) match.
Use of Funds
Validation of market potential:
- Beta testing activities that focus on validation of the technology/product, business model and marketing/distribution strategy/tactics (This for non-biomedical companies where regulatory approval is required)
- Intellectual property development and evaluation, including in-depth analysis of market potential
- Extended competitive analysis
- Furthering translational development of a scientific discovery
How to Apply
- An eligible business must submit a Proof of Commercial Relevance application to the Iowa Economic Development Authority, 200 East Grand Avenue, Des Moines, Iowa 50309. Applications are reviewed for funding decisions on a bi-monthly basis.
- The IEDA has engaged the services of VentureNet Iowa to manage the application review process. VentureNet Iowa will contact you to discuss the application, Panel Review process and the presentation to the IEDA Technology and Commercialization Committee (TCC).
- The TCC can take one of the following actions on each application it considers: approve full funding for the proposal; approve partial funding for the proposal; deny funding for the proposal.
To learn more:
Phone: 515.471.1965 or 515.471.1300