The Iowa Innovation Acceleration (IIA) Fund promotes the formation and growth of businesses that engage in the transfer of technology into competitive, profitable companies that create high paying jobs. The funds are designed to accelerate the pace of market development, leverage private investment and industrial expansion efforts that result in significant capital investment.
The IIA fund provides financing to eligible businesses through two program components that correspond to different stages of growth for investment-grade, high-growth enterprises.
- The PROPEL program is designed to accelerate the pace of market development for companies that have critical management in place, have validated their business model and have an established customer base that is generating substantive revenue.
- The INNOVATION EXPANSION program is designed to encourage expansion of product lines in those companies that have a complete management infrastructure, have demonstrated historical profitability and have an established customer base. The program can provide for product refinement and for market expansion activities for unique innovative and competitive products.
The IIA program is available to Iowa companies that do the following:
- Iowa-based company with innovative technology solution
- Fewer than 500 employees
- Advanced manufacturing, bioscience or information technology industries
- Competitive and protectable product, technology or process
- Business with a commitment to commercialize the product in the targeted industries
- Complete management team
- Proven business model and established customer base
- Mature technology
- Significant/substantive revenue
- Demonstrated financial and operational stability
Use of Funds
- (Bioscience) Advanced intellectual property development and evaluation, including in-depth analysis of market potential
- (Bioscience) Further competitive analysis, advanced development of a scientific discovery
- (Medical device) Product focus group research
- Recruitment and hiring of key personnel and related activities
- (Software) Enhancement of existing product for additional platform applicability to extend addressable market
- Achievement of product economies of scale
- Expansion of marketing and sales related activities
- Equipment purchase
- Construction costs
Match Requirement and Award Structure
Awards up to $300,000 for Propel and $500,000 for Expansion will be in the form of royalty arrangements or loans. Each one dollar ($1) of requested funds from the Iowa Innovation Acceleration Fund must be matched by a minimum of one dollar ($1) of private funds. The Iowa Economic Development Authority (IEDA) Board will consider the amount of private moneys leveraged in excess of the minimum matching amount and award financial assistance to those projects that most efficiently leverage the amount of moneys available in the Iowa Innovation Acceleration Fund.
How to Apply:
- An eligible business must submit an Iowa Innovation Acceleration Fund application for financial assistance to the Iowa Economic Development Authority (IEDA), 200 East Grand Avenue, Des Moines, Iowa 50309. Funding decisions are made on a bi-monthly basis through a competitive application process.
- It is recommended you contact an Iowa business accelerator to determine if the IIA Fund is a good match for your company and assist you with the application process.A link to a list of business accelerators is available below.
- 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