IW Seed Fund
Who is eligible for this funding option?
At a basic level, start-up companies that engage with IW should meet certain criteria, including:
- Being U.S.-owned
- Being located in or willing to relocate its headquarters or primary operations to South Western PA
- Employing fewer than 50 people
- Developing a proprietary technology in an area such as: life sciences (medical devices and biotechnology), information technology (hardware, software, internet infrastructure) that addresses high-potential emerging and growing markets
- Having a clear and compelling value proposition in a viable market
- Having strategy to achieve full-scale commercialization
- Being entrepreneurs and leaders who possess passion, a willingness to accept coaching,a dedication to the commercial success of the company, and have a desire to grow and prosper in the SWPA region
Important Features of this funding:
IW will lend the company money, like a bank, but has the right to convert the outstanding principal and accrued interest into equity at the time of a subsequent transaction in which the company’s valuation is established.
The amount of money will depend upon the company’s commercialization plans, the magnitude of the opportunity, the required finances, and whether IW alone, or IW in conjunction with other funding, will enable the company to make significant progress towards agreed-upon milestones. The average IW investment is roughly $340,000.
Range of funding: $100,000 – $500,000
Website URL: http://www.innovationworks.org/