Ideadvance grants are intended to support specific commercialization steps or milestones that will reduce the business risk in your ideas and ultimately help make your business investor-ready.
Stage 1 – funds up to $25,000 and focuses on helping you reduce the risk in your idea by determining what features will solve a real customer need
Stage 2 – funds up to $50,000 and focuses on developing a business model that effectively delivers solutions to customers and prepares the idea for investment
Generally, only individuals completing Stage 1 are eligible for Stage 2 funding. Exceptions may be made on a case-by-case basis. Stage 2 applicants must also demonstrate efforts to meet the 1:1 funding match of which 50% can be through in-kind matches.
Awards will be determined by an Investment Committee with representatives from UW System, WiSys Technology Foundation, UW-Extension, WEDC, and an entrepreneur affiliated with an eligible UW Campus. The Investment Committee selects competitive proposals that have described well the significance of the market problem, the strength of the proposed solution, and the learning needed to help reduce risks in their business model. The Committee also focuses on the skills of the team and how well prepared they are to tackle this learning.
Ideadvance accepts proposals annually in April for both Stage 1 and Stage 2 competitive proposals. All decisions are made in May with grants to begin in June of that same application year. The next deadline is April 27, 2018 for both Stage 1 and Stage 2 applications with decisiosn made in May 2018. It is never too early to begin working with Ideadvance in preparing a competitive proposal! Contact the New Idea Concierge.
Now is the time to look ahead to April 2018's deadline! Please read carefully through the Stage 1 or Stage 2 solicitation guidelines. Also, reach out to the New Idea Concierge to incorporate eligiblity and application changes that may be new.
Current Solicitation Guidelines:
To learn more about preparing a competitive application, view our Stage 1 Proposal Writing Tips Webinar recorded December 2017 and download associated Proposal Tips PowerPoint Slides. Finally, before you apply, reach out to New Idea Concierge via email or at 608.263.3315 to discuss your idea.