Arizona Innovation Challenge
$250,000
About the Program
The Arizona Innovation Challenge (AIC), one of the largest business plan competitions in the country, is designed to advance innovation and technology commercialization in Arizona by helping early-stage ventures scale. All applicants receive feedback on their business plan from experienced entrepreneurial judges. AIC semifinalists and finalists who do not become AIC awardees gain access to Venture Raise, a 12-week hybrid accelerator that will prepare startups for funding.
AIC awardees receive a minimum of $50,000 of non-dilutive funding and three months of customized support with an ACA Entrepreneur-in-Residence.
Arizona Innovation Challenge
Eligibility
Companies must meet certain criteria to participate in the Arizona Innovation Challenge. Judges will screen each application to ensure all qualifications are met and all materials submitted through the proper format. If not met, applications will be removed from the competition, and notifications will not be made until the end of the first round.
Industry
All companies must be fit into one of the industries listed below:
- Advanced Materials
- Advanced Manufacturing
- Aerospace / Defense
- Bio / Life Sciences
- Clean-tech / Renewable Energy
- Information Technology – Hardware
- Information Technology – Software
Innovative Ideas & Solutions
All applicants must have or be moving towards commercialization of a unique, innovative technology or a scientific solution to a marketplace issue(s) in an industry. Companies may not simply be involved in re-selling or expanding an existing technology. Typically, a retail, real estate, or professional services business will not qualify for participation unless their service or product embodies a unique technology solution. The standard typically used to help make this determination is if the company could or should pursue or have a patent on the technology, whether or not it chose to do so (for eligibility purposes, pursuing or having a patent is not required).
Corporate Status/Structure
All companies must be an existing, for-profit corporate entity such as a corporation, limited liability company or a partnership at the time of application. Sole proprietorships are not eligible. Companies that win the AIC will be required to provide requested documentation such as e-Verify compliance, being in good standing with the Arizona Corporation Commission, etc.
Number of Employees
Applicants must have at least two but no more than 29 employees. The points below further refine the definition of an “employee” for the purpose of the AIC, in that the minimum number of two employees must meet the following criteria:
- Must be non-administrative (person’s sole responsibility is not administrative in nature);
- Must be full-time (working at least 35 hours/week for this company, paid or unpaid);
- The two-employee minimum may include founders or active investors who otherwise meet these criteria;
- In general, members of a board of directors or advisory boards, who are otherwise full-time employees of another company, may not be included as part of the two-employee minimum requirement;
- Having more than one part-time employee add up to one or more full-time equivalent employee(s) to try to meet the minimum two-employee rule is not acceptable.
- It is up to ACA discretion to determine the final qualifications of any applicant company.
Assets
Companies may not have more than $10,000,000 in net assets, excluding capital from investors.
Location
It is possible for an applying company to be located outside of Arizona, but that company must plan to relocate or build a significant portion of its operations to Arizona as well as commercialize its products/services in Arizona within the 12-month award period. The awardee's CEO/Founder must be able to participate in the Venture Ready program in person during the 12-month performance period. Additionally, for all companies, the awarded funds must be spent to increase jobs, revenue, and capital spending in Arizona.
Commercialization Timing
Applications must demonstrate that the products or services being considered for AIC grant funding are likely to begin generating commercial or licensing revenue for the company within 12 months of the company's receipt of funding, if the company is selected as an awardee. Grant funding received by the company is not considered revenue for the AIC. At the ACA's discretion, applicant companies that are unlikely to generate revenue within 12 months, but otherwise meet all eligibility requirements, may still participate, be evaluated, and receive feedback.
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