The Governor’s Office of Economic Development (GOED) today announced the selection of the 2018 Technology Commercialization and Innovation Program (TCIP) grant recipients. The grants are designed to help Utah small business and university teams bring their innovative technologies to market.
“A strong entrepreneurial spirit lies at the heart of Utah’s economic success,” said Val Hale, GOED executive director. “These companies are the state’s cream of the crop when it comes to innovative thinking, and we are proud to support them as they grow.”
TCIP helps small businesses secure non-dilutive funding at critical stages of technology development. This year’s grant solicitation was the most competitive in the history of the program, with 130 applicants requesting funds in excess of $15 million out of $3.1 million available. Qualified technologies may receive grants between $75,000 and $200,000, and recipients may also take advantage of mentorship opportunities and entrepreneurial curriculum. The review panel selected 27 companies to be funded in this grant cycle.
“We received higher quality applications from a wider variety of industries this year, and the level of sophistication among these companies was truly impressive” said Clark Cahoon, TCIP fund manager. “TCIP provides the resources to take small businesses to the next level. As we support them, we support economic growth statewide.”
Applicants are vetted through volunteer review panels made up of local industry experts. The volunteer review panels recommend awards based on technical merit, team experience, level of matching funds and potential for job creation in the state. Companies receive funding upon meeting required performance metrics, such as the completion of technical or business milestones.
TCIP has been instrumental in the successes of local companies such as Myriad Genetics, BioFire and ENVE Composites.
Teaching It Right
Through The Cords
Waterbear Life Devices
Media inquiries: Please contact GOED's Media Relations Manager, Tony Young, at email@example.com or 801-538-8722.