TOPEKA, Kansas (WIBW) — Kansas residents looking to start their businesses can apply for proof-of-concept funding through the Department of Commerce.
Kansas Lieutenant Governor and Secretary of Commerce David Toland said proof-of-concept applications from Kansas innovation and technology companies in the third quarter of fiscal year 2022 will be accepted through Thursday, March 31.
The Kansas Department of Commerce said the POC program helps cultivate and support innovation in the Sunflower State through the support of companies with advanced and innovative technologies.
KDOC said the program was designed to fill a need for support when typical funding processes are not available to serve as a bridge to commercialization and funding from angel investors or venture capitalists. He said the program aims to help:
- the establishment of promising new technology-based entrepreneurial enterprises within the state; and
- the commercialization of inventions resulting from research conducted at Kansas public universities.
“Promoting innovation and entrepreneurship is one of the key initiatives of our Framework for Growth,” Toland said. “Stimulating innovation in our economy is a critical part of attracting businesses and people to Kansas. I am thrilled that we are able to provide this funding to help Kansas entrepreneurs develop new technologies and achieve their goals.
According to KDOC, POC funding is intended to help develop a project or product to the point where the entity can raise significant external capital. Typically, he said these awards will be used for business evaluation or technology validation like advanced testing or prototype development.
The KDOC said POC funding applications are accepted year-round, with the POC committee meeting quarterly to review proposals and make recommendations for funding in two categories – For-Profit Entity and Faculty-Led . He said the reward amounts range from $5,000 to $25,000 per request.
The ministry said award notifications for the application period ending March 31 will be made in late April.
To complete a POC application, click HERE.
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