ACA’s Arizona Innovation Challenge Announces Final Three Winners
HJ3, Sunsonix and Surgical Tools awarded funds for innovative technology
PHOENIX, AZ (April 4, 2011) — The Arizona Commerce Authority announced today it has awarded three additional innovative technology companies with a share of $1.5 million as part of the Arizona Innovation Challenge. The money will be used to speed development and aid in the commercial launch of promising technology. The first five awardees were announced in mid-March. Winning proposals showcase each company’s ability to attract outside capital investment, create wealth through fast growth, provide quality, high wage employment opportunities, and generate export sales and tax revenue.
“Arizona is committed to our technological entrepreneurs,” said Governor Jan Brewer. “We must remain focused on this sector as creativity and innovation will be a significant factor in the continued advancement of Arizona’s technological future. My Arizona Commerce Authority is committed to the attraction of new opportunities that will benefit Arizona’s technology industry and bring new venture capital and jobs to the state.”
The Innovation Challenge winners are:
- Surgical Tools
“The Arizona Commerce Authority is focused on facilitating investment in Arizona’s entrepreneurs and small technology ventures,” said Don Cardon, President and CEO of the ACA. “Funds from our Arizona Innovation Challenge bridge the gap between Research & Development and the commercial launch of new technologies, allowing these companies to speed to market some very promising new technology. The ACA will continue to lead our state’s involvement in the global competition for high-quality, high-wage jobs for all Arizonans.”
Over 100 companies’ submitted proposals, the field was narrowed to 25 in February and over the last month; the review committee selected the final eight. Contracts have been finalized with all the selected recipients and the funds will be disbursed by end of month. The five previously selected companies are as follows: Biovidria, Colnatec, MSDx, Sedona Energy Labs and TruckitNow.
Each winner will receive between $100,000 and $250,000. For more information on the winners and semi-finalists, please visit www.azinnovationchallenge.com.
Nicole McTheny, Arizona Commerce Authority, (602) 8451-1231, email@example.com
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter at @azcommerce.