Arizona Commerce Authority Announces Fall 2012 Arizona Innovation Challenge Semi-Finalists
Companies one step closer to receiving up to $250,000 to commercialize their technology
PHOENIX, AZ (November 2, 2012) — The Arizona Commerce Authority (ACA) today announced the 25 companies, from the more than 200 applicants, that will move on as semifinalists in the Fall 2012
Arizona Innovation Challenge (AIC). The bi-annual business plan competition awards qualified, innovative startups and early-stage companies capital to grow their business, ultimately advancing innovation and technology commercialization opportunities in Arizona. Targeted industries include cleantech/renewable energy, bio/life sciences, information technology, aerospace and defense and advanced manufacturing.
“Our state is rich with gifted entrepreneurs who often lack the capital to bring their product to market,” said Sandra Watson, President and CEO, Arizona Commerce Authority. “The Arizona Innovation Challenge provides that critical funding support they need to impact our economy in a significant way through wealth and job creation.”
A panel of expert judges evaluated more than 200 applications, assessing each on a set of criteria including technology potential, marketing strategy, management team, and economic impact. Finalists are expected to be named in early December. The six to 10 winning companies will receive anywhere from $100,000 to $250,000 and are scheduled to be announced by mid-December.
The ACA commits $3 million annually to the competition – $1.5 million in the spring and $1.5 million in the fall. Those companies receiving awards will be required to commercialize their technology and generate revenue within the following 12 months.
Every applying company that met the competition’s eligibility requirements will receive constructive feedback generated from the evaluation process and will be provided the opportunity to meet with the ACA’s Innovation Team to discuss their application and other potential resources to help their company to succeed. Additionally, all 25 semi-finalists will be invited to participate in Venture Ready, the ACA’s mentor program that connects these companies with high-level CEOs and serial entrepreneurs to further refine business plan models and propel individual success.
The Fall 2012 Arizona Innovation Challenge semifinalists include:
- Abtech Industries
- Athena Wireless
- BCR Diagnostics
- Instant Bioscan
- IPO Solutions
- Itel Companies
- Kinetic Muscles
- Phocus LLC
- Serious Integrated
- Solar Pool Tech
- Solite, Inc
- Sooh Media
- Stat Health Services
- Sunsonix TGG
Arizona is #1 in the nation for entrepreneurial activity, according to the 2012 Kauffman Index of Entrepreneurial Activity. The ACA is committed to maintaining Arizona’s top ranking in innovation and startup advancement with the continuation of programs such as the Arizona Innovation Challenge, the Arizona Innovation Accelerator Fund, AZ Fast Grants, the AZ State Trade and Export Promotion Program and more.
Nicole McTheny, Arizona Commerce Authority, (602) 845-1231, 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.