The Spring 2017 round of the Arizona Innovation Challenge (AIC) has concluded as the Arizona Commerce Authority (ACA) today announced six awardees in its semi-annual business plan competition.
The ACA provides $3 million in grants annually to the most qualified, innovative startups and early-stage companies. Each company receives up to $250,000 in capital to grow their business – advancing innovation and technology commercialization opportunities in Arizona.
Companies located anywhere in the world may apply, so long as they plan to establish operations and commercialize their product or service in Arizona if they are awarded an AIC grant.
“Today’s early-stage companies have the exciting potential to advance life-changing technologies and grow into the industry giants of tomorrow,” said Sandra Watson, President & CEO of the Arizona Commerce Authority. “Congratulations to all of our spring 2017 awardees – the ACA is proud to continue supporting Arizona’s entrepreneurial ecosystem!”
The six spring 2017 Arizona Innovation Challenge awardees are as follows:
Attribytes, IT-Software, Chandler, AZ
ClickIPO, IT-Software, Scottsdale, AZ
Codelucida, IT-Hardware, Tucson, AZ
Electric Torque Machines, Advanced Manufacturing, Flagstaff, AZ
Hydronalix, Aerospace & Defense, Sahuarita, AZ
Naya Energy, Cleantech-Renewable Energy, Phoenix, AZ
A total of 149 applications were received for the spring 2017 round. The judges assessed each application against rigorous criteria including technology potential, marketing strategy and quality of management team. The six awardees were selected from 10 finalists announced in May.
Every applying company that meets the AIC’s eligibility requirements receives constructive feedback generated from the rigorous online evaluation and scoring process. All semifinalists are considered for participation in Venture Ready, the ACA’s mentor program that connects early stage companies with high-level CEOs to further refine business plans and investor pitches.
The ACA will begin the next round of AIC competition in the fall of 2017.
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.