The Innovation Fund provides up to $25,000 to manufacturers located in Ben Franklin’s 32-county region
The Innovation Adoption Fund invests in the region’s existing manufacturers to help with research and development strategies that are often a challenge for small businesses to fund internally.
THE PROGRAM WILL HELP COMPANIES:
- Partner with universities, researchers, consultants, or testing laboratories.
- Develop proprietary products and cost-saving process changes.
- Remain competitive and grow employment opportunities.
THE MONEY CAN BE USED TO PAY FOR:
- Faculty time
- Lab time
- Design/system implementation input from the university/non-profit partner or consultant chosen by the company
For each dollar Ben Franklin invests, the eligible company must provide a cash or in-kind match. This can include matching grants from other sources such as local, state, or federal agencies. Projects that propose cash match will be more competitive than those that do not.
Follow on Funding
At the completion of project, companies that need funding for commercialization efforts can apply for Ben Franklin’s traditional investment programs.
The company and the partner must understand who will own potential IP that results from this engagement. In cases where IP is developed, a signed agreement must submitted prior to the award.