FUNDING GUIDELINES AND APPLICATION

21 CENTURY JOBS FUND
   ST




The 21st Century Jobs Fund was developed to jump start ...
FUNDING CRITERIA       FOR   FOLLOW-ON FUNDING
    Portfolio Companies (as defined)

    For-Profit Entity in one of the...
FOLLOW- ON FUND APPLICATION

APPLICATION R EVIEW P ROCESS
The application review process takes approximately four (4) week...
FOLLOW- ON FUND
                  APPLICATION COVER SHEET


Date:      


G ENERAL C ONTACT I NFORMATION

Organization:   ...
Upcoming SlideShare
Loading in...5
×

FUNDING GUIDELINES AND APPLICATION

193

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
193
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "FUNDING GUIDELINES AND APPLICATION"

  1. 1. FUNDING GUIDELINES AND APPLICATION 21 CENTURY JOBS FUND ST The 21st Century Jobs Fund was developed to jump start the Michigan economy by diversifying and growing the state's economy IMPORTANT DATES and focusing its resources in the following three areas: Application Submission Encourage the Development and Commercialization of Deadline: Competitive-Edge Technologies by investing in basic research at - Ongoing – until funds exhausted* our universities and non-profit research institutions, applied Application Review Completed: research, university technology transfer and the commercialization of - Application + 30 Days products, processes and services. Oral Interviews (if necessary): Increase Capital Investment Activity by investing funds in or - Application + 45 Days alongside qualified equity funds, qualified mezzanine funds and Award Decisions Announced: qualified venture capital funds that will create or retain jobs in - Application + 60 Days Michigan companies. Awards Closed (subject to Increase Commercial Lending Activity by creating commercial satisfactory Due Diligence and loan enhancement programs where a documented growth Contract Execution**): opportunity has been identified. In addition, the 21st Century Jobs - Award + 60 Days Fund will re-establish the Capital Access Program to assist small businesses. FOLLOW-ON FUND The MEDC wishes to maximize the economic impact of the portfolio C ONTACT I NFORMATION of investments it manages on behalf of dollars distributed through various historical and current programs, including but not limited to www.MichiganAdvantage.org the 21st Century Jobs Fund, Michigan Life Sciences Corridor, Michigan Tri-Tech Corridor and Pre-Seed Funds (“Portfolio Companies”). A $6 million Follow-On Fund has been created to fill E- mail: a critical capital gap currently existing in the marketplace. 21stCenturyJobs@michigan.org U.S. Postal: These funds are targeted to assist Portfolio Companies move to a MEDC stage where commercial opportunities (e.g. licensing, seed or Attn: Follow-On Fund Admin equity funds) can be secured. Funds can support further scientific 300 North Washington Square Lansing, MI 48913 and technical development of an idea as well as activities gauged towards improving an intellectual property position, market research, potential licensees, joint ventures and venture financing. The fund is intended to bridge the funding gap between traditional research grants, angel and pre-seed investments to commercial funding by supporting the very early stage of turning research outputs into a commercial proposition.
  2. 2. FUNDING CRITERIA FOR FOLLOW-ON FUNDING  Portfolio Companies (as defined)  For-Profit Entity in one of the four emerging sectors (Life Sciences, Homeland Security, Advanced Manufacturing, Alternative Energy)  Later Stage Portfolio Companies (i.e., passed concept analysis design and preliminary technology development, executive team in place, business plan well- defined, market clearly understood and targeted, generating revenues (or will be within 2 years) FUNDING PRIORITIES FOR FOLLOW-ON FUNDING  Companies currently on-plan without significant deviation from proposal/milestones contemplated at the time of initial MSF award  Maximum request allowed is $500,000; Portfolio Companies are encouraged to request the exact amount needed to bridge the gap to the purported significant funding event  Financial need is a bridge to achieve a following, significant funding event  Funding is likely to precipitate a return on both the initial and follow-on investments  Proven executive leadership team is in place *All awards are subject the availability of funds. The MEDC may terminate funding of the Follow-On Fund at any time, including but not limited to, prior to, during, or after, the application and review process, and execution of loan agreements. **An award from the Follow-On Fund shall be in the form of a loan from the MEDC, with all terms and conditions determined by, and acceptable to, the MEDC, including that disbursements are subject to the availability of funds, and that funding may be terminated at any time. The MEDC anticipates the loan agreement extending favorable payment terms, including the interest rate, grace period, and time for repayment.
  3. 3. FOLLOW- ON FUND APPLICATION APPLICATION R EVIEW P ROCESS The application review process takes approximately four (4) weeks. • Each application is screened by MEDC staff for compliance with Q UESTIONS ? Funding Criteria as defined. If you have any questions about • Those applications meeting the Funding Criteria as defined are your organization’s eligibility, the application, the funding process, reviewed by the External Review Board. or other aspects of these guidelines, please e-mail us at • External Review Board makes funding recommendations to 21stCenturyJobs@michigan.org or call the MEDC Offices at MEDC staff for final approval subject to due diligence and (517) 241-5008. contract negotiation and execution. • All applicants will be notified of the final funding decisions by email. APPLICATION G UIDELINES AND R EQUIREMENTS APPLICATION D EADLINE : Ongoing* APPLICATION R EQUIRED E LEMENTS : (Please submit in this order) • Completed Application Cover Sheet (found with this set of application guidelines) • Proposal Narrative (as outlined below) • Copy of most recent Business Plan/Executive Summary • Copy of most recent Slide Deck for a Venture Capital Pitch • Certificate that all information submitted is accurate Instructions: Applications can be submitted one of two ways: a) Scan to pdf format and email to: 21stCenturyJobs@michigan.org b) Mail (flat, not folded) to: Michigan Economic Development Corporation Attention: Follow-On Fund Administrator 300 North Washington Square Lansing, MI 48913 P ROPOSAL N ARRATIVE : Please address each question below within two (2) to five (5) pages and a font size no smaller than 12 point.  Overview: Briefly describe your organization’s history, purpose, and the type of work it does.  Need: o What is the nature of the funding need? o How will this funding help the company achieve its next significant round of funding? o What activities will be carried out? o What results do you expect to see?  Request: o What is the proposed budget for the activities outlined required to take the company to the next significant round of funding? o How much money are you requesting from the Follow-On Fund? o What is the overall organizational budget?
  4. 4. FOLLOW- ON FUND APPLICATION COVER SHEET Date:       G ENERAL C ONTACT I NFORMATION Organization:       Address:       City:       State:    Zip:       Website:       M AIN C ONTACT P ERSON Sal: Name:       Title:       Phone:       Phone Type: Cell Fax:       Amount Requested: $      Purpose:       I NDUSTRY (T ECHNOLOGY S ECTOR ) Life Sciences Homeland Security and Defense Alternative Energy Advanced Automotive, Manufacturing and Materials

×