Transcript of "FUNDING GUIDELINES AND APPLICATION"
FUNDING GUIDELINES AND APPLICATION
21 CENTURY JOBS FUND
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:
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
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
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
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.
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
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
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
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
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.
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?
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?
FOLLOW- ON FUND
APPLICATION COVER SHEET
G ENERAL C ONTACT I NFORMATION
City: State: Zip:
M AIN C ONTACT P ERSON
Phone: Phone Type: Cell Fax:
Amount Requested: $
I NDUSTRY (T ECHNOLOGY S ECTOR )
Life Sciences Homeland Security and Defense
Alternative Energy Advanced Automotive, Manufacturing and Materials