SALT LAKE CITY (Jan. 19, 2017)—The Governor’s Office of Economic Development (GOED) Technology Commercialization and Innovation Program (TCIP) has awarded grants to 20 Utah companies and university teams to help bring their cutting-edge technologies to market.
“Innovation and entrepreneurship drive Utah’s diverse economy,” said Val Hale, GOED executive director. “The grant recipients represent a wide range of technologies, from consumer software to medical devices and manufacturing advances. We are excited to see these companies develop and grow.”
TCIP helps small businesses secure non-dilutive funding at critical stages of technology development. This year’s grant solicitation was the most competitive in the history of the program, with 183 applicants requesting funds in excess of $18 million out of $1.8 million available. Qualified technologies may receive grants of up to $100,000. Recipients may also take advantage of mentorship opportunities and entrepreneurial curriculum.
“There are many challenges to starting a new business, and one of those challenges is turning an idea into a marketable reality,” said Clark Cahoon, TCIP fund manager. “TCIP helps small business take the next step by offering small amounts of funding and mentorship opportunities.”
Applicants are vetted through volunteer review panels made up of local industry experts. The volunteer review panels recommend awards based on technical merit, team experience, level of matching funds and potential for job creation in the state. Companies receive funding upon meeting required performance metrics, such as the completion of technical or business milestones.
TCIP has been instrumental in the successes of local companies such as Myriad Genetics, BioFire and ENVE Composites.
2017 TCIP Grant Recipients:
Ancestor Cloud Inc.
Microsurgical Innovations Inc
Simplicity Airway Inc
University of Utah Airway Management Devices
Waterbear Life Devices (LIYEN Inc.)
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Gov. Gary R. Herbert’s commitment to statewide economic development. The state’s economic vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business environment and tourist destination. GOED provides extensive resources and support for business creation, growth and recruitment statewide, as well as programs to increase tourism and film production for the benefit of Utah residents. All administered programs are based upon strategic industry clusters to develop a diverse, sustainable economy. GOED accomplishes its mission through unprecedented partnerships. For more information please contact: Aimee Edwards, (801) 538-8811 or firstname.lastname@example.org.