The Loudoun County Economic Development Authority, in partnership with Loudoun Economic Development, has announced the opening of the 2021 Loudoun Innovation Challenge, the second-annual competition for entrepreneurs seeking to take their business to the next level.
Sponsoring Agency: Loudoun County Economic Development Authority
Type of Fund: Challenges, Competitions or Prizes
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/17/2021
Size of the Fund: Less than USD $50,000
The Loudoun County Economic Development Authority, in partnership with Loudoun Economic Development, has announced the opening of the 2021 Loudoun Innovation Challenge, the second-annual competition for entrepreneurs seeking to take their business to the next level.
The goal of the Innovation Challenge is to promote entrepreneurship and business growth by identifying and supporting companies that are developing truly innovative products and services in Loudoun County.
Awards
Loudoun EDA has dedicated $150,000 in funding this year, dividing it among six total grants:
• First Place: $40,000
o Any Category
• Runner Up: $25,000
o Tech Ventures
o Tech Ventures have new proprietary technology, discovery, or innovation at their core. These ventures should have an intellectual property component and evidence that it will work in the real world.
• Runner Up: $25,000
o Commercial Ventures
o Commercial Ventures include services, products, or businesses that take a unique approach to solving an opportunity in the market while driving substantial market impact.
• Runner Up: $25,000
o Launch Focus
o Launch Focus showcases and provides capital to the most compelling pre-revenue ventures. Applicants at this point can provide evidence of real customer and/or stakeholder demand and can provide a vision for how the venture could become a sustainable business.
• Runner Up: $25,000
o Smart County Focus
o Smart County Focus provides help to counties to grow, operate, and meet population demands over the coming decades. The Smart County Runner Up will innovate in any of the following sectors: housing, transportation, health, water, broadband, education and infrastructure.
• Runner Up: $10,000
o People’s Choice Award
o Winner selected from the finalists. Anyone can vote, even people who cannot attend the competition in person. (This is when having friends on social media can pay off. Start promoting day one, and you could win the People’s Choice Award.)
Eligibility
• No purchase is necessary to enter or win.
• Applicant must have a physical location in Loudoun County and/or demonstrate a commitment to establish future office location and/or jobs in Loudoun County.
• Each Applicant must have at least one Principal who is a legal resident of the United States and at least 18 years old at the time of entry. Businesses owned, controlled or represented by members of the EDA or by employees or officers of Loudoun County are not eligible for entry.
• All businesses entered into The Challenge must be for-profit. Non-profit businesses are not eligible.
• Applicants must provide a Business Plan that includes your most recent annual financial statements to include: income statement, balance sheet and statement of cash flows. Please include an explanation for any extraordinary events and/or balances, or any items you wish to explain to the reviewers evaluating the statements.
• Applicants must agree to be available for an in person pitch and any public announcement of The Challenge. Applicants shall authorize the EDA to utilize service marks in marketing efforts and shall participate in interviews with media at the local, state and national levels at the conclusion of the program.
Criteria
An applicant must demonstrate:
• How its product or service is truly unique and innovative;
• How it can create value for existing or potential customers;
• The potential economic benefits to Loudoun County, for example, highlighting increased contributions to the business tax base, jobs at or above the targeted medium income level, and other economic benefits;
• The potential to scale the proposed product or service offering to realize ongoing and growing benefits to Loudoun County;
• How its product or service meets the category it is applying for, based on the definitions provided above;
• Any additional value to Loudoun.
More information at: https://biz.loudoun.gov/economic-development-authority/innovation-challenge/
