20 EARLY STAGE COMPANIES NAMED RECIPIENTS OF THE ARIZONA COMMERCE AUTHORITY AZ FAST GRANT: Latest Round Includes New Category Supporting Arizona Manufacturing
PHOENIX (September 17, 2013) – The Arizona Commerce Authority (ACA) has selected 20 recipients of its AZ Fast Grant program, a highly competitive grant providing qualified Arizona-based, early stage technology companies with intensive training and technical assistance to commercialize their innovations, grow their businesses and create quality jobs. This round features a new category: Innovation in Manufacturing, which supports Arizona manufacturers by encouraging applying companies to partner with a manufacturing company to solve an existing manufacturing challenge.
“Manufacturing companies play a vital role in supporting and sustaining a strong statewide economy,” said Sandra Watson, President and CEO, Arizona Commerce Authority. “By encouraging partnership with manufacturing companies, we are supporting the creation of the most innovative solutions to manufacturing challenges – solutions that will strengthen this critical base industry in our state.”
More than 60 small businesses applied for this round of funding and awardees represent a variety of targeted industries. Companies may use AZ Fast Grants funding for professional consulting services (which may include an expert review of the technology under development), a commercialization feasibility study, or other commercialization assistance such as training to compete for federal funding. Those awarded a grant in the Innovation in Manufacturing category must commit to a 50 percent match and manufacturing partners must commit to a 25 percent match.
Arizona Fast Grant Recipients (Total: $171,450, plus an additional $110,005 in leveraged funds):
- Arbsource, Tempe – CleanTech
- Avelis Biotech, Scottsdale – Bio/Life Science
- Aztera, Tucson – CleanTech
- Cyclone ADG, Tucson – Aerospace/Defense
- GammaTile, Phoenix – Bio/Life Science
- High Tech Materials Source, Chandler – Advanced Materials
- JanTes, Fountain Hills – Bio/Life Science
- MSDx, Tucson – Bio/Life Science
- NeuroEM Therapeutics, Scottsdale – Bio/Life Science
- Poppy Pocket, Mesa – Bio/Life Science
- Power Gold, Phoenix – Advanced Mfg
- Prime Solutions Group, Goodyear – Aerospace/Defense
- QuantTera, Scottsdale – Advanced Mfg
- Rarus Innovations, Scottsdale – IT-Software
- Rehnu, Tucson – CleanTech
- Science Tomorrow, Phoenix – Advanced Mfg
- SiO2 Nanotech, Scottsdale – Bio/Life Science
- Stat Coordinations, Flagstaff – IT-Software
- Sundial Energy, Tucson – CleanTech
- Traklight.com, Phoenix – IT-Software
“In this competitive marketplace, inventing a new product or technology is not enough,” said Bennett Curry, Vice President Business Development, Arizona Commerce Authority. “Companies must understand if there are similar products or services already available, the feasibility of their product’s potential for commercialization, and how to best access and leverage additional funding. This grant money provides the resources to better understand market conditions and potential for success.”
The AZ Fast Grant is part of a suite of ACA programs that assist small businesses and startups, recognizing their future potential for wealth and quality job creation. Others include the Arizona Innovation Accelerator Fund (AIAF), the Arizona Innovation Challenge, and the AZ STEP Grant.
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Media Contact:
Nicole McTheny, Senior Vice President, Communications and Marketing
Arizona Commerce Authority
602.845.1231 or nicolem@azcommerce.com
About the Arizona Commerce Authority:
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: Recruit, Grow, Create – Recruit out-of-state companies to expand their operations in Arizona; work with existing companies to grow their business in Arizona and beyond; and partner with entrepreneurs and companies large and small to create new jobs and businesses in targeted industries. Visit AzCommerce.com for more.