- New venture programs launched to scale Arizona Innovation Challenge
- Applications for the next round of the Arizona Innovation Challenge opened August 1, 2024 and close August 30, 2024.
PHOENIX, AZ (August 1, 2024) — The Arizona Commerce Authority (ACA) announced today plans to scale the highly successful Arizona Innovation Challenge program, helping more Arizona startups find success.
Through three new and enhanced venture programs, known as Venture Scale, Venture Raise, and Venture Start, the ACA will extend more one-on-one support to Arizona startups that participate in the Arizona Innovation Challenge (AIC), a program of the ACA and one of the nation’s largest business plan competitions.
Background
The Arizona Innovation Challenge launched in 2011 as a way to identify and accelerate support for Arizona’s most promising startups. Since then, 140 AIC awardees have been selected from over 2,800 applicants representing a combined portfolio value of more than $5.8 billion.
AIC awardees include sectors such as IT and software, bio and life sciences, cleantech and renewable energy, and advanced manufacturing. Previous awardees include notable startups such as AlgoFace, Botco.ai, CampusLogic, Paradox, Ampcera, GT Medical Technologies, Trainual and more.
In addition to grant support, AIC awardees previously advanced to the ACA’s Venture Ready Accelerator, a six-month, one-on-one support program that helped entrepreneurs refine their business plans, improve go-to-market execution strategies, and increase investor readiness.
What’s new
Today, the ACA is relaunching the Venture Ready Accelerator as Venture Scale, which will connect up to 10 AIC Awardees with serial entrepreneurs, high-level executives, and subject matter experts. The program represents Arizona’s flagship accelerator program for the state’s most promising startups.
In addition, the ACA is announcing two new venture programs to support startups in varying stages – Venture Raise and Venture Start. AIC Semifinalists and Finalists who do not become AIC Awardees will be invited to participate in Venture Raise, a 12-week accelerator that focuses on funding options, investor pitching, startup financial health, and more.
Venture Start will be targeted toward more early-stage startups, connecting them with mentors to improve their business plans and help them prepare to enter and succeed in business plan competitions such as the Arizona Innovation Challenge.
“The success of Arizona small businesses is fundamental to the success of Arizona’s economy, which is why the ACA continues to prioritize our startup ecosystem,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We’re incredibly excited to launch Venture Scale, Venture Raise, and Venture Start, three programs that will help more Arizona entrepreneurs access the support and one-on-one mentorship that’s crucial to success.”
“Like any successful organization, the ACA continues to innovate and elevate its programs to serve the needs of Arizona’s evolving startup ecosystem,” said PHX Ventures founder Gregg Scoresby, a Spring 2015 AIC awardee who founded pioneering EdTech firm CampusLogic. “Expanding on the already successful suite of AIC programs will help even more early-stage companies find success by connecting with experts who can mentor them every step of the way.”
“The Arizona Innovation Challenge was extremely valuable for Trainual. I very much appreciated the program, the mentorship, and the investment in the early stages of my business,” said Chris Ronzio, CEO and Founder of Trainual, and a Fall 2018 AIC awardee. “It was an invaluable process that prepared me to raise VC funding, which I had never done before. Expanding the program is exciting and will be beneficial for even more entrepreneurs.”
Applications open today!
Starting today, the ACA is accepting applications for the 15th annual Arizona Innovation Challenge. The application window will run from August 1 to August 30.
The AIC consists of three judging rounds where companies receive constructive feedback on their applications generated from the rigorous online evaluation and scoring process. Judges will then select up to 25 semifinalists from the applicant pool and afterward select 15 finalists to pitch their startups in-person before a panel of investors. The judges will choose up to 10 companies as AIC awardees for 2024.
Applications will be accepted beginning Thursday, August 1, through Friday, August 30 at 5 p.m. MST. Applicants can submit applications HERE.
The ACA will host application webinars on August 7 and August 21 to provide guidance and tips for a successful application. Learn more and register HERE.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, alyssat@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: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter @azcommerce.