INNOVATION FUND AMERICA INC logo

Innovation Fund - Funding Option A

INNOVATION FUND AMERICA INC

Foundation Quarterly Grants for StartupsTechnology Grants
Apply Now

Funding Amount

Up to $50,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

Innovation Fund - Funding Option A ("A" Award)

Status: Active

Geographic Scope: Northeast Ohio (21 counties); applicants must be located in and remain in Ohio

Focus Areas:

  • New/innovative technology in high-growth industries as defined by Ohio Third Frontier Program

  • Proof-of-concept stage companies

  • Late imagining-stage opportunities

    • Award Purpose:
    Designed to "prove the technology" through:

  • Finalizing the prototype

  • Conducting additional research and testing

  • Filing a patent

  • Prototyping, trials, and validation of new technologies

    • Eligibility Requirements:

  • Business must be located in and remain in Ohio

  • Developing new technology in high-growth industries

  • Business/technology must be in proof-of-concept/startup phase

  • Early-stage: typically pre-revenue with fewer than 5 principals

  • First investment after entrepreneur's personal assets expended but before outside firm investment

  • Must have passed family and friends capital-raising stage

  • Must attend mandatory Innovation Fund 101 Information Session

    • Mandatory Requirements:

  • Provide 1:1 dollar match for award (must match funds dollar-for-dollar, doubling impact)

  • Provide educational experience for student and/or faculty

  • Agree to mentoring through GLIDE and/or regional partner

  • Agree to Convertible Debt instrument

  • Portfolio companies expected to use award within 6 months

  • All portfolio companies required to offer educational experiences to students (presentations, guest speaking, classroom instruction, informational interviews, job shadowing)

    • What They Fund:

  • Innovative and cutting-edge technologies

  • New applications for existing technologies

  • Companies with unique value propositions

    • What They Don't Fund:

  • Non-technology companies

  • Companies outside Ohio

  • Companies that haven't completed family/friends funding stage

  • Companies that have already received outside investment

    • Organization Background:

  • Innovation Fund established 2007

  • Administered by Great Lakes Innovation and Development Enterprise (GLIDE)

  • Nonprofit organization

  • Part of Lorain County Community College ecosystem

  • 289+ companies funded

  • $19.275 million total funded

  • 1,250+ jobs created

  • 445+ students engaged

    • Contact Information:
    Innovation Fund America
    151 Innovation Drive, Suite 210
    Elyria, OH 44035
    Phone: (440) 366-4121
    Email: info@innovationfundneohio.com

    How to Apply

    Application Process

    Step 1: Attend Mandatory Information Session

  • Required before applying

  • Free Innovation Fund 101 session conducted by Innovation Fund team

  • Sessions typically last up to one hour

  • Cover background, goals, impact, awards, timeline, and process

  • Currently conducted via online meetings

  • Sign up required (no upcoming sessions scheduled as of 2026-04-03)

    • Step 2: Online Application
    The application consists of two sections:

    #### Business Requirements Section
    Applicants must answer questions including:

  • Information about the business concept

  • Technology focus

  • Business vision (sales, profit, employees, location)

  • Commercialization phase

  • Timeline

  • Essential activities

  • Target market

  • Proposed educational opportunity

  • People (who is involved and backing the company)

  • Plans for use of the award

    • #### Financial Requirements Section

  • Complete Excel-based spreadsheet

  • Create required financial projections

  • Develop assumptions and financial models

  • Create balance sheets and income/cash flow statements

  • Innovation Fund provides support for developing financial projections

  • Experts available to coach applicants on presenting/defending models

    • Step 3: Prepare Materials

  • Pitch presentation (typically PowerPoint or PDF format)

  • Innovation Fund provides detailed outline of pitch requirements

  • Regional Entrepreneurs-in-Residence (EIRs) available to help craft presentation materials

  • Financial workbook completion assistance available

    • Step 4: Screening Committee Review

  • Applications reviewed during quarterly cycles

  • Innovation Fund Screening Committee reviews all applications

  • Committee comprises members from higher education, regional economic development partners, private industry, and Entrepreneurs-in-Residence

    • Step 5: Due Diligence Committee Decision

  • Applications that pass screening presented to Innovation Fund Due Diligence Committee (DDC)

  • DDC comprises approximately 15 members with private sector experience in technology and business startups

  • DDC makes final funding decision

    • Application Submission:

  • Online application portal

  • Save progress regularly

  • If having trouble submitting finalized application, save progress and email julie@glideit.org for assistance

    • Key Application Notes:

  • Applicants may submit ONE application per investment cycle

  • Applicants must apply for the award most appropriate to their stage of development

  • Many entrepreneurs apply multiple times before securing funding

  • Feedback provided even if not selected for funding

  • Rejected applicants partnered with regional EIR to refine business idea and re-apply

    • Required Resources:

  • Downloadable financial information templates (available after account registration)

  • Regional Entrepreneurs-in-Residence for guidance

  • Support for developing financial projections

  • Mentorship and coaching available

    • Apply with Grantable Learn more

    Focus Areas & Funding Uses

    Fields of Work

    startupstechnology

    Categories

    Browse similar grants by category

    Grants for StartupsTechnology Grants

    Related Grants

    Similar grants from this funder and related organizations

    Foundation

    Elm City Opportunity Fund

    Amount

    Varies

    Deadline

    Rolling / Open

    Foundation

    AgLaunch365 Accelerator

    Amount

    $100,000 initial investment, with additional milestone-based capital available

    Deadline

    September 15, 2026

    Annual
    Foundation

    AgLaunch Virtual Bootcamps

    Amount

    Varies

    Deadline

    May 31, 2026

    Annual
    Foundation

    SBIR Innovative Molecular Analysis Technology (IMAT) Development for Cancer Research and Clinical Care

    Amount

    Varies

    Deadline

    Rolling / Open

    Foundation

    NIH Niche Assessment Program

    Amount

    Varies

    Deadline

    Rolling / Open

    Rolling (Quarterly)
    Foundation

    New Venture Pitch Competition

    Amount

    $1,000

    Deadline

    Rolling / Open

    Monthly

    Ready to apply for Innovation Fund - Funding Option A?

    Grantable helps you assess fit, draft narratives, and track deadlines — so you can submit stronger applications, faster.

    Apply with Grantable Learn more