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Innovation Fund - Funding Option A

INNOVATION FUND AMERICA INC

Foundation Quarterly Grants for StartupsTechnology Grants

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

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