The First Fund provides early stage science startups with critical seed and pre-seed funding and access to Delaware Innovation Space’s business building expertise, community of experts, core programs, scientific equipment, and extensive multi-use laboratories. Successful applicants can now each secure an investment of up to $150,000 from the First Fund Program to fund their startups, via a convertible note, in a 1:1 mix of services to cash.
“Our goal with the First Fund is to accelerate formation and growth of high potential early stage science startups, turning them from concepts into realities,” said William D. Provine, Delaware Innovation Space President and CEO. “We are excited to bring forward a larger investment program now including a cash component to give entrepreneurs added flexibility in securing what they need when they need it to rapidly propel their startups forward.”
The original First Fund investment provided startups in the fields of advanced materials, therapeutics, diagnostics, healthcare, chemical ingredients, industrial biotechnology, nutrition, and renewables up to $75,000 in services alone and now the program has been enhanced and now offers up to an additional $75,000 of cash for residential companies at the Delaware Innovation Space, for a total investment of up to $150,000. The exact investment amount an individual startup is eligible for via the First Fund will be determined by a mix of parameters, the most important being the scalability and growth potential of the startup.
The first step for teams seeking funding for their startups from the First Fund program is to complete an on-line application. “We are looking to quickly evaluate and continuously award funding to the most compelling early stage science startups and partner with them as residents of the Delaware Innovation Space to advance and grow their startups,” says Provine.
“Science-based startup companies are critical components to the radical innovations which improve our daily lives,” says Provine. He continues, “It is our mission at the Delaware Innovation Space to help science entrepreneurs craft their business concepts, bring their startup companies to life, and provide them with the support and resources necessary to grow their businesses.”
To be considered for the First Fund Program, apply via: https://gust.com/programs/first-fund-applications-due-by-june-15th-2023