TOPEKA – Lieutenant Governor and Secretary of Commerce David Toland announced today that Proof of Concept (POC) applications for the first quarter of fiscal year 2023 are being accepted through Friday, September 30.
The POC program is a part of Kansas Innovation & Technology Enterprise (KITE) and is designed to fill a funding gap that impedes the progression of technology from research to the marketplace. POC funding acts as a bridge to commercialization and potential funding by angel or venture capital investors. The program aims to assist in:
- The establishment of promising new technology-based entrepreneurial ventures within the state; and
- The commercialization of inventions resulting from research conducted at Kansas public universities.
“I am thrilled that we are able to offer funding through the Proof of Concept program to help entrepreneurs develop new technologies,” Lieutenant Governor and Commerce Secretary David Toland said. “Promoting innovation and entrepreneurship is one of the four strategic pillars of the Framework for Growth. Through this program we make sure that innovative thinkers and doers can bring new ideas to fruition, creating new jobs and wealth that drive the Kansas economy.”
POC funding can assist in developing a project or product to the point where the entity can raise significant amounts of external capital. Typically, these awards will be used for commercial assessment and/or technology validation, such as advanced testing or prototype development.
Funding is available in two categories: For-profit Entity and Faculty Led. Applications for POC funding are accepted throughout the year and can be found here. The POC review committee meets on a quarterly basis to review proposals and make recommendations for funding in the two categories of applications. Award amounts can be between $5,000 and $25,000 per application. Recipients receiving awards for the application period ending September 30 will be made in early November.
For additional information, please contact Rachèll Rowand at Rachè[email protected].