For-Profit Entity POC funding is available for projects to be undertaken by or on behalf of a Kansas-based, for-profit entity for the purpose of evaluating and/or commercializing innovative technology targeted for development via entrepreneurial enterprise in Kansas. Qualifying entities may not have received in excess of $750,000 in total capital from other sources.
This POC funding is designed to help develop a project/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.
If a funded project or the intellectual property to which it is directed results in commercial advancement satisfying specified conditions (e.g., partnering-based funding, equity financing, or sales/licensing revenues to a pre-determined level), recipients are required to repay the award according to agreed terms. If, however, such conditions are not successfully met, POC Convertible funding does not require repayment.
To be eligible, the project must:
POC Funds can be used for, but not limited to, the following:
POC Funds cannot be used for:
Additional funds are set aside for minority owned businesses. To qualify as a minority owned business, the project must meet the above eligibility requirements and must be at least 51% owned and controlled by one or more minority individuals. For the purpose of this program minority is defined as any individual belonging to the following minority groups:
(a) “Black Americans,” which includes persons having origins in any of the Black racial groups of Africa;
(b) “Hispanic Americans,” which includes persons of Mexican, Puerto Rican, Cuban, Dominican, Central or South American, or other Spanish or Portuguese culture or origin, regardless of race;
(c) “Native American,” which includes persons who are enrolled members of a federally or State recognized Indian tribe, Alaska Natives, or Native Hawaiians;
(d) “Asian-Pacific Americans,” which includes Persons whose origins are from Japan, China, Taiwan, Korea, Burma (Myanmar), Vietnam, Laos, Cambodia (Kampuchea), Thailand, Malaysia, Indonesia, the Philippines, Brunei, Samoa, Guam, the U.S. Trust Territories of the Pacific Islands (Republic of Palau), the Commonwealth of the Northern Marianas Islands, Macao, Fiji, Tonga, Kirbati, Juvalu, Nauru, Federated State of Micronesia, or Hong Kong;
(e) “Subcontinent Asian Americans,” which includes persons whose origins are from India, Pakistan, Bangladesh, Bhutan, the Maldives Islands, Nepal or Sri Lank