Minority Owned POC funding is available for projects to be undertaken by or on behalf of a Kansas-based, Minority owned 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 (e.g. angel or venture equity investment). Typically, these awards will be used for commercial assessment (e.g. market research, competitive analysis) 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 cannot be used for: