This program funded by UW System and WEDC, administered by the Institute for Business & Entrepreneurship Center for Technology Commercialization, aims to empower new and experienced entrepreneurs to focus on key go-to-market activities. No more sitting for hours crafting a business plan that won’t survive first contact with customers. Instead, the program gets you “out of the building” to learn about your customer and business. Along the way, you receive grant dollars to advance the business based on the real needs of your customers.
Great business ideas exist across the UW System ecosystem. That’s the basis for the Ideadvance Seed Fund — a program combining seed funding with new strategies to help you test innovative ideas and new markets. Alongside experienced business mentors and a network of entrepreneurial resources, the Ideadvance program will help develop innovative ideas and potential businesses from eligible UW alumni and current faculty, staff and student entrepreneurs.
Program Overview & Eligibility
This program funded by UW System and WEDC, administered by the Institute for Business & Entrepreneurship Center for Technology Commercialization, aims to empower new and or experienced entrepreneurs to focus on key go-to-market activities. No more sitting for hours crafting a business plan that won’t survive first contact with customers. Instead, the program gets you “out of the building” to learn about your customer and business. Along the way, you receive grant dollars to advance the business based on the real needs of your customers.
Experienced entrepreneurs looking to innovative with new products in new markets are encouraged to reach out!
Existing Business Opportunity
“I wish I would have gone through this program when I started RCI Engineering about 15 years ago because it would have saved me a lot of failures, a lot of headaches along the way.” – Randy Clark, RCI Engineering, Stage 1 Awardee
Are you in business and looking to test a new idea? Exploring a new, volatile market?
The future of Ideadvance is in the ability to support eligible alumni teams and undergraduate entrepreneurs. Since 2017, Ideadvance has seen a rise in applications from alumni representing a professional audience, with previous business experience. RCI addresses an opportunity to outreach and include more existing businesses looking to diversify and compete in a fast-pace environment.
Ideadvance Stage 1 Funding
Funds up to $25,000 and focuses on helping you reduce the risk in your idea by determining what features will solve a real customer need.
Ideadvance Stage 1 grants are intended to support specific steps or milestones that will reduce business risk in technologies and ideas. This ultimately speeds commercialization of scalable products and services into the marketplace. Ideadvance grants will not fund basic or pure research. Grants support business model development activities. This program may be a fit for existing small businesses looking to innovative in new markets.
Eligibility
Grants are available for some existing small business and pre-incorporated teams that include part-time or full-time staff, faculty and students affiliated with eligible UW System campuses. Ideadvance also makes awards to alumni from eligible UW System 2- or 4-year campuses. This includes all campuses except UW-Madison. Also eligible are applicants and young companies with licensed technologies from the WiSys Technology Foundation or the UW-Milwaukee Research Foundation. Those affiliated with UW-Madison are not eligible to be primary clients but may contribute as team members on eligible projects. Ineligible businesses include real estate, direct consumer retail or hospitality businesses, including restaurants.
Ideadvance Stage 2 Funding
Funds up to $50,000, requiring a 1:1 match, and focuses on scaling a business model that effectively delivers solutions to customers and works towards funding milestones.
Customer acquisition and investment sourcing are critical missions for Stage 2 Ideadvance funding. Competitive proposals will build upon learning reported throughout Stage 1 (or equivalent) and will clearly articulate specific steps or milestones that reduce business risk and position the company to strategically grow via customer acquisition and follow-on financial support, which could include revenue. Proposed milestones should be obtainable within a 1 year period.
Eligibility
Grants are available for small businesses that include part-time or full-time staff, faculty and students affiliated with eligible UW System campuses. Ideadvance also makes awards to alumni from eligible UW System 2- or 4-year campuses. This includes all campuses except UW-Madison. Also eligible are applicants and young companies with licensed technologies from the WiSys Technology Foundation or the UW-Milwaukee Research Foundation. Those affiliated with UW-Madison are not eligible to be primary clients but may contribute as team members on eligible projects. Ineligible businesses include real estate, direct consumer retail or hospitality businesses, including restaurants.
Lean Startup Framework
The Lean Startup provides a scientific approach to creating and managing startups and get a desired product to customers’ hands faster. The Lean Startup method teaches you how to drive a startup-how to steer, when to turn, and when to persevere-and grow a business with maximum acceleration. It is a principled approach to new product development that involves early customer interaction to help guide the process.
How Do I Apply?
No program cost except your time
Applications are due once a year in April with awards announced in May.
Reach out to New Idea Concierge as soon as possible to start the process.
Register your business using the CTC grants tool.
Submit proposal and supporting documents by the April deadline.
Upcoming Stage 1 and Stage 2 deadline is April, 17, 2020.
Contact the New Idea Concierge
It is NEVER too early to discuss your idea and fit for Ideadvance. Start the process by speaking with your New Idea Concierge, Idella Yamben, PhD. Idella, also the Program Manager, will be your primary contact to prepare a competitive proposal, navigate the Lean Startup milestones and to identify resources along the way.
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