Application and Review Process
To qualify for a grant, each company must propose a technology or business idea that demonstrates innovation and clear potential commercial impact.
The 21 Fund seeks technology-based companies conducting business in Indiana and provides financial support to make the transitional leap from research to product development.
A project must create jobs and economic development for the State of Indiana and must be ready for commercialization within three to five years. Applicants are required to submit a detailed technical plan and concise business plan to illustrate the project’s validity and likelihood of success. The merits of a proposed project are reflected in the thoroughness of the submitted technical roadmap and business plan.
Potential 21 Fund projects are initially screened by 21 Fund staff. They are then evaluated via a formal peer review process modeled after the National Institutes of Health and the National Science Foundation, directed at assessing the technical and business merits of the proposals. This peer review involves evaluations by scientists and technology researchers from across the country and world. The peer review process now also involves economic experts who focus attention on job creation potential and other business-related metrics. Before being selected as an award winner, proposals that successfully complete the 21 Fund’s review process must be evaluated by the Entrepreneurship Subcommittee of the IEDC Board and also receive final funding approval from the Indiana State Budget Committee.
Following is an illustration of the review process:
- 21 Fund technical staff provides iterative support – both technical and business - during proposal development phase
- Upon official submission of materials, proposal undergoes rigorous technical peer review by leading subject matter experts
- If proposal is vetted as technically innovative, comprehensive business plan evaluation is performed
- Proposal must receive approval from IEDC executive team, IEDC Board, and State Budget Committee for 21 Fund award to be granted
- Target time frame to complete review process is 12-16 weeks