IGNITE YOUR HIGH GROWTH BUSINESS
Cash grants up to $50,000 to selected high-growth companies and tech catalyst organizations.
Prince William County’s IGNITE grant offers cash to selected high-growth companies and tech catalyst organizations.
GRANT AMOUNTS
- $25,000 (Pre-revenue/ startup phase)
- $50,000 Pre-revenue with institutional or investor funding or Post-revenue
GRANT PROCESS
You will be invited to go to the next evaluation phase.
MINIMUM REQUIREMENTS
- Be a high-growth business model / OR a tech catalyst organization (accelerator, incubator etc.)
- Be for profit - unless tech catalyst organization
- Stay in Prince William for three years after being funded
- Be current on all taxes
- Have at least a two-member team (preference for companies with one full-time member)
Increase Your Chances to Be Selected
Never done a pitch before? You don't have to repeat your entire business plan, but you should:
- Summarize who you are, what it is, what you do, how you make money, what you seek etc.
- Communicate the core story clearly, efficiently and in a memorable way
- State the call to action
Contact Josh Green at the ICAP program for free personalized one-on-one assistance. ICAP provides targeted assistance to inventors and entrepreneurs to support bringing new technologies and innovations to market. It is an ideal program for early-stage high-growth ventures with, or looking for, investment.
Here is a great place to start. Add your branding, information, and polish to the attached template. Now, Present!
Creative Ways for Funding Your Startup
What are your options for seed-stage financing – and how do you decide what matters most to you? Do you want to keep control? Can you handle complete transparency?
This panel of experts weighs the respective benefits and drawbacks of frequent sources of early-stage financing, such as crowd sourcing, angel funding, and government grants.
How to Structure Equity on Day One
Equity is a powerful tool and limited resource for an early-stage startup company. From incentivizing co-founders to understanding sequential funding rounds, structuring equity needs to be done right. This panel delves into how to leverage equity to generate long-term success.
Targeting the Right Talent for Your Team
Growing your business means aligning your executive team with your objectives. How do you know when new voices are needed? How do you recruit and retain the right voices?
This roundtable discussion brings perspectives from experts, including entrepreneurs, a venture capitalist and an HR professional, showing you how to find and leverage your executive team’s talent for long-term growth.
How To Create a Winning IGNITE Grant Pitch
Josh Green, Director of the Innovation Commercialization Assistance Program (ICAP) – a program of George Mason University and the Virginia SBDC, provides an overview of how to structure your three-minute pitch for Prince William County's IGNITE grant program.
IGNITE your Business: Tips for Launching over the Startup Chasm
An in-depth conversation from our all-star panel of startup, equity and industry experts discussing how to best position your high growth business to successfully bridge the startup chasm.
- REVIEW PROCESS
- TERMS AND CONDITIONS
- DISTRIBUTION AND REPORTING
- MATCHING FUNDS
An internal committee of County staff supported by third-party consultant shall evaluate all Company applications. Only selected companies will be asked to proceed to the next evaluation stage.
At the behest of the County staff, applicant may be required to furnish additional information and/or access to the applicant prior to funding award. Applications are assessed on factors, including but not limited to:
- Experience of the company’s leadership
- Strength of the business model
- Proof of concept
- Potential for growth
- Number and salary of jobs, and
- Return on investment to Prince William County
Businesses that sell firearms, tobacco, alcohol, or other “sin” businesses will not be considered.
Ignite grants are award to the Company at the County’s discretion and are based on recommendations of the internal review committee.
By applying, companies agree to have their pitch, logo, contact information and picture available to share with the public and IGNITE grant partners.
If requested, those not selected may receive feedback from our expert judges.
- While acceptable matches are in the form of cash, certain in-kind contributions may also be considered.
- Prince William reserves the right to make the final determination on eligibility.
Participants may be located outside of the County.
Funded companies must have 51% of their company’s C-suite, including the CEO, be located in Prince William County for at least three years after receiving funding.
Those not selected for funding on one round may re-apply in subsequent rounds (if available).
Selected companies must sign tri-part performance
agreement between company/IDA and PWC; Funds will be distributed by the Industrial Development Authority.
Funds need to be used for the benefit of the corporation and not for creating liquidity for founders and/or retiring outstanding debt.
All companies who receive the $25,000 grant must participate in the free Innovative Commercialization Assistance Program (ICAP). (Waivers are available for special exceptions)
All companies who receive the $50,000 grant must meet with an ICAP program member at least once.
Company is required to sign a performance agreement outlining the requirements, grant repayment conditions if basic performance and reporting is not achieved, or if they move out of the County within three years, and reporting processes associated with the project over the three-year performance period.
Reporting requirements include:
- Annual reporting to the County on use of funds for three years.
- Biannual check-ins with approved subject matter expert or business counselor (such as the SBDC) for a three-year period.
Companies must provide receipts/ signed agreements and/or tax documents and detailed justification to showcase matching funds. Matching funds can come from:
- Reasonable salaries and fringe benefits (paid or waived) of the project manager, other staff, consultants / contractors, and/or students working on the project.
- Travel directly associated with the project and tied to its success.
- Detailed receipts and documentation showcasing what you accomplished on the trip – and why it was critical.
- Materials and/or supplies acquired for the project.
- Time on equipment for work directly tied to the project.
- Capital infusion including: Grants, Debt and Equity funding.
The following sources cannot be considered as part of the 50% applicant-contributed match:
- Funds expended prior to 2020.
- Unused lines of credit
- Discounts on equipment and/or supplies
- In-kind contributions