Deadline to submit applications for the 7th round of funding by the Emerging Technology Fund is fast approaching

FOR IMMEDIATE RELEASE
March 15, 2007
 
Houston Technology Center (HTC) issued a reminder that the Gulf Coast Regional Center of Innovation and Commercialization (Gulf Coast RCIC) is now accepting applications for the seventh round of funding for the Texas Emerging Technology Fund (ETF) – including Life Science applications. To date, six companies from the Gulf Coast region have been awarded grants by the ETF and several more are expected to be announced soon. The ETF has awarded a total of 14 grants to companies in Texas so far.

The final application deadline is Tuesday, March 20, 2007, 10:00 a.m. CST
 
The Gulf Coast RCIC also announced that the deadline to submit applications for the next round of funding is Tuesday, May 8, 2007, 10:00 AM CST. A workshop for companies interested in applying for funding by the Texas Emerging Technology Fund will be held on Thursday, April 12, 2007. To register or learn more visit www.gulfcoastrcic.org. 

The Gulf Coast RCIC will be accepting applications for two types of Commercialization Grant awards from the Texas Emerging Technology Fund:

·         Full Commercialization Grants – requests typically in the range of $500K to $2.5M (not to exceed $5M)
 
·         Pre-Seed Commercialization Grants – requests up to $250K, intended for companies that have raised less than $500K of equity.

To qualify for awards from the Texas Emerging Technology Fund, companies must be legally formed and have some prior scientific/technical validation, either via protected IP or prior grant funding. Proposals submitted must have a well-defined collaboration with a Texas university or college and yield a demonstrable economic benefit to the state. The scope of the project should also be defined, along with a commercialization path and a complete business plan. Companies applying for Commercialization Grants should receive matching funds (hard equity) from collaborating project partners, investors or other sources and a payback to the state must be planned in advance.

Projects should result in a medical or scientific breakthrough (potentially disruptive technology), or involve emerging scientific or technology fields that have a reasonable probability of enhancing the state’s national or global economic competitiveness. Awards from the ETF will be an equity investment by the State of Texas, in exchange for warrants.  

Companies interested in applying for an ETF award should attend the Applicant Workshop and contact the Gulf Coast RCIC to verify that they meet the ETF funding requirements. For detailed information, visit the Gulf Coast RCIC web site at www.gulfcoastrcic.org. 

Houston Technology Center (HTC) serves as the Gulf Coast RCIC for the $200 million Fund created by Governor Perry, collaborating with Greater Houston Partnership (GHP) and Economic Development Organizations (EDO) within its 32-county region. The Gulf Coast RCIC accepts all funding applications within its region, including Life Science applications. The ETF aims to  assist small to mid-size technology firms to launch sooner,  expedite the commercialization of new life-changing inventions out of the lab and into the hands of consumers and improve research at Texas universities.  

“The Gulf Coast continues to be a fertile ground for innovative technologies and the State of Texas continues to prove its commitment to supporting technology start-ups as they grow and to further developing the local pool of emerging technology companies for the benefit of our region and the entire state. Houston Technology Center is excited to be part of this effort and support the State in its mission and our community." said Walter Ulrich, President and CEO, Houston Technology Center.

About the Houston Technology Center: Houston Technology Center (HTC) accelerates the commercialization of emerging technology companies in Houston.  A 501(C)(3) corporation and a center of entrepreneurship in Houston, HTC assists Houston-based entrepreneurs within several key sectors: Energy, Technology, Life Sciences, Nanotechnology and NASA-originated technologies. 

-----------------------------------------

For more information please contact:
Bob Prochnow
Director, Gulf Coast RCIC
(
713) 658-1750
BProchnow@HoustonTech.org

Deborah Mansfield
Associate Director, Gulf Coast RCIC
 
Author: Bob Prochnow
Phone: (713) 658-1750
Email: