GCRCIC announcing a third round of funding by the Texas Emerging Technology Fund

FOR IMMEDIATE RELEASE

March 06, 2005

 

The Houston Technology Center (HTC) announced today that the Gulf Coast Regional Center of Innovation and Commercialization (GCRCIC) is now accepting applications for the third round of funding for the Texas Emerging Technology Fund (TETF).

 

Early application deadline for the current round of funding is Tuesday, March 21, 2006 10:00 a.m. CST and final application deadline is Tuesday, March 28, 2006, 10:00 a.m. CST.

 

To qualify for a Commercialization Grant 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 be developed in 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. Projects 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.

Grant requests for pre-seed stage companies should be in the range of $100K to $750K.  Early stage company requests should be in the range of $500K to $2.5M (not to exceed $5M).

Priority will be given to projects that may result in a medical or scientific breakthrough (potentially disruptive technology) or to projects that involve emerging scientific or technology fields that have a reasonable probability of enhancing the state’s national or global economic competitiveness.

 

For detailed information about the Emerging Technology Fund, visit the Gulf Coast RCIC web site at www.gulfcoastrcic.org.

 

The Houston Technology Center (HTC), is the Gulf Coast RCIC for the Texas Emerging Technology Fund, collaborating with Greater Houston Partnership (GHP) and all the Economic Development Organizations (EDO) within its 32-county region. The GCRCIC accepts all funding applications within its region.

The TETF was created in June 2005 by Governor Rick Perry, allocating $200 million 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. Seven regional centers and one dedicated to life sciences projects only, are assisting the administration of the fund in Texas by receiving applications from individuals and companies, researching each application and submitting recommendations to the Texas Emerging Technology Committee in Austin, TX. The Committee reviews the RCIC approved business plans and submits its recommendations to the Governor, Lt. Governor and Speaker who determine quarterly which projects will be funded. 

“As we launch the third round of funding by the Texas Emerging Technology Fund, we are very pleased to see the momentum generated by the program and the excitement within the technology sector and the business community at large. The RCIC structure helps us elevate the collaboration between the various economic development organizations in our region and strengthen the ties between the different regions”, said Paul Frison, President and CEO of the Houston Technology Center. “We are also glad to be working more closely with the Texas institutes of higher education in our quest to open the door for our local innovative talent”, he said.

The GCRCIC will hold a workshop on Tuesday, March 14, 2006 for companies interested in applying for funding by the Texas Emerging Technology Fund. For more information visit www.houstontech.org.

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, Information Technology, Life Sciences, Nanotechnology and NASA-originated technologies.

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

For more information please contact:

Aruna Viswanathan

GCRCIC Project Manager

(713) 658-1750

arunavi@houstontech.org

Author: Bob Prochnow
Phone: (713) 658-1750
Email:
Category: htc | Sub Category: gcrcic