Entrepreneurship and Innovation Fund
Area 23 LABS 2023 Entrepreneurship and Innovation Fund supports underrepresented founders and nonprofits that serve underrepresented communities.
Highlights
Key Dates:
Application Period: September 21-October 21, 2023 5pm EST
Review Panels: November 14-30, 2023.
Winners Selected: Early December, 2023.
Funds Disbursed to Winners: Mid-December, 2023.
Stream 1: Nonprofits that Serve Underrepresented Communities
Capital is universally difficult to raise, and this is compounded when founders face unconscious bias, barriers to equal opportunity and historic under-representation. Equitable access to investment for underrepresented founders benefits all founders in our ecosystem. In recognition of this, Stream 1 of AREA 23 LABS Entrepreneurship and Innovation Fund 2023, in partnership with York Region, will be awarding $10,000 of funding to nonprofit organizations promoting opportunities for underrepresented founders in the region.
Ready to apply? Click here.
Application Requirements
- Applications are open until October 21, 2023
- Completed application form
- Project work plan
- Proposed budget
- Most recent financial statements (no more than 12 months old)
Eligibility
- Leadership and /or governance is made up of at least 51% diverse individuals
- Programming geared towards supporting underrepresented communities
- Applicant must be a not-for-profit New Jersey-based organization or the proposed activities must take place in New Jersey
- Applicant organization/entity are limited to one application/project each round
- Previously funded recipients must put forward a net new project or initiative in order to apply for another round of funding
Some examples of eligible projects:
Innovation is relative and dynamic. We are seeking projects that will generate excitement and drive innovation, elevating sustainability in New Jersey and beyond while expanding inclusion, diversity, and accessibility.
- Information and knowledge dissemination through workshops
- Community outreach and engagement
- Digitizing communities
What’s not supported by the fund for Stream 1?
- Individuals or for-profit entities
- Any companies or organizations participating as part of the selection committee will not be eligible to apply for any of the Streams
Fund Guidelines
- Projects could be up to 10 months in length.
- Fund recipients are required to show access to matching funds of the amount requested. For example, if requesting $5,000 from the fund, the applicant would need to match a contribution of $5,000.
- Awarded funds will be disbursed after the signing of the Funding Agreement, within 30 business days.
- Fund recipients are asked to demonstrate project completion by submitting a Final Project Report.
- Any project cannot be funded for more than twice, and previously funded recipients will not be eligible for two consecutive rounds of funding.
Evaluation Criteria
Eligible applications will be evaluated and scored based on:
- Community impact and economic benefits for York Region
- Organizational capacity and governance
- Collaborative innovation, i.e. are you collaborating with other regional partners for this project
- Diversity, equity and inclusion, i.e. how are you meeting the needs of underrepresented communities
- Clarity and completeness of the project application
Interested? Apply by submitting an application here. Applications close October 21, 2023 5PM EST.
Stream 2: Underrepresented Founders
AREA 23 LABS is committed to contributing to levelling the playing field for underrepresented founders by opening more doors to capital. This year, the Entrepreneurship and Innovation Fund is awarding $10,000 of funding to 7 eligible companies comprised of underrepresented founders.
Ready to apply? Click here.
Application Requirements
- Applications are open until October 21, 2022
- Completed application form
- Pitch deck
Eligibility
- Incorporated in New Jersey
- North East region of the United States, actively engaged and/or willing to engage with a New Jersey innovation partner for at least six (6) months upon being awarded the funds
- Venture size of 1-99 employees; minimum one business and one technical co-founder
- Venture has a minimum viable product and/or is at the validation stage with initial customer traction
- Venture can match the $10,000 fund
- Venture has not received previous funding from the Entrepreneurship and Innovation Fund
- Applicants across all industries and sectors will be eligible
- Founder is a member of an underrepresented community as defined below:
- Women
- Racialized Individuals: persons, who are non-Caucasian in race or non-white in color
- LGBTQ2+ lesbian, gay, bisexual, transgender, queer, Two-Spirit, or those who identify with another non-binary gender or minority sexual identity (LGBTQ2+)
- Persons with disabilities: persons who have a long-term or recurring physical, mental, sensory, psychiatric or learning impairment and who consider themselves to be disadvantaged in employment by reason of that impairment, or believe that an employer or potential employer is likely to consider them to be disadvantaged in employment by reason
- Immigrant or Refugee
Some examples of eligible projects:
- Legal advice, such as IP strategy or regulatory issues
- Market validation activities
- Lead generation opportunities, technology development, or projects that will help the company achieve a critical objective or milestone
- Adapting an applied AI product to address supply chain inefficiencies
- Hiring an external consultant with subject matter expertise that contributes to the company’s commercialization or growth
What’s not supported by the fund?
- Sole-proprietors
- Activities in support of regular maintenance and/or ongoing operation costs
- Regularly scheduled capital expenditures and/or asset replacement
- Refinancing of an existing debt
- Acquisition of land and buildings
Fund Guidelines:
- Fund recipients are required to show access to matching funds of the amount requested. For example, if requesting $5,000 from the fund, the applicant would need to match a contribution of $5,000.
- Awarded funds will be disbursed after the signing of the Funding Agreement, within 30 business days.
- Fund recipients are asked to demonstrate project completion by submitting a Final Project Report.
- Applicants are limited to one application each round, and previously funded recipients will not be eligible for a second round of funding.
Evaluation Criteria:
Eligible applications will be evaluated and scored based on:
- Business viability and growth potential
- Community impact and economic benefits for York Region
- Proposed use of award funds and impact on the business
- Quality of application
Interested? Apply by submitting an application here. Applications close October 21, 2022 5PM EST.
Our Team
Past Recipients
