Wilmington, Del.-based Delaware Innovation Space has launched First Fund to provide funding to early stage startups.
Eligible startups can each secure up to $75k investment from the First Fund Program, via a convertible note, funding monthly site-license costs for residency at the Delaware Innovation Space.
First Fund is designed for early stage science startups with the following characteristics:
- Main focus area in Healthcare, Industrial Biotechnology, Advanced Materials, Nutrition, Renewable Energy, or Chemical Ingredients.
- Compelling business model focused upon a validated problem or opportunity
- Under 3 years since company formation
- Raised less than $500,000 total to date, including both dilutive and non-dilutive funding
They can also access Delaware Innovation Space’s business building expertise, core programs, scientific equipment, and extensive multi-use wet laboratories.
Led by William D. Provine, President and CEO, Delaware Innovation Space is a multi-dimensional, non-profit incubator & accelerator for start-ups leveraging the expertise, resources, and infrastructure of the world renown Experimental Station campus in Wilmington, Delaware. It is a public-private partnership between the State of Delaware, DuPont and the University of Delaware.
Companies seeking funding from the First Fund program will start by completing an on-line application.
Additional information are available at: https://deinnovates.org/first-fund-program/