The Launch Grant, offered by the Commonwealth Commercialization Fund through VIPC’s Launch program, is designed to support high-potential, early-stage companies in Virginia. This initiative targets startups that are in the pre-minimum viable product stage but show promise in commercializing innovation and contributing to the economic growth of the Commonwealth. The grant aims to propel these companies towards securing subsequent funding by providing financial support and resources.

The Launch Grant provides a $50,000 funding opportunity for transformative companies at the earliest stages of their formation. To be eligible for this grant, companies must meet specific criteria, including being in the pre-MVP stage and having no product revenue. Additionally, the companies must not have raised any angel or venture capital. However, they can have raised up to $300,000 from family and friends, as long as these funds were secured at least 90 days before the application.

Applicants must provide a 1:1 non-dilutive capital or in-kind match to qualify for the grant. The application process is competitive, with VIPC reviewing submissions quarterly and awarding grants to only the most promising companies. Annually, VIPC expects to distribute a total of 20 grants. The grant funding process is streamlined, with a 60-day cycle from the opening of the application period to the disbursement of funds, which are provided in a single tranche.

VIPC retains participation rights, allowing them the option, but not the obligation, to make future investments in the companies they fund. This aspect of the program underscores the commitment to fostering long-term relationships with the companies they support.

Currently, VIPC is accepting applications for the Launch Grant. For those interested in the Q4 FY25 solicitation, applications must be submitted by May 2, 2025. This deadline is crucial for companies aiming to secure funding in this cycle.

The Launch Grant represents a significant opportunity for early-stage companies in Virginia to access essential funding and support, potentially accelerating their path to market and commercial success.