Name of Funding Organization: Commonwealth Commercialization Fund (CCF)
Contact Information: Applications can be submitted online at https://www.cybergrants.com/vipc/ccf/apply
Award Details: Grants range from up to $100,000 to $300,000 across three tiers. Currently, only Tier 1 grants up to $100,000 are being accepted. The turnaround time for a typical application is expected to be 90 days.
Eligibility: Virginia's public and private colleges and universities, as well as eligible nonprofit Virginia-based research institutes. The technology being developed should address one of the targeted industries listed in the grant opportunity. Applicants should have received no more than two CCF higher ed awards for the proposed project.
Other Relevant Information: There are three funding tiers - Tier 1 (Proof-of-Concept Grant), Tier 2 (Commercialization Grant), and Tier 3 (Advanced Commercialization Grant). Each tier has specific requirements and funding amounts. Matching funds in a minimum one-to-one ratio are required, and project timelines can range from 6-24 months. The selection process involves initial review by VIPC, pitching the project to the CCF team, due diligence, and final approval by the President of VIPC. Evaluation criteria include market need, technical risks, development milestones, budget transparency, and overall potential for commercial success.