Advanced Technology - Prototype Development Grants
IT related businesses wishing to diversify or expand into new markets can have difficulty acquiring capital to develop new products. eBizITPA offers Prototype Development Grants to help fund such development.
Grant assistance will be limited to no more than one-half of project costs. Typical assistance ranged from $3,000 - $12,000. Collaboration with college or university based talent is encouraged. This grant cannot be used to reimburse off-shore labor, and we strongly prefer Pennsylvania talent be used when possible.
To be considered for a Prototype Development Grant, a company must submit a three- to five-page proposal by mail, e-mail or fax which includes:
- Company and contact information including contact signature
- Project description, start date, end date
- Development objectives, deliverables & milestones
- Project costs
- Requested amount of grant funding and, specifically, what the grant funding would be used for if awarded
- Development partnerships (eg: academic)
- Results and subsequent action from completed primary or secondary research
- If this project has received funding from eBizITPA previously, then specifics on how the previous funding impacted the project, business, or economy should be detailed
- Benefits sought from new product development
- Potential impact on PA economy (i.e. jobs created or maintained, patents, copywrights, licenses, new company formation, etc)
- Summary business data showing existing costs & revenues, two year estimated costs & revenues (showing the benefits of prototype development on sales, expanded market potential, and/or increased customer satisfaction)
- Intellectual property rights (if any)
Strong proposals will have sound market research that indicates the presence of a sizeable market, intent-to-buy letters from perspective client(s), collaboration with a college or university in terms of faculty and/or student involvement and a description of how commercialization will commence once the new technology has been developed.
Prior to granting funding, eBizITPA will review the new product development proposal, provide acceptance or rejection of the proposal and will discuss funding assistance once a decision has been made.
Payment of grant funds will be made incrementally during the project. The company should submit an invoice to eBizITPA along with supporting documentation. Supporting documentation would include project costs and proof of payment so that the reimbursement can occur. If labor is being reimbursed, supporting documentation should include the employee name, job title, hourly rate, pay period, and the number of hours worked. Payment will be made by eBizITPA to the company will be made within 30 working days of invoice receipt.
