The Arizona Commerce Authority selected ten companies as finalists for the first round of the 2012 Arizona Innovation Challenge. These companies will make a final pitch to a panel of expert judges in hopes of winning a share of $1.5 million to commercialize their innovative technology ideas. Winners will be announced on May 15.
When Commerce Authority CEO Don Cardon today announced the 10 finalists he shocked the crowd of about 50 people by announcing that all 15 companies that did not make the cut would each be receiving a $5,000 check. According to the Yellow Sheet the “announcement was met with silence and then applause from the startled group of business owners, whom Cardon called the “elite” of Arizona.”
“The ACA received hundreds of applications, and while only a select few are moving on to the finals, I am continually impressed by the level of talent and innovation Arizona’s great minds have to offer,” said Don Cardon, president and CEO of the Arizona Commerce Authority. “Technology start-ups ignite job and wealth creation, and the Arizona Innovation Challenge is a smart and aggressive investment in our state’s economic future.”
The Arizona Innovation Challenge is the largest financial prize of its kind in the country. It advances innovation and technology commercialization opportunities in Arizona by supporting early stage ventures in Arizona’s targeted industries of renewable energy and sustainability, bio and life sciences, electronics, information technologies, aerospace and defense and advanced manufacturing. The ACA will award a total of $3 million to deserving start-ups in 2012, with a new round of competition beginning in the fall.
Start-ups receiving awards will be required to commercialize their technology solution and generate revenue within one year of the award. All companies will receive significant feedback generated from the evaluation process and a seasoned panel of evaluators, be invited to partner with commercialization resources across Arizona, and will be evaluated for eligibility in other ACA incentive programs like the Angel Investment Program.
The 2012 Arizona Innovation Challenge finalists are:
• Acudora
• Agave Semiconductor
• Cancer Prevention Pharmaceuticals
• HJ3 Composite Technologies
• Kutta Radios
• MaxQ Technology
• PathoGene
• Serious Integrated
• SyCara Wholesalefund
Arizona is a recognized leader in the nation for entrepreneurial activity. The 2012 Kauffman Index of Entrepreneurial Activity ranks Arizona #1 in the nation for entrepreneurial activity. Milken Institute’s 2010 State Technology and Science Index ranks Arizona 9th in risk capital and entrepreneurial infrastructure and the state has ranked in the top ten for small business lending.
Through a suite of programs, including the Arizona Innovation Challenge, the Arizona Innovation Accelerator Fund, the AZ Fast Grants, and the Arizona State Trade and Export Promotion Program, Arizona is helping start-ups bring their ideas to life, expand, and serve as a catalyst for job creation and economic growth.