Treadwell Corp., a Wilmington-based venture that markets a blood flow device to a commercial market, is one of 25 semi-finalists in NC IDEA’s spring 2014 grant cycle, according to a news release from Durham-based NC IDEA.
The release stated that these semi-finalists were chosen from the 133 applications received from North Carolina startups that are focused on software, information technology, medical devices or material sciences. Four to six startups from the group will ultimately be awarded grants of up to $50,000 each.
Treadwell, which owns a patent for the methodology for increasing a user’s blood flow through use of a simple treadle device, sells the device to health care institutions and medical professionals, said company CEO Jerry Collins. Sales to the consumer market are the province of GO2 LLC, also located in Wilmington.
Collins said that Treadwell and other semi-finalists must submit a detailed proposal to NC IDEA by April 11. Those proposals will be evaluated, and in May the selected finalists will present before a review panel of investors, industry experts and entrepreneurs.
Treadwell was the only semi-finalist in eastern North Carolina; Collins met officials from NC IDEA at an event in Wilmington hosted by University of North Carolina Wilmington's Center for Innovation and Entrepreneurship, said center director Jim Roberts. The other semi-finalists are all in the Triangle, Piedmont Triad or Charlotte areas.
According to the release, NC IDEA grants are designed to support business plan research and development, reduce the risk of early failure and advance the ventures to a level at which they are of sufficient maturity to attract angel or venture capital investment.
Grant recipients also benefit from mentoring by successful entrepreneurs and experienced investors; use of MBA interns; in-kind services from attorneys, accountants and marketing consultants; public recognition; and access to growth capital.
NC IDEA, a 501(c)(3) not-for-profit organization, targets promising technology companies that need help bridging the gap between initial product development and venture capital funding.
