Three Wilmington companies are on the semi-final list for grants from NC IDEA, according to an announcement Wednesday by the Durham-based organization.
The three companies, Brand Assurance, Surgilum and The Education App LLC, are among 22 companies from across the state that have been invited to submit a more detailed proposal to the organization by mid-October, according to the news release. At the beginning of November, NC IDEA will select the finalists, who will pitch to a panel of investors, industry experts and entrepreneurs.
Four to six grant recipients will be announced in early December, the release stated. The grants, which can be as much as $50,000 per recipient, support “business plan research and development, reduce the risk of early failure and advance projects to the point of suitability for angel or venture capital investment,” the release stated.
Brand Assurance, founded in early 2015 by former Next Glass marketing executive Jim Kittridge, is a software platform that a business can use to help manage its online reputation.
Surgilum, created by ophthalmologist Alan Brown in 2013, creates products for physicians. Its first device is the RoboMarker, released in June, which aims to simplify the process for marking the cornea for certain eye surgeries.
The Education App LLC was rolled out earlier this year by Jonathan Weiss and Tim Fields as part of a family of applications that use a common platform and can talk to each other. The apps are in use locally for the city of Wilmington, New Hanover County and various area attractions. Weiss said Wednesday that The Education App is now in use by all 44 New Hanover County public schools, which are gradually adding content to help students and their families stay abreast of school news, alerts and regulations. Eventually, Weiss said, all school-related forms will be available through the app and can be signed using DocuSign.
There is more to winning than the grant alone, NC IDEA officials say. The winners also benefit from mentoring by successful entrepreneurs and experienced investors, and come to the attention of possible sources of capital. They also have access to MBA students to use as interns and are eligible for in-kind services from attorneys, accountants and marketing consultants.
Since its inception in 2006, NC IDEA’s grant program has awarded nearly $4 million to 98 companies across the state, according to the release. Grants are made semi-annually.
Wilmington-based companies have been semi-finalists before. This past spring, Xili Mobile, KWIPPED and Likeli made that list, with KWIPPED moving on to the finalist round. Earlier local semi-finalists were Treadwell Corp. and WhittleDATA.
NC IDEA is a 501(c)(3) not-for-profit organization that targets promising technology companies that need help bridging the gap between initial product development and venture capital funding, according to the organization’s website. In addition to providing early financing – largely in the form of grants – NC IDEA uses its network to connect young companies to potential partnerships and strategic alliances.
