Keywords/Themes: Science, Entrepreneur, Funding, Venture Capital, Getting started, Research & Development, Accelerate/Rapid
The First Fund program provides early stage startups funding for easy and quick access to the Delaware Innovation Space’s business building expertise, core programs, scientific equipment, and extensive state of the art laboratories. The First Fund provides a science startup with fundning that can be used to fund its monthly site-license costs for residency at the Delaware Innovation Space.
“One of the biggest barriers in building a science based business is access to early stage capital,” said William D. Provine, Delaware Innovation Space President and CEO. “Science startups require specialized capabilities that routinely incur substantial cash outlays even at the earliest stages of development,” according to Provine, “raising funds for scientific startups can take in excess of 12 months in today’s economic climate, delaying the start of critical work by more than a year. The goal of First Fund is to provide science entrepreneurs a mechanism to start the critical lab and business development work today, getting them to successfully complete their early critical business milestones in rapid fashion.”
The First Fund was designed to help early stage science startups with the following characteristics:
• Main focus area in Healthcare, Industrial Biotechnology, Advanced Materials, Nutrition, Renewable Energy, or Chemical Ingredients.
• Compelling business model focused upon a validated problem or opportunity