GRANT AMOUNT (UP TO):
$50,000
DETAILS:
Innovate ND is a voucher-based reimbursement program designed to help North Dakota entrepreneurs advance their businesses by supporting customer and market research. Each participant may receive up to $50,000 in reimbursable expenses, administered through the Entrepreneur Centers. The program is divided into two phases, each offering up to $25,000 in reimbursements. Participants have six months per phase, with a maximum of 12 months to complete the full program.
ELIGIBILITY:
To qualify, the business:
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Is headquartered in North Dakota.
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Is registered and in good standing with the North Dakota Secretary of State’s Office.
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Is scalable with the potential to become a certified primary sector business.
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Must demonstrate in their application they have reached the following levels in their application and pitch to the Panel:
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Founding Team: Founder(s) with a team of different skillsets and aspirations to scale.
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Problem: Team has identified a specific problem and the problem is large enough to have significant market potential or have significant market share.
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Value Proposition: Team has clarified what they believe is the unique value proposition for their target audience.
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Customer Validation: Team has evidence to support they have potential customers that are willing to pay for their solution.
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Product: Team has a basic prototype or proof-of-concept that solves the problem and/or has a product development roadmap.
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Go-to-Market: Team has a basic understanding of their industry and can identify the target customer, the total addressable market, and their initial go-to-market strategy with supporting key metrics.
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Business Model: Team has identified an initial revenue model and can point to similar products in the market as evidence their revenue assumptions are reasonable.
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Business Roadmap: Team has identified a 12-month roadmap for their business with milestones and key assumption
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