The EDGE policy board is accepting applications from Oklahoma entrepreneurs who might have a few good ideas up their sleeves but no money to get started. EDGE was established in 2004 by the state legislature to invest in Oklahoma-based technology and research projects.
For 2012, the total funding available is approximately $6 million. Those eligible for the funding include both public and private higher education institutions, non-profit research foundations based in state, and any other non-profit or for-profit companies and research organizations.
The goal is to get new technology and services to market.
“Oklahoma is home to many creative and innovative ideas, but too often these ideas are not moved to the stage of commercialization,” EDGE Executive Director Paul Risser said. “Oklahoma needs economic development funding programs such as EDGE to help get these innovative ideas to market – to help the businesses grow, add jobs and contribute tax revenue.”
Seven projects shared more than $11 million in EDGE funding for 2010-2011. It resulted in eight new businesses and more than $100 million in grants and contracts, the organization reported. Set up as an endowment, only the interest earned on the original sum is used for the awards. No additional state funds are sought for the program.
Past projects have included agriculture, biomedical, energy, aerospace, information technology and other industries. EDGE also awards a one-year grant through its Innovative Ideas Program. Those provide less than $25,000 for up to five innovative early stage strategy and technology projects.
Proposals for EDGE and the IIP program are both due by May 30. The EDGE board will review the pre-proposals and for those deemed at the top of their class will be invited to submit fill proposals due in September.