SALT LAKE CITY — The Governor’s Office of Economic Development’s Technology Commercialization and Innovation Program has awarded grants to 20 Utah companies and university teams to help bring cutting-edge technologies to market.
“Innovation and entrepreneurship drive Utah’s diverse economy,” Val Hale, GOED executive director, said in a statement. “The grant recipients represent a wide range of technologies, from consumer software to medical devices and manufacturing advances. We are excited to see these companies develop and grow.”
The grant recipients are: Ancestor Cloud Inc., CureMD LLC, Elastocrete LLC, Gruv Fishing, Inertial Sense, InnoSys, Microsurgical Innovations Inc., Novi Security, Nozzle, PK Clean, Promotus, QRP, Simplicity Airway Inc., Spectra Symbol, Storj Labs, University of Utah Airway Management Devices, Veritas Medical, Waterbear Life Devices (LIYEN Inc.), Whistic Inc. and ZipBooks.
The technology commercialization program helps small businesses secure non-dilutive funding at critical stages of technology development. This year’s grant solicitation was the most competitive in the history of the program, with 183 applicants requesting funds in excess of $18 million out of $1.8 million available.
Qualified technologies may receive grants of up to $100,000. Recipients may also take advantage of mentorship opportunities and entrepreneurial curriculum.
Applicants are vetted through volunteer review panels made up of local industry experts. The panels recommend awards based on technical merit, team experience, level of matching funds and potential for job creation in the state.
Companies receive funding upon meeting required performance metrics, such as the completion of technical or business milestones.