Prototype Development Award Guidelines
The Turner Center for Entrepreneurship at Bradley University (TCE), with funding provided by the Illinois Department of Commerce and Economic Opportunity (DCEO), has established a award program to assist individual entrepreneurs or small businesses in the development of prototypes for new innovations. Qualified applicants are eligible to receive award funding in an amount not to exceed $2,500 to pay the costs associated with developing a prototype.
Summary of Application and Award Process
Award applications completed in accordance with the instructions established by TCE shall be reviewed and evaluated by TCE staff. TCE anticipates a significant demand for this award program. As such, the application process will be competitive and the award process will be based on project viability, and commercialization potential. Applications will be accepted beginning August 1, 2011 and will be reviewed and awarded to successful applicants in the order received. Funds available for this program are limited and the program will cease when all award funds have been exhausted. If all funds have not yet been awarded, June 15, 2012 will be the last date applications are accepted. Incomplete applications will not be evaluated for funding potential.
Eligible applicants include any entrepreneurial business of 500 employees or less, located in the following Counties: Peoria, Tazewell, Woodford, Fulton, Stark, Mason and Marshall. The eligible business is or will be engaged in creating new services or products with commercialization potential. Each Applicant (includes any affiliates of the Applicant) is only eligible to receive one (1) award award under this program, regardless of whether or not they have reached the $2,500 maximum award amount.
Eligible Project Costs
The focus of this program is very narrow. The only eligible project costs are the costs associated with engaging the services of an external, third party company, to develop a prototype of a new innovation. Funding shall not be available to pay salaries or expenses of the applicant or for internal prototype development costs. Project costs incurred prior to June 15, 2011 will not be paid under this program.
The maximum funding available per individual award is up to $2,500. There is no match requirement from the Applicant. Payment for eligible prototype development services will be made by TCE upon receipt of an invoice from the prototype development service provider. One payment for the entire amount of the award will be made directly to the service provider. No partial or progress payments will be made. No payment shall be made until TCE receives the FEIN or Social Security Number of the payment recipient.
Award Application Assistance
For additional assistance please contact the Turner Center for Entrepreneurship at (email@example.com) or 309-677-4321.