1. Organized to Invest in Promising Early-Stage Iowa CompaniesThe fund must be organized for the purpose of making investments in promising early-stage companies that have a principal place of business in Iowa.For purposes of this program, a company has a principal place of business in Iowa if at least one of the following is true:At least 50 percent of all employees are located in Iowa. At least 50 percent of total payroll is paid to employees residing in Iowa. The home office for a substantial amount of executive employees is located in Iowa. Documentation required: A signed statement from an officer, director, manager, member, or general partner affirming this commitment., 2. Invests in Innovative BusinessesThe fund must propose to make investments in innovative businesses.An innovative business is a business applying novel or original methods to the manufacture of a product or delivery of a service and includes, but is not limited to, businesses engaged in advanced manufacturing, biosciences, and information technology., 3. Seeks Private Funding SourcesThe fund must seek to secure private funding sources for investment in innovative businesses., 4. Provides Multiple Rounds of FundingThe fund must propose to provide multiple rounds of funding to innovative businesses., 5. Provides Early-Stage Private Sector FundingThe fund must propose to provide early-stage private sector funding to innovative businesses., 6. Focuses Funding on Businesses with High Growth PotentialThe fund must propose to focus funding on innovative businesses with high growth potential.Documentation required: A detailed description of the framework the fund will use to evaluate a business's growth potential.The description must discuss the criteria and process the fund will use to evaluate businesses., 7. Focuses Funding on Businesses Likely to Produce Commercially Viable Products or Services Within a Reasonable PeriodThe fund must propose to focus funding on innovative businesses that show potential to produce commercially viable products or services within a reasonable period of time.Documentation required: A detailed description of the framework the fund will use to evaluate commercial viability and expected time to market., 8. Evaluates Prospective Businesses Using a Rigorous ApproachThe fund must propose to evaluate all prospective innovative businesses using a rigorous approach.Documentation required: A detailed description of the methods by which businesses will be evaluated., 9. Collaborates and Coordinates with IEDA and Other State and Local EntitiesThe fund must propose to collaborate and coordinate with IEDA and other state and local entities in an effort to achieve policy consistency.Documentation required (one or two of the below):A plan describing:Actions the fund will take to collaborate and coordinate with other entities. How the fund intends to ensure consistency with program goals. Supporting documentation may include:Contracts Memoranda of understanding Letters of support Affidavits Joint press releases Meeting summaries including dates, locations, participating entities, and discussion topics , 10. Collaborates with Iowa Regent InstitutionsThe fund must propose to collaborate with Regent institutions of the State of Iowa.Documentation required: Written confirmation of these relationships or documentation demonstrating efforts to establish them., 11. Leverages Relationships with Regent Institutions to Potentially Commercialize ResearchThe fund must propose to leverage relationships with Regent institutions in order to potentially commercialize research developed at those institutions.Documentation required (one or two of the below):Supporting documentation may include:Contracts Memoranda of understanding Letters of support Affidavits Joint press releases Meeting summaries containing meeting dates, locations, participants, and discussion topics , 12. Obtains at Least $3 Million in Binding Investment CommitmentsThe fund must propose to obtain at least $3 million in binding investment commitments.The fund must secure these commitments within one year of certification by the Board.Documentation required: A signed statement from an officer, director, manager, member, or general partner affirming this commitment., 13. Invests at Least $3 Million in Iowa CompaniesThe fund must propose to invest a minimum of $3 million in companies that have a principal place of business in Iowa., 14. Includes Minimum Commitment Provisions in Governing DocumentsThe fund's governing documents must provide for continued operations only if the minimum level of investment commitment is reached.Documentation required: Applicable provisions contained within the fund's governing documents., 15. Provides Certified Organizational DocumentsThe fund must submit copies of its organizational documents certified by the chief executive officer of the innovation fund.Acceptable documents include:Certificate of limited partnership Limited partnership agreement Articles of organization Operating agreement Certification should include a typewritten certification statement, signature, printed name, and date., 16. Provides Information Regarding Anticipated InvestmentsThe fund must provide any available information regarding the timing and amounts of investments anticipated during the existence of the fund.Documentation required: Any available projections, schedules, or descriptions regarding anticipated investments or capital calls.

Question

1. Organized to Invest in Promising Early-Stage Iowa CompaniesThe fund must be organized for the purpose of making investments in promising early-stage companies that have a principal place of business in Iowa.For purposes of this program, a company has a principal place of business in Iowa if at least one of the following is true:At least 50 percent of all employees are located in Iowa. At least 50 percent of total payroll is paid to employees residing in Iowa. The home office for a substantial amount of executive employees is located in Iowa. Documentation required: A signed statement from an officer, director, manager, member, or general partner affirming this commitment.,  2. Invests in Innovative BusinessesThe fund must propose to make investments in innovative businesses.An innovative business is a business applying novel or original methods to the manufacture of a product or delivery of a service and includes, but is not limited to, businesses engaged in advanced manufacturing, biosciences, and information technology.,  3. Seeks Private Funding SourcesThe fund must seek to secure private funding sources for investment in innovative businesses.,  4. Provides Multiple Rounds of FundingThe fund must propose to provide multiple rounds of funding to innovative businesses.,  5. Provides Early-Stage Private Sector FundingThe fund must propose to provide early-stage private sector funding to innovative businesses.,  6. Focuses Funding on Businesses with High Growth PotentialThe fund must propose to focus funding on innovative businesses with high growth potential.Documentation required: A detailed description of the framework the fund will use to evaluate a business's growth potential.The description must discuss the criteria and process the fund will use to evaluate businesses.,  7. Focuses Funding on Businesses Likely to Produce Commercially Viable Products or Services Within a Reasonable PeriodThe fund must propose to focus funding on innovative businesses that show potential to produce commercially viable products or services within a reasonable period of time.Documentation required: A detailed description of the framework the fund will use to evaluate commercial viability and expected time to market.,  8. Evaluates Prospective Businesses Using a Rigorous ApproachThe fund must propose to evaluate all prospective innovative businesses using a rigorous approach.Documentation required: A detailed description of the methods by which businesses will be evaluated.,  9. Collaborates and Coordinates with IEDA and Other State and Local EntitiesThe fund must propose to collaborate and coordinate with IEDA and other state and local entities in an effort to achieve policy consistency.Documentation required (one or two of the below):A plan describing:Actions the fund will take to collaborate and coordinate with other entities. How the fund intends to ensure consistency with program goals. Supporting documentation may include:Contracts Memoranda of understanding Letters of support Affidavits Joint press releases Meeting summaries including dates, locations, participating entities, and discussion topics ,  10. Collaborates with Iowa Regent InstitutionsThe fund must propose to collaborate with Regent institutions of the State of Iowa.Documentation required: Written confirmation of these relationships or documentation demonstrating efforts to establish them.,  11. Leverages Relationships with Regent Institutions to Potentially Commercialize ResearchThe fund must propose to leverage relationships with Regent institutions in order to potentially commercialize research developed at those institutions.Documentation required (one or two of the below):Supporting documentation may include:Contracts Memoranda of understanding Letters of support Affidavits Joint press releases Meeting summaries containing meeting dates, locations, participants, and discussion topics ,  12. Obtains at Least $3 Million in Binding Investment CommitmentsThe fund must propose to obtain at least $3 million in binding investment commitments.The fund must secure these commitments within one year of certification by the Board.Documentation required: A signed statement from an officer, director, manager, member, or general partner affirming this commitment.,  13. Invests at Least $3 Million in Iowa CompaniesThe fund must propose to invest a minimum of $3 million in companies that have a principal place of business in Iowa.,  14. Includes Minimum Commitment Provisions in Governing DocumentsThe fund's governing documents must provide for continued operations only if the minimum level of investment commitment is reached.Documentation required: Applicable provisions contained within the fund's governing documents.,  15. Provides Certified Organizational DocumentsThe fund must submit copies of its organizational documents certified by the chief executive officer of the innovation fund.Acceptable documents include:Certificate of limited partnership Limited partnership agreement Articles of organization Operating agreement Certification should include a typewritten certification statement, signature, printed name, and date.,  16. Provides Information Regarding Anticipated InvestmentsThe fund must provide any available information regarding the timing and amounts of investments anticipated during the existence of the fund.Documentation required: Any available projections, schedules, or descriptions regarding anticipated investments or capital calls.

Accepted Answer

1. Organized to Invest in Promising Early-Stage Iowa CompaniesThe fund must be organized for the purpose of making investments in promising early-stage companies that have a principal place of business in Iowa.For purposes of this program, a company has a principal place of business in Iowa if at least one of the following is true:At least 50 percent of all employees are located in Iowa. At least 50 percent of total payroll is paid to employees residing in Iowa. The home office for a substantial amount of executive employees is located in Iowa. Documentation required: A signed statement from an officer, director, manager, member, or general partner affirming this commitment.,  2. Invests in Innovative BusinessesThe fund must propose to make investments in innovative businesses.An innovative business is a business applying novel or original methods to the manufacture of a product or delivery of a service and includes, but is not limited to, businesses engaged in advanced manufacturing, biosciences, and information technology.,  3. Seeks Private Funding SourcesThe fund must seek to secure private funding sources for investment in innovative businesses.,  4. Provides Multiple Rounds of FundingThe fund must propose to provide multiple rounds of funding to innovative businesses.,  5. Provides Early-Stage Private Sector FundingThe fund must propose to provide early-stage private sector funding to innovative businesses.,  6. Focuses Funding on Businesses with High Growth PotentialThe fund must propose to focus funding on innovative businesses with high growth potential.Documentation required: A detailed description of the framework the fund will use to evaluate a business's growth potential.The description must discuss the criteria and process the fund will use to evaluate businesses.,  7. Focuses Funding on Businesses Likely to Produce Commercially Viable Products or Services Within a Reasonable PeriodThe fund must propose to focus funding on innovative businesses that show potential to produce commercially viable products or services within a reasonable period of time.Documentation required: A detailed description of the framework the fund will use to evaluate commercial viability and expected time to market.,  8. Evaluates Prospective Businesses Using a Rigorous ApproachThe fund must propose to evaluate all prospective innovative businesses using a rigorous approach.Documentation required: A detailed description of the methods by which businesses will be evaluated.,  9. Collaborates and Coordinates with IEDA and Other State and Local EntitiesThe fund must propose to collaborate and coordinate with IEDA and other state and local entities in an effort to achieve policy consistency.Documentation required (one or two of the below):A plan describing:Actions the fund will take to collaborate and coordinate with other entities. How the fund intends to ensure consistency with program goals. Supporting documentation may include:Contracts Memoranda of understanding Letters of support Affidavits Joint press releases Meeting summaries including dates, locations, participating entities, and discussion topics ,  10. Collaborates with Iowa Regent InstitutionsThe fund must propose to collaborate with Regent institutions of the State of Iowa.Documentation required: Written confirmation of these relationships or documentation demonstrating efforts to establish them.,  11. Leverages Relationships with Regent Institutions to Potentially Commercialize ResearchThe fund must propose to leverage relationships with Regent institutions in order to potentially commercialize research developed at those institutions.Documentation required (one or two of the below):Supporting documentation may include:Contracts Memoranda of understanding Letters of support Affidavits Joint press releases Meeting summaries containing meeting dates, locations, participants, and discussion topics ,  12. Obtains at Least $3 Million in Binding Investment CommitmentsThe fund must propose to obtain at least $3 million in binding investment commitments.The fund must secure these commitments within one year of certification by the Board.Documentation required: A signed statement from an officer, director, manager, member, or general partner affirming this commitment.,  13. Invests at Least $3 Million in Iowa CompaniesThe fund must propose to invest a minimum of $3 million in companies that have a principal place of business in Iowa.,  14. Includes Minimum Commitment Provisions in Governing DocumentsThe fund's governing documents must provide for continued operations only if the minimum level of investment commitment is reached.Documentation required: Applicable provisions contained within the fund's governing documents.,  15. Provides Certified Organizational DocumentsThe fund must submit copies of its organizational documents certified by the chief executive officer of the innovation fund.Acceptable documents include:Certificate of limited partnership Limited partnership agreement Articles of organization Operating agreement Certification should include a typewritten certification statement, signature, printed name, and date.,  16. Provides Information Regarding Anticipated InvestmentsThe fund must provide any available information regarding the timing and amounts of investments anticipated during the existence of the fund.Documentation required: Any available projections, schedules, or descriptions regarding anticipated investments or capital calls.

Innovation Fund Certification Eligibility Requirements

Megan Brandt

Iowa Economic Development Authority | Iowa Finance Authority

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Innovation Fund Certification Eligibility Requirements

List items for Innovation Fund Certification Eligibility Requirements

1. Organized to Invest in Promising Early-Stage Iowa Companies

2. Invests in Innovative Businesses

3. Seeks Private Funding Sources

4. Provides Multiple Rounds of Funding

5. Provides Early-Stage Private Sector Funding

6. Focuses Funding on Businesses with High Growth Potential

7. Focuses Funding on Businesses Likely to Produce Commercially Viable Products or Services Within a Reasonable Period

8. Evaluates Prospective Businesses Using a Rigorous Approach

9. Collaborates and Coordinates with IEDA and Other State and Local Entities

10. Collaborates with Iowa Regent Institutions

11. Leverages Relationships with Regent Institutions to Potentially Commercialize Research

12. Obtains at Least $3 Million in Binding Investment Commitments

13. Invests at Least $3 Million in Iowa Companies

14. Includes Minimum Commitment Provisions in Governing Documents

15. Provides Certified Organizational Documents

16. Provides Information Regarding Anticipated Investments

Megan Brandt