Idea Foundry
|
Location |
Pittsburgh, PA |
|
|---|---|---|
|
Build to Scale Program |
Capital Challenge |
|
|
Project Name |
Investing for Impact: Growth Funding Initiative |
|
|
Award Amount |
Federal Share |
Local Match |
|
$250,000 |
$405,215 |
Investing for Impact: Growth Funding Initiative will catalyze growth-stage investments into innovation-backed, high growth-potential companies in Southwestern Pennsylvania. This region is recognized for its considerable research and development pipeline, a rich pool of talent from numerous universities, and a breadth of early-stage entrepreneurial resources that support a diversified regional economy. While these assets provide a robust ecosystem of support for startups, the region faces a decline in early-stage venture capital and other growth capital resources to help these startups survive the valley of death. After exhausting early regional support, many startups are forced to seek larger capital rounds outside of the region, discouraging further local growth. Idea Foundry’s investment initiative will bridge this gap in services, directly matching and connecting maturing startups to its network of regional investors, individual and institutional, ensuring startups are prepared for investment, and providing ongoing guidance to in the pursuit of complete deals. By vetting and preparing maturing startups, these services are designed to encourage efficient and fruitful investment connections and increase not just the rate of regional investment into regional companies, but also the impact and success of these investments. This initiative will support increased capital flow, talent and business retention, and overall economic growth and diversification in the region.