Six Startups Awarded Funds In Arizona Innovation Challenge

Date: July 06, 2015

Startups Hail From Arizona, Provide Tech, Medical Services

The Arizona Commerce Authority last week announced the six winners of its Spring 2015 Arizona Innovation Challenge. The finalists, announced Wednesday, hailed from across Arizona, and came after judges examined 138 applications for the initial round, narrowing that pool down to 25 semi-finalists. Each of the finalists in the small business startup competition received $250,000 in grant funds to dedicate towards funding their small business. Each company was analyzed based on criteria that included “technology potential, marketing strategy, quality of management team and economic impact,” the announcement said.

The Arizona Republic reported details of the winning companies. Scottsdale, AZ-based RightBio Metrics was one of the six winners. The company crafts pH measurement devices for use among clinicians. Co-founder Dr. Paul Gilbert, and ER doctor, said the $250,000 grant will help the company “continue to grow our business in Arizona and support the local economy.” Bret Larsen, CEO of finalist eVisit, said receiving a grant will enable the company “to accelerate our growth and help more health-care providers treat their patients remotely, ultimately improving the quality and accessibility of health-care.” Other award winners include cloud-based software firm CampusLogic, food manufacturer RBar Energy, automotive software provider RevolutionParts, and automated security response platform provider Swimlane.

What Happens Next

The Arizona Commerce Authority holds its innovation competition twice each year, so startups not selected for Spring 2015 grants will have an additional opportunity to compete in the Fall of 2015.

What This Means For Small Businesses

Startup owners need funds to go from business plan to finished product, and to continue to grow their small businesses. Arizona’s effort to hold a startup competition twice each year and award area startups with funds to help their businesses grow is a signal that the state is working to become more small-business friendly.

Additional Reading

NFIB previously noted Arizona’s falling ranking among US states for best place to do business.

Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.

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