VentureCatalyst Grants
Participants in the MSU VentureCatalyst™ program have access to up to $7,500 in grant funding through the Center for Entrepreneurship and Outreach. These funds may be used to advance a technology or innovation-based company across three rounds of funding. You must be accepted into VentureCatalyst prior to applying. Click Here.
0
Award Amount
Logistics:
- Pitch Length: 5-min
- Q&A: 5-min
- Format: Adobe PDF or MS PowerPoint only
- Medium: USB drive only
Review Dates:
Jan 26th, 2024
12:00pm (101 McCool Hall)
(Apply by 1/19 @ 11:59pm)
Feb 23rd, 2024
12:00pm (101 McCool Hall)
(Apply by 2/16 @ 11:59pm)
Mar 22nd, 2024
12:00pm (101 McCool Hall)
(Apply by 3/17 @ 11:59pm)
Apr 19th, 2024
12:00pm (101 McCool Hall)
(Apply by 4/15 @ 11:59pm)
Stage I
Spark Grants are $500 fixed awards to help new entrepreneurs identify their customers and value proposition and develop a basic proof of concept or mock-up. Funded by alumni donors, the CEO annually awards up to 40 teams, reviewed on a rolling basis by the Peer Review Entrepreneurship Panel (PREP).
Basis for Award
Applicants will be assessed based upon on the following criteria:
- Does the entrepreneur have seriousness, dedication, & focus?
Demonstrates initiative and has put real work into idea; Conveys a sense of determination to push through walls; Shows ability to listen and flexibility to pivots - Are they on the right track as to developing a business model?
Has loosely identified a paying customer; Has an idea of how to market it; Has thought through a business model, not just tech. - Does this have potential to be a real business or trying to prop up a hobby?
Has a relatively unique solution for target market; Has a general awareness of competitive landscape; Recognizes potential to scale beyond Starkville/MSU
Pitch Contents:
- What problem are you solving?
- What product or service are you providing?
- Who is the customer?
- How do you plan to sell to them?
- Who is the competition and how are you better?
0
Award Amount
Logistics:
- Pitch Length: 10-min
- Q&A: 5-min
- Format: Adobe PDF or MS PowerPoint only
- Medium: USB drive only
Review Dates:
Feb 8th, 2024
3:30pm (The Hub)
(Apply by 2/01 @ 11:59pm)
Mar 7th, 2024
3:30pm (The Hub)
(Apply by 2/29 @ 11:59pm)
Apr 4th, 2024
3:30pm (The Hub)
(Apply by 3/28 @ 11:59pm)
Apr 30th, 2023 – Tentative
3:30pm (The Hub)
(Apply by 4/23 @ 11:59pm)
Stage II
Startup Grants provide entrepreneurs up to $2,000 to continue customer and market discovery, develop a minimum viable product (MVP), purchase critical equipment, hire professional legal/accounting/insurance/engineering counsel, or other reasonable requests. Funded by alumni donors, the CEO annually awards up to 20 teams, reviewed on a rolling basis by the Entrepreneurship Center Advisory Board (ECAB).
Basis for Award
Applicants will be assessed based upon on the following criteria:
- Product / Service Definition
The product is complete and clearly defined, understood, and feasible. Contains scalable core innovation. - Customer Understanding
There is a clear grasp of who the customer is and evidence presented of product interest. - Revenue Model
The company has a strong revenue strategy and has shown evidence of embrace. - Market Potential & Scale
There is a large potential market clearly identified that can be reasonably captured. - Sales Channels and Path to Market
A clear path to reaching potential customers exists and realistic sales plan has been established. - Distinctive Advantage
The company provides something novel, unique, and/or special that gives it a competitive advantage. - Grant Impact
The award would have a meaningful impact on this business’s viability and growth rate in its current state.
Content:
- Problem
- Solution
- How it Works
- Customer & Feedback
- Market
- Revenue Model
- Sales Strategy
- Competitive Advantage
- Our Team
- Progress / What‘s Next
- Ask
0
Award Amount
Logistics:
- No pitch, document review only.
- Format: Adobe PDF and MS Excel only
Content:
- Business Plan
- 48-mo Financial Projections
- Pitch Deck
- Product Road Map
- Mentor Endorsement
Application Deadline:
Feb 22th, 2024
11:59pm
(All docs must be submitted)
June 6th, 2024
11:59pm
(All docs must be submitted)
Stage III
Seed Grants provide additional capital up to $5,000 to enable teams to begin the execution of their approved business plan. Proceeds are flexible on the needs of the companies, and up to 50% may be used towards founder’s cost of living (post-graduation only. Funded by alumni donors, the CEO annually awards up to 20 teams, reviewed on a rolling basis by the Investment Review Council (IRC).
Basis for Award
Applicants will be assessed based upon on the following criteria:
- Comprehensive Business Plan
The team has written an extensive, well-researched business plan that is feasible and nearly ready for execution. - 48-month Financial Projection
The business plan contains realistic financial projections that align with the business plan. - Pitch Deck
The pitch deck is a slideshow presentation similar to your ECAB pitch that should focus on illustrating the investment opportunity, and should be able to stand on its own. - Product Roadmap
The team has identified a reasonable plan for remaining product development needs. - Mentor Endorsement
The team’s assigned mentor endorses the team’s business plan, financial projections, and product roadmap. - Investment Readiness or Sustainability
Based on the documents, the business is or is nearly investment ready, OR the team has a clear path to sustainability on its own revenue.
Application Details
No presentation is required for Stage 3! You will submit your complete document set and receive a final award notification in approximately 3-6 weeks.
- Applicant must be an actively enrolled MSU student, faculty, or staff member, in good academic standing.
- Applicant must hold at least 25% of equity allocated to the management team of applying team.
- Applicant’s team may not have received outside investment totaling greater than $10,000.
- Applicant must have been accepted into the MSU VentureCatalyst™ Program.
- The E-Center does not accept franchise/reseller businesses, influencer businesses, multi-level marketing (MLM) businesses, charitable, religious, or other non-profit organizations. Under no circumstances will MSU provide financial support to any business that is (or otherwise perceived to be): (a) based in a foreign country; (b) engaging in any activity that is illegal under federal and/or state law; (c) lewd or sexual in nature; (d) promoting violence or drug use; (e) gambling.
- Applicants must first meet with the Center for Entrepreneurship and Outreach team and be accepted into the MSU VentureCatalyst™ Program.
- Teams will complete an online application for the award level.
- Applications will be reviewed by the E-Center to assess readiness for the grant.
- If accepted, teams will be assigned a presentation date and time slot to present to an independent review board who meet regularly to review funding requests.*
- Applicants will deliver an in-person presentation.
There are a limited number of pitch slots per meeting. Withdrawing from a requested pitch slot within 72-hours of your presentation date will result in a 10% penalty fee assessed against any future awards or grants.
Use of Funds
Awards may be used for reasonable business expenses applied in the following general categories:
- Prototype or MVP Development
Supports development of a prototype, alpha version of a software product, or otherwise form minimum viable product (MVP). In most cases, the board will not approve grants to contract programmers, as the team should recruit programming talent as part of the founding team.
- Key Capital Expenditures
Enables applicants to purchase critical equipment to growth of a startup. The request must show supporting evidence that the expenditure will substantially impact sales, or increase market competitiveness in terms of time, quality, or overall value.
- Primary Market Research
Provides assistance with attending tradeshows or conferences related to the potential product or service in effort to promote sales or market research. - Professional Services
Financial support to hire legal counsel or for accounting, engineering, medical, or other recognized professional advice. - Sales or Marketing Efforts
Provides assistance with sales collateral, materials, branding efforts, and some limited targeted ad buys. In general, the board will not approve grants to pay for substantial ad buys without significant exploration of efficacy. - Supplies
Purchase of general business supplies that are important to operation of the business. - Travel
Provides reasonable travel expenses to tradeshows, conferences, or other business meetings that are essential to the success of the business.
Prohibited Expenses
- Common Hardware
e.g. laptop/desktop computers, tablets, phones, printers - Common Utilities
e.g. rent, internet, cellular service, - Contractuals Outside of Professional Services
- Applicants will be notified of their award status via email within 24-hr of their presentation date.
- Awardees may be supplied with additional feedback of their presentation and application within one week of the notification.
- Awardees must promptly remit an invoice, signed W9, and award paperwork within 5 business days of notification. Failure to do so may delay award up to two months.
- Awards will be issued by check on Friday approximately 2-3 weeks after notification of award.
- When award payments are ready, awardees will be notified for pickup in the CEO Main Office.
- Grant money from MSU is taxable income for you and/or your company. The E-Center does not withhold taxes nor can the E-Center provide any tax guidance on ensuring compliance with tax regulations. You can find trusted CPAs who have worked with the E-Center here.
- Awardees must submit at least four quarterly reports of their progress after receiving an award. The E-Center will provide a template for this report, which includes financial (company sales revenue, projected sales, payroll, external investments), product traction (user/clients served), employment information, and progression to goal.
- Awardees will provide a detailed summary of expenditures made.
- Awardees must comply with any stipulations or contingencies proposed by the review board and listed in the notification email.
- Awardees are strongly encouraged to stay involved with the E-Center and help its mission, including mentorship of future teams.
- Awardees agree to use grant solely for the purposes enumerated and described within grant request.
- Awards are offered expecting no return, equity position, or royalties from entrepreneurial businesses and are funded through private contributions.
- The review boards have the discretion, on a case-by-case basis, to consider exceptions to eligibility and use of funds. This is uncommon and must be discussed in advanced.
- Awardees shall follow conduct their business practices in a way that is consistent with the MSU Code of Student Conduct (OP 91.100), promote and adhere to responsible business practices, and maintain the highest standard of ethical behavior. Awardees shall refrain from conduct involving dishonesty, fraud, deceit, misrepresentation, discrimination, or exploitation.
- By accepting funds from the Mississippi State University and any other associated funding sources, the award recipient affirms that his/her business is in compliance with all local, state, and federal tax laws and license requirements and that his/her business will maintain compliance with all appropriate tax and business compliance guidelines as set forth by the appropriate jurisdictions.