Arizona Innovation Challenge Opens for Applications, Aims to Boost State’s Startup Scene
PHOENIX, AZ (August 1, 2023) — The Arizona Commerce Authority (ACA) has opened the application process for the 13th annual Arizona Innovation Challenge (AIC). The competition, heralded as the largest state-backed business plan contest in the U.S., invites applications from August 1 to August 31. It serves as a catalyst for innovation and technology commercialization in Arizona by assisting early-stage businesses in scaling their operations.
From its inception in 2011, the ACA has recognized 130 winners from more than 2,700 applicants. This initiative has collectively generated a portfolio valued at $2.8 billion, with awardees receiving $1.6 billion in follow-on capital. The sectors represented by these awardees span IT and software, bio and life sciences, cleantech and renewable energy, and advanced manufacturing. Some of the standout companies that have previously participated include Botco.ai, CampusLogic, Paradox, Ampcera, ReSuture, and Air2O.
Up to ten companies will be named as winners this year, gaining entry to the ACA’s premier entrepreneurship initiative, the Venture Ready Accelerator. This program connects them with experienced entrepreneurs, top-tier executives, and industry experts. Over a nine-month period, participants will engage in panels and workshops designed to refine their business strategies, enhance their market execution plans, and boost their investor appeal.
“Now in its 13th year, the Arizona Innovation Challenge continues to attract and mentor some of Arizona’s most promising startups while serving as a national model for startup program excellence,” stated Sandra Watson, President and CEO of the Arizona Commerce Authority. “We are excited to host this year’s competition and the Venture Ready Accelerator to support the continued growth of Arizona’s early-stage entrepreneurs. Each year, AIC awardees surpass our expectations with their unique ideas, bolstering Arizona’s innovative ecosystem and we look forward to reviewing this year’s entries.”
The AIC includes a three-stage judging process, where applicants receive detailed feedback from a stringent online evaluation and scoring procedure. Initially, up to 25 semifinalists are chosen, followed by the selection of 15 finalists who will present their pitches to a panel of investors. Ultimately, up to ten companies will be honored as AIC awardees for 2023. Once the judging phase concludes, participants can consult with the ACA to discuss their applications and explore additional resources to enhance their business models.
Those interested in applying can submit their applications HERE before the deadline on August 31 at 5 p.m. MST.
An application support webinar is available until August 31, offering insights and advice for crafting a successful application. The webinar can be viewed HERE.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state’s foremost economic development entity with a clear mission to bolster Arizona’s economy. The ACA employs a three-part strategy: attracting external companies to Arizona, assisting existing businesses in expanding both locally and globally, and fostering the creation of new Arizona-based businesses in targeted industries. More details can be found at azcommerce.com and on Twitter @azcommerce.
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