Businesses must have at least two but fewer than 30 employees, and must be for-profit corporations, limited liability companies or partnerships. Their business must be focused in the areas of advanced materials, advanced manufacturing, aerospace or defense, bio or life sciences, renewable energy or information technology. Companies must operate in the state of Arizona.
Applications are open every August for submission, and awards are given in December. Between 6 to 15 companies receive awards each cycle. The money can be used for anything that is directly related to growing the company's business or expanding its products. Companies outside Arizona may apply, as long as they plan to relocate to Arizona within 12 months.
The program is offered by the Arizona Commerce Authority to start-ups and entrepreneurs to help them grow their businesses. The program has resulted in attracting some of the best entrepreneurs in the country to Arizona.
For more information, visit www.azinnovationchallenge.com/
