What does it take to create incentives that advance local innovation and technology?
That urgent question is on the mind of economic developers all over the world today.
The answer is not simple. There will never be another Silicon Valley. But there is also no monopoly in regional leadership to support and promote promising technology ventures.
No region illustrates this better than the western U.S. state of Arizona. Its 2016 Innovation Challenge, sponsored by the Arizona Commerce Authority, has drawn 25 semi finalists to its business plan contest that seeks promising early-stage companies in high-growth industries. Awards range from $100,000 to $250,000 per company.
A total of 97 applications were received for the Spring 2016 round from companies in Arizona, California, Colorado and Switzerland. The judges assess each company application on a set of criteria including technology potential, marketing strategy, quality of management team and economic impact.
Arizona’s investment in talented entrepreneurs and high growth-potential startup companies contributes to a dynamic, thriving innovation ecosystem, one that will continue to strengthen and diversify Arizona’s economy long term.
The results? A big-time investment in the most talented entrepreneurs. Bringing to market products that are literally changing the way the world works. Driving wealth and job creation for the state of Arizona.
Click here for more on the Innovation Challenge, and the Arizona Commerce Authority.