Iowa
State Resources
Located in the heart of the U.S., Iowa holds several unique distinctions. Although best known for agriculture, advanced manufacturing is the state’s largest industry. Iowa is also recognized as a bioscience powerhouse and has invested heavily in developing a supportive infrastructure. The state is the top U.S. producer of corn and is second only to California in revenue generated from agriculture. The Iowa Economic Development Authority (IEDA)’ mission is to “strengthen economic and community vitality by building partnerships and leveraging resources to make Iowa the choice for people and business.”
America's Seed Fund: Iowa Program
America’s Seed Fund: Iowa Program, also known as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Outreach Program, assists Iowa companies in obtaining and applying for federal small business funding, with services including business idea review and proposal assistance, as well as providing matching funds for Phase I and Phase II SBIR/STTR awards. The program awards up to $50,000 in matching grant funding for Phase I and up to $25,000 for Phase II.
Iowa State University Center for Industrial Research and Service (CIRAS)
The Iowa State University Center for Industrial Research and Service (CIRAS) manages the Technical Assistance Program (TAP) for the state of Iowa. This program provides expertise and funding to Iowa businesses, to reduce the risk in technology deployment. Areas in which CIRAS provides technical expertise include materials, nondestructive evaluation, and engineering. CIRAS promotes research with Iowa State faculty with expertise in these and any area offered by the university by working with companies and faculty members to define contract research projects with a duration from one month up to one year, and providing cost share funding for eligible projects. Past company-driven technical projects have included “engineering product design/testing, animal feeding trials, food ingredient formulation and shelf-life studies, human sensory trials, software design, statistical analysis and survey design, marketing and accounting assistance, materials analysis, and optimization.” Assistance is supported by the DoC/NIST Hollings Manufacturing Extension Partnership, the DoD/OSBP APEX Accelerators Program, the DoC/EDA University Center Program, and the State of Iowa Economic Growth Committee appropriation for the CIRAS Technology Assistance Program.
Iowa Innovation Continuum
The Iowa Innovation Continuum provides a range of funding programs to help entrepreneurs and start-ups focused on advanced manufacturing, bioscience or information technology, and that “leverage discoveries and talent” in Iowan public and private research universities, accelerator and incubator programs and organizations. The Innovation Continuum consists of five funds that companies may apply for: Proof of Commercial Relevance (POCR), Demonstration Fund (Demo), Iowa Innovation Acceleration (IIA) Launch Fund, IIA Propel Fund, and IIA Expansion Fund, with awards made in the form of royalty agreements, or low interest loans.
Next Level Ventures
Next Level Ventures is a venture capital firm that invests in growing companies based in Iowa via several funds. The firm’s Midwest Funds support Iowan companies with a focus on agtech, datatech, fintech, healthtech, and the Internet of Things (IoT), while the Next Level Ventures Fund (NLV) III invests in Iowa startups that are approaching or ready to scale to market. They typically invest between $1 million to $4 million over 2 to 5 years for a minority ownership position in later-stage venture situations. Both funds are certified Iowa Innovation Fund, allowing its investors to qualify for the Innovation Fund Tax Credit.
