The Loudoun County Economic Development Authority has announced a new competition for entrepreneurs seeking to take their business to the next level. The 2020 Innovation Challenge will award a first prize grant of $75,000 and up to three $25,000 grants to companies that are developing truly innovative products and services in Loudoun County.
“Entrepreneurs are an important driver of the Loudoun economy and supporting the local ecosystem has been a strategic focus of the EDA,” said Mark Madigan, Chairman of the Authority. “This program comes out of our desire to directly impact the future of business in Loudoun.”
Small business owners and entrepreneurs are encouraged to apply at LoudounInnovationChallenge.com before March 31, 2020. Applications will be considered on a rolling basis, and must include business plans and the most recent annual financial statements, which will be reviewed by the authority’s members. Finalists will be asked to make an in-person pitch to the EDA. Winners will be chosen at the discretion of the EDA and announced at the Loudoun Small Business Conference on May 4, 2020.
Interested applicants must have a for-profit business model and physical location in Loudoun, or commit to establishing future office space or jobs in the county.
“The Innovation Challenge is designed to support the innovative entrepreneurship happening all over Loudoun County, from east to west and north to south,” explained Buddy Rizer, the executive director of Loudoun’s Department of Economic Development. “Access to capital is always a factor in entrepreneurial success, and I salute the EDA for investing in the next #LoudounPossible success story.”
Please click here for a list of full terms and conditions associated with the Loudoun Innovation Challenge.
To apply, please fill out the form below or visit LoudounInnovationChallenge.com:
Loudoun County, Virginia is one of the top-ranked business communities in the United States. The Economic Development Authority is one component of Loudoun County’s efforts to promote business growth in Loudoun. See how we can help you at EDA.Loudoun.gov.