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Proof of Concept Fund

Category: Business Incentives


The Proof of Concept Fund is a loan program that will provide up to $25,000 investments for eligible applicants to conduct research demonstrating the technical and economic feasibility of an innovation significantly enhancing the likelihood of commercialization of the innovation.

Proof of Concept Fund:

  • Provide up to $25,000 investments to conduct research demonstrating the technical and economic feasibility of an innovation
  • Eligible parties include: entrepreneurs, universities, existing South Dakota companies, or other entities committed to commercializing the results in South Dakota
  • Requires a matching cash or in-kind investment of at least 10 percent of the total project cost
  • Investment proceeds may be used to pay consultant contracts, materials and supplies, salaries for employees in South Dakota, and necessary services for technical feasibility or marketing studies

Program administered by the Board of Economic Development


Contacts

Dr. Melvin Ustad
South Dakota Governor's Office of Economic Development
Office of Commercialization Director
Phone: 605-367-4515
Mel.Ustad@sdreadytowork.com
http://sdreadytowork.com/ProofOfConcept