Venture Acceleration Fund (VAF)
February 17, 2014 – The Venture Acceleration Fund is accepting applications for the 2014 calendar year, due March 21st. Selected companies will receive awards of up to $100,000 to assist in taking their innovations to market more quickly. Companies located in the Northern New Mexico counties of Los Alamos, Santa Fe, Sandoval, Rio Arriba, Taos, San Miguel and Mora are given preference for funding, as are projects associated with Los Alamos technology or expertise. Read full press release.
History of the VAF
Since its inception in 2006, VAF has assisted 39 New Mexico companies through marketing and technology development activities such as proof-of-concept, prototyping, developing market share, product launching or leveraging funding.
To date, 39 innovative technology companies have been awarded up to $100,000 each to support business development activities such as proof-of-concept, prototyping, product engineering, customer acquisition, and market validation.
Los Alamos National Security, LLC (LANS), the company that manages Los Alamos National Laboratory (LANL), represents the largest investment in the fund. Los Alamos County contributed $25,000 to the fund in 2013 and will continue its partnership in 2014. New additions to the investor pool include New Mexico Manufacturing Extension Partnership (MEP) and the City of Santa Fe.
VAF has instituted a payback trigger whereby, as a condition of funding, companies will need to agree to repay the funds if the company is acquired, achieves certain revenue goals, or leaves New Mexico. The purpose of this “evergreen” component is to help make the fund sustainable in order to support future entrepreneurs. Should the payback requirement be initiated, no interest will be charged or collected.
VAF Application Process & Eligibility Criteria
The application is the first step in the VAF process. The application will be reviewed and the applicant notified within three weeks of submittal. If the application is approved, the applicant will be invited to present it to an evaluation panel made up of experts in the field. If the full proposal is approved, the applicant will enter into negotiations with VAF for a scope of work associated with the VAF award.
WATCH: INFO AND Q+A SESSION
This session was recorded on Tuesday, February 25, 2014 at the Santa Fe Business Incubator. It includes a Q+A session at the end with questions posed from attendees.