First Fund - Applications due by December 15th 2024

The Home for Science Startups

The First Fund provides up to $240,000 of pre-seed and seed capital to deep tech companies developing solutions primarily in life sciences, clean tech and advanced materials. First Fund companies must become residents of the Innovation Space as a condition of the investment.

Investment Details

The First Fund investment is in the form of a convertible loan that includes cash in amounts of $30,000 to $120,000 in addition to the value of laboratory, office space and support services.

Innovation Space and services are valued at $30,000 or $60,000 over a six-month period as follows:

* A half lab, one office and support services for 6 months: $30,000

* A full lab, two offices and support services for 6 months: $60,000

The support services package Includes crucial resources such as access to business experts, connection to investors and partners, use of scientific equipment, and amenities like an on-site gym, cafeteria, free parking, free coffee/espresso, sparkling/still water, and collaboration areas (more details at: https://innovationspace.org/lab-space/)

More information on The First Fund including deal terms can be found here: https://innovationspace.org/the-first-fund/

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Qualifications and Relocation Requirement

First Fund is open to incorporated life sciences, clean tech, and advanced materials startups from across the United States (we are unable to invest in LLCs). Startups receiving a First Fund investment must relocate a significant part of their operations to The Innovation Space and become an active resident of the Innovation Space community. First Fund is seeking companies who:

· Are minimally at the Proof of Concept stage;

· Have a dedicated team;

· Have raised or are in the process of raising other capital

Additional Information

To apply, complete the Gust application, which should take around 60 min. Applications are reviewed quarterly.

For more information about the First Fund or The Innovation Space, please contact Bill Provine at bill@innovationspace.org or RoseAnn B. Rosenthal at roseann@innovationspace.org

The Innovation Space (www.innovationspace.org ) is a non-profit entrepreneurial ecosystem and venture development organization. It is a public-private partnership founded with contributions from the State of Delaware, DuPont and the University of Delaware. The Innovation Space is an ecosystem where entrepreneurs, scientists, business leaders, community members, investors, and service providers in life sciences, clean tech, and advanced materials fields can build business concepts together and accelerate the path to commercialization.