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Innovation: Financing the Dream
For small businesses, the search for capital is a constant challenge.
Find an Angel
Early on, before venture capitalists want to participate, individual investors, known as angels, put the most money — hundreds of thousands of dollars up to several million dollars — into young companies. In Florida, the angel community is growing, says Nicholas W. Robbins, a corporate attorney focused on technology and venture capital in the West Palm Beach office of Gunster Yoakley. Of Florida, he says, “We’ve got tons of capital here.”
Angels typically know the industry where they invest, reside nearby and want to give hands-on assistance. “They bring years of experience,” says Robbins, adding that there’s a long-term bonus. “Angels source the majority of the venture deals.”
Finding angels isn’t easy, however. They aren’t listed in the phone book and they’re not likely to drive by your business. The best bet is to find a local angel group and network, network, network.
 Fast Fact - Investors put $608 million into Florida companies in 2007, almost double the $319 million that Florida companies raised in 2006, according to the MoneyTree Report produced by PricewaterhouseCoopers, and the National Venture Capital Association. [Illustration by James Steinberg] |
Getting Grants
Enterprise Florida’s “Phase 0” grant program is designed to help Florida businesses with proposals for phase one Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) federal grants. The program is run in partnership with select technology incubators, university tech transfer offices, economic development offices and small business development centers.
Phase 0 provides up to $3,000 for market research, proposal/grant writing, legal aid for patent filing, site visits to labs and other preparation for submitting SBIR or STTR proposals.
A nonrefundable $250 application is required. All applicants receive an assessment that includes an analysis of the fit of the proposed project to the solicitation, its scope, and an evaluation of the project’s technical innovation. The analyses are very similar to what happens in the proposal application process at the federal level.
Funding for the program is expected to be available at least through September 2008.
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