Two Ahwatukee companies win grants for innovation - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Two Ahwatukee companies win grants for innovation

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Thursday, May 31, 2012 11:11 am

Two local start-up companies were among six companies that won the Arizona Commerce Authority’s Spring 2012 Arizona Innovation Challenge. Both companies were awarded a $250,000 grant to use toward furthering their mission of efficiency.

Agave Semiconductor and MaxQ Technologies were chosen from more than 300 applicants.

Agave Semiconductor’s technology optimizes the energy efficiency of electric motors. Dr. Robert Brannen, the company’s CEO, says they’ll use the funds for testing to bring their first products to production.

“We were very enthused and excited to win,” Brannen said. “We know there were a lot of applicants and a lot of good companies. We were very excited not only to be a winner, but to make it as far as we did. This means a lot to us as an early-stage company to get non-equity funding is really a big boost for us.”

MaxQ Technologies manufactures coldplates used to cool power-converter systems. Their technology makes it easier for companies to convert energy from one form to another. CEO and co-founder Memo Romero said the money will be used to hire a few more key employees and purchase equipment they need to further some of their projects.

“The grant is great because it’s funding that we need that we don’t have to pay back,” Romero said. “It says that we’re for real. We’re a player in this industry. We started this company without any outside money on a shoe-string budget. We’ve been at it now for almost four years. Having won this award is a big stamp of approval by the state of Arizona that they support what we’re doing and think we’ve got what it takes to be successful and provide people in this state with good jobs.”

All applicants had to submit a three-page application at first that summarized their company. Those applications were narrowed down to 25 semifinalists who were asked to submit a 10-page application. The 10-page application narrowed the contest down to 10 finalists, who were then asked to make a pitch to a board of judges. In the end, six companies were chosen for the grants. Other winners include Cancer Prevention Pharmaceuticals from Tucson, HJ3 Composite Technologies from Tucson, Kutta Radios from Phoenix and Wholesalefund from San Francisco, Calif.

The winning companies will be required to commercialize their technology if they haven’t yet, and produce revenue within one year.

According to a statement from the Arizona Commerce Authority the Arizona Innovation Challenge, it’s the largest financial prize of its kind in the country. It advances innovation and technology commercialization opportunities in Arizona by supporting early-stage ventures in targeted industries of renewable energy and sustainability, bio and life sciences, electronics, information technologies, aerospace and defense and advanced manufacturing. A total of $3 million will be awarded to deserving start-ups in 2012. The fall 2012 Arizona Innovation Challenge will begin accepting applications on Aug. 15.

Contact writer: (480) 898-7914 or ahurtado@ahwatukee.com

More about

More about

More about

  • Discuss

A New Journey

it has been said that life is a journey, not a destination.  A new journey brings forth hopes and fears, doubts and dreams, yet even the small…

Published: July 25, 2016 - 5:54 am @ http://acorkforkandpassport.com/a-new-journey/

Conversations: If Black Lives Matter, then what?

We are experiencing a season of action and change. During a time when we see a world of hate, let’s rally for a culture of love, of giving. Au…

Published: July 25, 2016 - 5:52 am @ http://www.azcentral.com/story/news/local/phoenix-…

#NationalParksWeek: Cox Conserves Heroes Making a Difference

Its #NationalParksWeek. Across the nation, volunteers are preserving local parks and helping create new outdoor spaces for their communities t…

Published: July 25, 2016 - 5:52 am @ http://3blmedia.com/News/NationalParksWeek-Cox-Con…

Seven ride-hailing alternative apps: TESTED!

In early May, when the ride-hailing companies Uber and Lyft pulled up stakes in Austin after the results of a contentious proposition vote, so…

Published: July 25, 2016 - 5:29 am @ http://www.512tech.com/technology/tested-seven-aus…

High-speed chase travels through Tempe, west Phoenix

PHOENIX - One person has been detained after a high-speed chase in the Valley on Monday morning. The chase finally came to an end in a neighbo…

Published: July 25, 2016 - 5:28 am @ http://www.abc15.com/news/region-phoenix-metro/wes…

Iraq Bomb Blast Kills 11

Print Iraq Finally Bans Fake Bomb Detectors After July 3 Blast Exclusive: Kurdish PM Says Mosul Operation Still in ‘Planning Stage’ Suicide Bo…

Published: July 25, 2016 - 2:57 am @ http://www.voanews.com/content/iraq-blast/3433392.html

'Hillary's America' documentary cracks top 10 at box office

Politics isn't just center stage after last week's Republican National Convention in Cleveland and the upcoming Democratic National Convention…

Published: July 25, 2016 - 1:52 am @ http://www.usatoday.com/story/life/movies/2016/07/…

Cowboys tour bus involved in fatal crash in Arizona

Four people were killed when a Dallas Cowboys tour bus carrying staffers but no players and a van were involved in an accident just outside Do…

Published: July 24, 2016 - 11:56 pm @ http://www.usatoday.com/story/sports/nfl/cowboys/2…

Deadly heat wave scorches central and eastern U.S.

Temperatures close to 100 degrees are expected across dozens of states Five elderly Michigan residents died due to record heat and humidity (C…

Published: July 24, 2016 - 11:49 pm @ http://www.cnn.com/2016/07/25/health/weather-deadl…

The Cost of Making Guests Feel Welcome in Cleveland

CLEVELAND – The street medic asks if I want to see something funny. He pulls out a piece of paper and unfolds it. Here is a map of the United …

Published: July 24, 2016 - 11:26 pm @ https://noplatform.org/2016/07/21/day-17-the-cost-…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…