Four Entrepreneurial Development Center (EDC) Business Clients Awarded Over $500,000 in State Funding
EDC clients J&J Solutions, Tri-Phase Technologies, Terpenoid Therapeutics Inc., and Let’s Order Online, Inc. receive funding to move their businesses forward
CEDAR RAPIDS, IA—July 17, 2009—The Entrepreneurial Development Center (EDC), a community-sponsored business accelerator, is pleased to announce that four of its clients were awarded funds from the Iowa Department of Economic Development (IDED) this week. Three entrepreneurial companies with prototype and commercialization activities underway will receive Iowa Demonstration Fund awards to move innovative products to market: J&J Solutions, Iowa City; Tri-Phase Technologies, Norwalk; and Terpenoid Therapeutics, Inc, of Coralville. The fourth client, Let's Order Online, Fairfield, will receive Entrepreneurial Ventures Assistance (EVA) funds to build its sales force and market product to scale the business.
The EDC provides hands-on business mentoring as well as resource connections to help scalable, Iowa-headquartered businesses grow. The team at EDC works closely with clients to prepare them to present to investors and funding committees—ensuring that all the necessary information and documents are finalized. Last year, EDC helped clients secure well over $1,000,000 in State funds alone.
“We are pleased that the State has recognized the importance of growing locally-founded, innovative businesses,” said Curt Nelson, EDC President & CEO. “IDED’s funding will help these entrepreneurs get to the next level with the ultimate goal of creating vibrant businesses that will stimulate our State’s economy. These are the innovators that our local area is depending on for a bright economic future. ”
"This Demonstration Fund award is just the acceleration capital J&J Solutions needed to help bring our device to market and improve the safety of drug handling in the medical industry," said John Slump, Co-Founder, J&J Solutions. "We are grateful to the EDC for helping us over the past year to build our business plan, begin to execute it and to prepare us for presenting to the State for the funds needed to keep our project moving forward," added Jared Garfield, Co-Founder of J&J Solutions.
Iowa City medical device moving to market
John Slump and Jared Garfield are two young entrepreneurs from the University of Iowa who started J & J Solutions, a medical device manufacturing company in Iowa City. Their first product is a drug handling device that keeps hazardous medications from coming in contact with unintended people while drugs are being prepared, administered and disposed. J & J Solutions was awarded $150,000 from the Iowa Demonstration Fund for production tooling to manufacture the device, FDA testing and documentation for market clearance, continuing patent activities and implementing a marketing plan.
Prototype industrial dryer in Norwalk
Tri-Phase Technologies was awarded $80,000 from the Iowa Demonstration Fund to develop a larger prototype and production model of high efficiency technology for grain drying and other industrial drying processes. Leading the company in Norwalk is Steve Shivvers from the Shivvers manufacturing family.
Coralville firm tests cancer treatment
An Iowa Demonstration Fund award of $150,000 was approved for Terpenoid Therapeutics Inc., a drug discovery and development company located at the University of Iowa Research Park that focuses on cancer treatments. The university spinout originated from faculty collaboration. It will use the award to synthesize 2 grams of a new brain cancer drug for testing. Studies financed by the award will analyze the overall impact of the compound and analyze its ability to inhibit the growth of cancer cells.
Innovative software development in Fairfield
Let's Order Online, Inc. has spent over two years developing and testing an internet-based ordering service for independent restaurants. The software development company based in Fairfield now needs to build a sales force, increase marketing activities and integrate point of sales systems to pursue the opportunity it has identified. To move the company ahead, the Economic Development Board awarded $125,000 from the Entrepreneurial Ventures Assistance (EVA) program, which will be repaid by a royalty agreement on future sales.
About the EDC
The Entrepreneurial Development Center was incorporated in 2003 as a community-sponsored, non-profit business accelerator. The company provides economic growth through the development and expansion of entrepreneurial enterprises and has successfully assisted over 300 Iowa-headquartered businesses. Its focus is on creating local wealth for area re-investment by growing and cultivating regional, national, and international businesses. Visit www.edcinc.org for details.
