Special startup business programs from Innovate Mississippi
Mississippi Seed Fund
The Mississippi Seed Fund provides early-stage funding for high-tech and high-growth firms in Mississippi. The program is administered by Innovate Mississippi with funding decisions made by the Mississippi Seed Fund board.
The Mississippi Seed Fund offers four different types of awards. All programs offered below are on a reimbursement basis only.
Proof of Concept Grant
$10,000
$20,000
Minimum 25% cash and up to 75% in-kind
Example:
$10k seed fund loan
$2,500 cash match + $7,500 in-kind hours
= $20,000 project
Grant. No repayment required
Companies applying must be located in or must have relocated to and be primarily domiciled in Mississippi.
Eligible applicants must be classified as small businesses in accordance with the U.S. Small Business Administration (no more than 500 employees).
Innovate Mississippi will collect quarterly financials on jobs, revenue, and other economic development-related data.
Proof for Concept Loan
$25,000
$50,000
Minimum 25% cash and up to 75% in-kind
Example:
$25k seed fund loan
$6,250 cash match + $18,750 in-kind hours
= $50,000 project
Loan with debt terms. Five years max repayment.
Companies applying must be located in or must have relocated to and be primarily domiciled in Mississippi.
Eligible applicants must be classified as small businesses in accordance with the U.S. Small Business Administration (no more than 500 employees).
Innovate Mississippi will collect quarterly financials on jobs, revenue, and other economic development-related data.
Growth Fund
$100,000
$200,000
Minimum 50% cash from an accredited investor and up to 50% in-kind
Example:
$100k seed fund amount
$50k cash match + $50k in-kind hours
= $200,000 project
Convertible Note with debt terms and terms for conversion to equity
Companies applying must be located in or must have relocated to and be primarily domiciled in Mississippi.
Eligible applicants must be classified as small businesses in accordance with the U.S. Small Business Administration (no more than 500 employees).
Innovate Mississippi will collect quarterly financials on jobs, revenue, and other economic development-related data.
R & D Fund
$250,000
$500,000
Minimum 50% cash and up to 50% in-kind
Example:
$250k seed fund amount
$125k cash match + $125k in-kind hours
= $500,000 project
Convertible Note with debt terms and terms for conversion to equity
Partnership with a Mississippi university or community college with at least 51% of proceeds spent with that institution.
Companies applying must be located in or must have relocated to and be primarily domiciled in Mississippi.
Eligible applicants must be classified as small businesses in accordance with the U.S. Small Business Administration (no more than 500 employees).
Innovate Mississippi will collect quarterly financials on jobs, revenue, and other economic development-related data.
How Can Your Startup Get a Mississippi Seed Fund Award?
1.) Fill out the Entrepreneur’s Survey
If you’re interested in finding out if your company qualifies for the Mississippi Seed Fund, please fill out the Entrepreneur’s Survey here:
2.) Attend and Participate in Development Meetings
Eligible startups can set recurring meetings with the Innovate Team to develop key documents through our Coach and Connect model:
•Products or Services
• Market Validation
• Business Plan
• Valley of Death
• Business Model
• Use of Funds
Ineligible applicants will be referred to potential alternative resources or directed to first secure a lead investor in order to substantiate their investment readiness.
3.) Receive Your Invitation to Apply
Seed Fund Awards are issued by the Seed Fund Investment Manager once the above criteria are met and fully developed. The Innovate Team will work with startups throughout the process.
Documents collected in step 2 will be used for investment evaluation before board pitch.
4.) Live Virtual Pitch to the Mississippi Seed Fund Investment Board
5.) Sign Award Agreement
6.) Reimbursements can be requested after a 4-week waiting period.
Prior to release, business bank statements and invoices will be collected as required by Senate Bill 2851.