This article was written by Arlington Economic Development.
This week, Arlington Economic Development (AED) announced the first round of Arlington Innovation Fund Catalyst Grant recipients. Accompanying the announcement, AED has opened the application for round two of its Catalyst Grant Program.
The goals of this program are to increase funding for early-stage technology startups through technical assistance and non-dilutive, co-investment grants. These resources help companies extend their funding and gain access to larger venture capital rounds to expand their customer base, employment and operations in Arlington.
Catalyst Grants are designed to benefit recipients and Arlington in myriad ways. In addition to striving to meet the aforementioned goals, the program provides selected startups with a pathway to raise non-County capital that will further fuel their employee and revenue growth. This, in turn, boosts Arlington’s presence as a regional and national tech hub via a commitment to supporting the innovation ecosystem. The program also generates a pipeline of high-growth potential startups that will expand, generating increasing tax revenues over time, and bolsters entrepreneurship within the County, which may generate additional jobs and needs for leased office space.
Catalyst Grants range between $25,000 and $50,000 and have been designed to meet the needs of Arlington-based technology startups that have raised between $25,000 and $1 million in funding.
The Catalyst Grant Program follows a competitive grant process with the following base eligibility requirements:
- Must be a registered LLC, S-Corp or C-Corp with the Virginia State Corporation Commission and have their principal place of business in Arlington (virtual addresses and P.O. boxes NOT ELIGIBLE)
- Be a for-profit company
- Have at least one full-time employee
- Have raised between $25,000 and $1 million
- Primary source of revenue must be derived from the sale, licensure or distribution of proprietary technology
- Be current on all applicable Arlington County taxes
Applications for round two of the Catalyst Grant Program are now open with a deadline to apply of March 10, 2024. Learn more about grant qualifications and how to apply!