As entrepreneurs develop their ventures, IDEA offers access to two funds. All funds and awards are grants with no equity partcipation:
The Gap Fund
The Gap Fund is designed to award grants (up to $10,000 per applicant) to high potential ventures that have identified “gaps” between their current position and what must be accomplished if they are to grow. We have gap funding rounds per year. To qualify, teams must first get the “OK” from their IDEA coach, mentor, and the Investment Committee (really smart students!) Teams then present to IDEA Advisory Board, a group of local investors, to get this pre-seed funding.
The Prototype Fund
The Prototype Fund provides specialized awards for prototype development — often technical in nature. This fund is open to all students at Northeastern, and not just IDEA ventures.
We have over a hundred ventures being started at Northeastern at any given moment, and more than twenty of these will receive gaps funds each and every year on their path to professional, external investment.