On Tuesday, June 16th, IDEA ventures pitched their business plans to IDEA’s Advisory Board in the hopes of receiving Gap Funding. IDEA’s Gap Fund is a non-equity educational grant that ventures can apply for once they are in the ‘Go’ stage of IDEA’s stagegate process. IDEA’s Investment Committee, CEO, and faculty advisors review each business plan before selecting ventures to pitch in front of members of IDEA’s Advisory Board.
Over the past year, IDEA has awarded approximately $250k in funding, which is allocated in amounts up to $10k per venture. Ventures can apply for gap funding multiple times, and there is not a limit to the number of ventures that receive gap funding each round.
In the most recent round of Gap Funding pitches, Commonwealth Cold Brew Coffee and Lobby Shop received Gap Funding and look forward to growing their businesses with the additional monetary support. Check out their business plans and learn more about their ventures below.
Commonwealth Cold Brew Coffee
Commonwealth Cold Brew Coffee is focused on bringing micro-roasted, micro-brewed, cold-brew coffee to coffee lovers seeking a premium, healthy, ready-to-drink product. They brew their signature Beantown Blend in addition to seasonal blends and flavored cold-brew coffees, offering high-quality coffee at affordable prices. The company looks forward to utilizing the Gap Funding to set up their cold-coffee brewery this year in a culinary incubator in Dorchester, MA to help people beat the heat during the hot summer months.
Lobby Shop’s mission is to help people ‘chore smarter’ by offering modern, cashless, electronic vending machines stocked with over-the-counter drugs, everyday essentials, and electronic accessories. Lobby Shop plans to use their Gap Funding to purchase initial inventory for their first vending machine, finish machine modifications, and pay for the installation of the machine. Northeastern University students and faculty can look forward to seeing a Lobby Shop machine on campus by the end of the summer.
To apply for the Gap Fund, ventures must first consult with their coach. When they are ready, ventures can submit their Business Plan and Milestones (per the Gap Funding Guide) to IDEA’s CEO Annika Morgan at firstname.lastname@example.org. Once they have applied, ventures can expect to receive a follow-up phone call from an analyst within one week of submitting the application and will learn the status of their application within three weeks. Applications are due on the 15th of every odd month.