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Gap Funding
The IDEA Gap Fund is a monthly process that awards funding to ventures. The Fund commits up to $10,000 in capital to qualified ventures according to their identified capital requirements.
Funding is awarded to student and young alumni/ae ventures that are part of the IDEA program after a rigorous month-long review of a their plans, milestones, and capital needs to accomplish them. This review is done through the combined efforts of the IDEA Investment Committee and the Advisory Board.
Each venture is fully evaluated by IDEA’s Investment Committee based on five criteria in an attempt to fairly and consistently evaluate each venture:
- Quality of Market
- Quality of Solution
- Business Model: Is There Long-Term Profit Potential?
- Impact of Milestones
- Quality of Team
WHO:
An IDEA venture can apply if they:
- Have at least one team member who is an active Northeastern University undergraduate/graduate student or is a Northeastern University alum
- Been in the IDEA program for a minimum of one month before the submission deadline
- Complete the Business Planning Guide with a specific outline funding milestones
- Get a sign-off from their IDEA coach
WHEN:
Ventures can apply on the dates listed below. Funding decisions are made and the ventures are notified one month after applying.
Application Deadline:
- September 15th
- October 15th
- November 15th
- January 15th
- February 15th
- March 15th
- June 15th
Frequently Asked Questions:
Will IDEA take equity in my venture and do I have to pay IDEA back?
No, IDEA does not take equity in ventures nor does it retain the rights to any of their intellectual property. The grants do not require repayment. Gap Funding awards are grants and there are no contractual obligations to the University. We do build a culture that encourages successful ventures to come back and donate into the Gap Fund.
How are funding decisions communicated to ventures?
Funding decisions (both Yes or No) made by the Investment Committee will be communicated directly to the ventures on or before the Decision Date. If a venture is awarded a grant, IDEA’s Finance Committee will meet with the venture and their coach to discuss the terms of the Investment. Regardless of the outcome, IDEA will continue to work with the venture.
How is funding awarded and what happens next?
Receiving funding obligates ventures to use the capital to accomplish the agreed upon milestones. IDEA meets monthly with funded ventures to track their progress and ensure financial responsibility.
Can ventures apply multiple times?
Yes, ventures may apply multiple times for Gap Funding.
What happens when ventures need more capital than IDEA can provide?
When a venture reaches a stage they need more capital than a Gap Funding grant, IDEA will work with them to raise capital from external sources.
For any further questions please email: idea@neu.edu