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First off, the initial value of the NC IDEA grant program is the application. I’ve heard complaints about the application’s restriction on number of characters. Having reviewed the applications myself a few years back, I completely support these restrictions. As entrepreneurs, we tend to be overly verbose where we shouldn’t be in applications/pitches/etc.

We first applied for a grant in the Fall ’08 cycle. We were rejected, primarily based off the weakness of our application. When we applied and received a grant in the Spring ’09 cycle our application was much, much stronger. That is part of the process and helped us immensely to refine and clarify how we pitch our business.

The fact that the money is non-dilutive is fantastic. Up to $50,000 meant to help your company meet milestones that make your company more attractive to angel and VC investors. Absolutely no downside, in my opinion. Only thing is, the Fall ’11 cycle’s deadline is August 26… so get busy with the application.

If you can find other programs similar to NC IDEA’s grant program, I would recommend applying. We recently found one that we applied to, Innotribe $100k Start-up Challenge.

Statsheet’s post on their experiences with NC IDEA and IDEA Fund Partners.

-Jeff

If the playlist is shown at the bottom of the YouTube screen, just hit the red bottom-left icon.

There are 5 videos comprising the training (YouTube limits the duration of the videos). In total, there is just more than 30 minutes of videos as part of the VCIC training. In addition, we have a VCHub product orientation video separate from these 5 videos.

In Dragons’ Den: Series 6: Episode 3 – 5 of 6, fast forward to 4:30 for the beginning of the pitch and negotiation.

It is the first time I’ve seen any Dragon or Shark refer to preferred stock type features.  It was a very odd attempt, given that there were other offers at the same valuation without these features.

I’ll include this post in the VCIC section of our site in the hopes that teams prepare by watching some episodes before their events.