Twenty-five semifinalists have made it to the next round in the 2020 Arizona Innovation Challenge (AIC), according to a news release by the Arizona Commerce Authority.
“Selecting the 25 semifinalists from a very strong pool of more than 120 applicants for this round was no small task,” Arizona Commerce Authority President & CEO Sandra Watson said in the news release. “The quality of companies applying to the program each year continues to increase – evidence of Arizona’s position as a leading hub for innovation. Congratulations to each of the semifinalists and best of luck in the next round!”
The competition is one of the largest in the country and is a business plan competition that's goal is to advance innovation and technology in commercial opportunities in the state. It helps by early-stage venture scale, according to the news release.
Of those who participated in the challenge, there were 121 applications from Arizona companies, three from California, and one each from New York, Wisconsin and the Netherlands.
The news release notes that there are up to 10 companies added to the AIC portfolio after each round. The companies that are chosen to join will then participate in the Arizona Commerce Authority's Venture Ready Accelerator, which connects companies to entrepreneurs and high-level executives, as well as other experts, according to the news release.
After the competition, participants are asked to complete a series of workshops and panels within 12 months, the news release states.
The Accelerator also helps startups with refining their business plans and increase investor readiness, according to the news release.
The AIC has three judging rounds. During those rounds, the companies then get feedback on their applications and they are scored on those applications. During the final round, they have to do a live pitch before a panel of judges. After the final round, the participants are then afforded the opportunity to have a consultation with the Arizona Commerce Authority to discuss the application and other resources.