Fairfax Founders Fund Resources for Local Businesses

The Fairfax Founders Fund is a valuable resource for local businesses, offering a range of support and guidance to help them thrive.

The Fund provides access to capital, with a total commitment of $25 million to invest in Fairfax-based startups and small businesses.

One of the key benefits of the Fund is its focus on supporting businesses that are creating jobs and driving economic growth in the local community.

The Fund's investment team works closely with entrepreneurs and small business owners to provide guidance and support, helping them to grow and succeed.

The Fairfax Founders Fund (FFF) is a grant and technical assistance program that provides grants of up to $50,000 to early-stage startups based in Fairfax County.

FFF funds can be used to support companies' commercialization and market entry efforts.

The FFF is designed to help high-growth startups in Fairfax County achieve their full potential.

The Fairfax Founders Fund, also known as FFF, is a grant and technical assistance program designed to support early-stage startups in Fairfax County.

FFF provides grants of up to $50,000 to help these companies commercialize and enter new markets.

To learn about FFF opportunities, start by checking out the webinar replay hosted by Fairfax County, which can be found here.

Fairfax County uses the federal Small Business Administration (SBA) definition of "socially disadvantaged" to identify groups and individuals they will actively promote the FFF to.

The county does not discriminate on the basis of several factors, including race, color, sex, creed, religion, national origin, age, disability, genetic information, veterans' status, or disabled veterans' status.

A replay of the webinar hosted by Fairfax County is available for those who want to learn more about FFF opportunities.

To be eligible for the Fairfax Founders Fund, you need to have an already incorporated entity. This means you've taken the first step in setting up your business.

You'll also need a federal employee identification number, also known as a FEIN or tax ID. This is a required piece of information when submitting your application.

In addition to these requirements, you must be registered with the Virginia State Corporation Commission to do business in Virginia. You'll also need a valid Business, Professional, and Occupational License issued by Fairfax County or one of the surrounding towns.

To be eligible for a grant from the Fairfax Founders Fund, you'll need to meet certain requirements. First and foremost, you must be a for-profit company.

You'll need to be a legally-existing entity registered and in good standing with Virginia's State Corporation Commission to do business in the Commonwealth of Virginia. This means you can't be delinquent in any tax or debt payments, or in material breach of any previously-existing agreements with Fairfax County or the Commonwealth of Virginia.

Your principal place of business, or PPB, must be in Fairfax County or one of the Towns of Herndon, Vienna, or Clifton. This can be a home office, as long as it functions as the PPB.

You'll also need a valid Business, Professional, and Occupational License, or BPOL, issued by Fairfax County or one of the Towns of Herndon, Vienna, or Clifton. And, like with the SCC registration, you'll need to be in good standing.

To qualify, you must be an innovative and/or disruptive product-focused technology enterprise. You should be able to articulate the potential commercial value of your product.

Additionally, you can't have raised more than $1,000,000 of startup funding since your company's inception. This includes investments from friends and family, angels, venture capital firms, and other private equity investments.

You also can't have received more than $250,000 in gross revenue in the 12 months preceding your application.

When it comes to finding matching funds, it's essential to know what doesn't qualify. Let's dive into what you should avoid.

Funds expended prior to or after the FFF project's period of performance cannot be used as matching funds. This means you can't use funds from before the project started or after it ended.

Lines of credit are also not eligible as a source of matching funds. This includes any credit agreements that allow you to borrow money at a later date.

Discounts on equipment and/or supplies are not considered a valid source of matching funds. This includes any reductions in price you receive from vendors or suppliers.

Here are some examples of what doesn't qualify as matching funds:

As you work on your project, you'll need to keep track of your progress and report back to the FFF. Awardees are required to report on the technical and financial progress of the project and technology during and immediately following the period of performance.

You'll submit a progress report when you've spent the initial tranche of funds, which is 40% of the award, and at least 40% of the total matching funds. This will give the FFF a snapshot of your project's progress so far.

A final report is due by no later than 30 days after the end of the performance term, as outlined in the grant agreement. Make sure to review your grant agreement to confirm this deadline.

After the performance term ends, you'll need to provide a brief annual report on commercialization and other economic outcomes for the next 4 years, starting on February 1. This will give the FFF a chance to see how your project is doing in the long term.

The Fairfax Founders Fund has a rigorous application and review process that separates the best from the rest.

To be considered, applicants must have a strong track record of success and a clear vision for their business.

Their team reviews every application carefully, looking for companies with a unique value proposition and a proven ability to execute.

They prioritize applications from founders who have a strong network and a clear plan for growth.

The review process typically takes 4-6 weeks, and applicants can expect regular updates on the status of their application.

Founders who are selected to move forward will be invited to participate in a series of interviews with the Fairfax Founders Fund team.

These interviews provide an opportunity for the fund to get to know the founder and their business better.

The Fairfax Founders Fund typically invests between $500,000 to $1 million in each portfolio company.

Their investment process is designed to be collaborative, with the fund working closely with founders to help them achieve their goals.

The Fairfax Founders Fund is a valuable resource for entrepreneurs and small business owners in Fairfax.

You can find more information about the Department of Economic Initiatives by visiting the About Us page.

The Business Events & Education Calendar is a great way to stay up-to-date on upcoming entrepreneurial events and workshops.

The 2024 Economic Initiatives Project Highlights provide a glimpse into the department's goals and objectives for the upcoming year.

If you're looking for funding opportunities, be sure to check out the Economic Opportunity Fund and the Fairfax THRIVE initiative.

Here's a list of some of the resources available through the Department of Economic Initiatives:

The Equitable Growth Profile provides valuable insights into the local economy and can help inform business decisions.

The Fairfax Founders Fund is just one part of the larger economic development strategy in Fairfax, which is outlined in the 2024 Economic Initiatives Project Highlights.

The Fairfax Founders Fund is a county initiative that provides support to local early-stage companies. It was created to encourage entrepreneurial spirit and innovation in Fairfax County, Virginia.

The fund offers $50,000 grants to selected winners, which can be used for various purposes such as prototype development, market research, customer acquisition, and legal costs. This financial support can be a game-changer for local entrepreneurs.

The county received 40 applications from local entrepreneurs in fields like advanced manufacturing, environmental technology, and cybersecurity. These applications were reviewed by a committee of over 15 experts.

A committee of experts reviewed the applications, provided feedback, and invited 12 companies to pitch their proposals in person. From there, five finalists were chosen.

The fund's due diligence process is thorough, involving interviews with customers, potential customers, and previous mentors. This ensures that the selected winners are legitimate and have a solid business plan.

The Fairfax Founders Fund has already made a positive impact on local businesses, introducing them to different stakeholders in Virginia. For example, Elizabeth Tikoyan's startup, Healp, was connected with her first clinical trial partner through the fund.

The fund's credibility also offers a key way to navigate through Fairfax County's bureaucracy, as noted by Raymond Magee, founder of BloomCatch.