AI Innovation Challenge Administration Grant Program

About this funding opportunity

Open in new Tab AI Innovation Challenge Administration Grant Program

The application for AI Innovation Challenge Administration Grant Program is now closed.

Plug and Play has been selected as the Administrator for NJ’s AI Innovation Challenge. For updates and status on this initiative, please visit their AI Innovation Challenge website at: https://www.plugandplaytechcenter.com/innovation-services/challenge-offerings/ai-innovation-challenge

Through this competitive Program, NJEDA will select an Administrator to develop and execute a statewide AI Innovation Challenge. The Administrator will also disburse and manage awards to winning teams/companies.

The AI Innovation Challenge is a series of events where cutting-edge technology teams/companies build AI-based software solutions using NJ State data, to advance social and public good in the State. PROGRAM DETAILS ELIGIBILITY AWARD SIZE FEES KEY DATES

PROGRAM DETAILS

PROGRAM DETAILS NJEDA’s AI Innovation Challenge Administration Grant Program is a competitive program that will select and disburse funding to an eligible Administrator. The Administrator will develop and manage a statewide AI Innovation Challenge (“AI Challenge”). The Administrator will also disburse and manage awards to AI Challenge winners The AI Challenge will be a series of events where early-stage companies and teams build AI-based software solutions using NJ State data. Winning companies/teams will receive grants to further develop and launch their software solutions, and mentorship/advisory support from the Administrator’s network of experts. Applications to be the AI Challenge Administrator will be accepted during a defined application window. After the window has closed, NJEDA staff will review all applications for completeness and compliance with eligibility criteria required documentation. All complete and compliant Administrator applications will be evaluated, scored, and ranked by an Evaluation Committee comprised of NJEDA staff. The top-scoring proposal will be recommended for Board approval. The approved Administrator would be awarded $3,800,000 in grant funding to be used in accordance with the established milestones.

ELIGIBILITY

Eligible Administrator Applicants

To be eligible for the Program, Administrator Applicants must:

Demonstrate experience in managing a budget of at least $3 million in at least (1) one prior competitive event.

Demonstrate evidence of a track record in organizing competitive events open to external audiences, with at least 5 competitive events hosted by the entity during the 5 years prior to application.

Bonus points will be given to entities who demonstrate an ability to host a demo day, showcase or similar event to publicly present winning participants at the end of prior competitive events.

Competitive events include but are not limited to pitch competitions, innovation challenges, hackathons and bootcamps, Demonstrate success of competitive events through at least 50 participants per event (minimum 5 events total)

Demonstrate proven and documented track record of success in prior competitive event participants, including but not limited to at least 15% of prior participants to receive follow-on funding from non-related parties, seeing strategic acquisition, significant (50%+) revenue growth post- competitive event, or achieve an exit.

“Non-related parties” are entities that are not the Administrator Applicant nor an affiliate, subsidiary, parent, or related entity to the Administrator Applicant. Demonstrate engagement with the broader startup ecosystem through access to at least 50 actively engaged Subject Matter Experts (SMEs), mentors or partners across industries and functional capabilities (technology, sales, strategy, accounting, finance, marketing etc.).

Submit an in-depth proposal for the AI Challenge’s execution.

Be a legal entity (no individuals) and have been legally formed under the laws of any US state.

Be registered to do business in New Jersey…

Topic areas: Information and Communication Technologies (ICT), General and Cross-cutting R&D, Public Policy and Governance.

Funding amount

This grant provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

AI Innovation Challenge Administration Grant Program is administered by New Jersey Economic Development Authority (NJEDA), listed via New Jersey Economic Development Authority.