Client Companies Win $281,861 in State Funding for Innovative Research
December 18th, 2015 by Gwen Green
With assistance from the Arkansas Small Business and Technology Development Center, Tocol Pharmaceuticals and Fauxsee Innovations have won state funding to support ongoing product research and development.
The Arkansas Economic Development Commission’s Division of Science and Technology recently announced awards to the two companies.
ASBTDC has helped six technology-based companies secure $281,861 through state channels in 2015. The center helps the companies find and apply for early-stage funding through AEDC and Arkansas Development Finance Authority, guiding them through each step of the application process, reviewing business plans and budgets and communicating with the funding agencies.
“We are committed to providing entrepreneurs with exactly the right tools and assistance needed to convert research into jobs and companies because technology and innovation-based small businesses are important components of economic development in Arkansas,” said Michael Singleton, ASBTDC assistant state director and innovation program manager.
“Since traditional bank financing is generally not available to tech startups, alternative sources of funding are essential. With the support of ASBTDC and funding partners like AEDC, entrepreneurs increase their chances for success.”
Tocol, a spinout company of the University of Arkansas for Medical Sciences, will receive $50,000 through the Seed Capital Investment Program. SCIP provides working capital for the startup or expansion of Arkansas technology-based companies.
The company has developed a plant-based compound that shows promise as a safe, effective method for protecting humans against exposure to radiation. Tocol’s next step is a formulation for oral use.
Tocol founders Dr. Cesar Compadre and Dr. Philip Breen worked with ASBTDC’s innovation consultant, Rebecca Norman, throughout the summer to prepare their SCIP application.
“Rebecca Norman was essential in the development of our business plan,” said Breen. “We traded many drafts of this with her until it was satisfactory. She was invaluable as a consultant.”
Fauxsee Innovations, based in Magnolia, received a $28,111 Technology Development Program award from AEDC to support the continued development of its navigation aid for the visually impaired, called Roboglasses.
The Technology Development Program provides royalty financing for qualified science and technology based projects.
An ASBTDC client since 2011, Fauxsee Innovations received extensive support from Norman with the development of their TDP application and presentation.
“Rebecca let us know when we were at the appropriate stage to apply for TDP funds and then walked us through the application process,” said Brandon Foshee, CEO and president of Fauxsee Innovations. “Her reviews of our project plan, application forms and presentation for the AEDC’s Division of Science and Technology were extremely valuable.”
ASBTDC’s assistance to Tocol and Fauxsee and its full array of services for science-and-technology-based small businesses are supported by a Federal and State Technology (FAST) program grant from the U.S. Small Business Administration.