Frequently Asked Questions
Why were the criteria to apply for a Vogt Award expanded?
- The Vogt Invention and Innovation Fund was created to help support entrepreneurial efforts of engineers and innovators, and to fund the product development and commercialization of their ideas. The Vogt Awards program is constantly iterating to provide the best funding and resources for Louisville area companies, and seeks to include a variety of visionary business models and ideas. Based on an assessment of the types of early stage businesses proliferating in Louisville, our new criteria allow us to help more local startups.
If I am not based in one of the 13 counties near Louisville, can I still apply?
- No. A primary goal of the Vogt Awards program is to support companies that offer the greatest potential for regional economic impact. The program seeks applications from companies headquartered in the Louisville region that can take advantage of the mentorship, training, and services we provide. A list of the 13 counties may be found on the Vogt Awards website.
What might not qualify as a technology-based product?
- Businesses that only offer a service such as tax preparation or lawn care, and those which don’t fundamentally rely on their own innovative technology, such as a restaurant, won’t qualify. Small businesses that offer services without a scalable innovation are better served by the Small Business Development Center.
Why are there caps on total fundraising and revenue for applicants?
- In order to provide the best mentorship and resources for each cohort, and to fill a need for resources for early stage companies in the Louisville area, the Vogt Awards is focused on assisting early stage companies.
How are the participants for Vogt Awards selected?
- From April 4, 2016 to May 31, 2016 applications will be accepted via the Gust platform. Criteria for suitable applicants can be found under VogtAwards.com/criteria. After the application period ends the initial applicant pool will be reviewed. Those companies that meet all of the Mandatory Criteria will be evaluated by a group of experienced entrepreneurs and investors during a full-day process that will include a presentation with a Q&A, as well as small group interviews. A final group of Vogt Award recipients will be identified through that process.
What are the core elements of Vogt Awards program?
- The Vogt Awards program, managed by GLI’s EnterpriseCorp, will feature one-on-one mentorship by EnterpriseCorp staff and experienced mentors, access to an updated portfolio of resources, and help with preparations for Demo Day.
How much of the training program will be standard vs. tailored for individuals companies?
- The Vogt Awards program creates the most value for early stage companies who seek to test their market and build their first prototypes. While some areas of the program, for example our workshops, will have required group attendance, we know each company is unique and whenever possible we will pair you with mentors and partners that will assist you with your specific market demands.
If an entrepreneur has already completed Lean Startup training will they have to go through this again as part of the Vogt Awards program?
- This will be addressed on a case-by-case basis.
How can Vogt Award recipients use their $25,000 grant?
- The Vogt Award funds are provided in a series of payments either during or after the program itself, and only to offset actual, approved expenses. If awarded, you will work with GLI’s EnterpriseCorp to create a budget and spending plan. Vogt Award funds may be used for product development, marketing and other expenses. The funds cannot be used to pay down prior debt.
Why is there no longer a final prize awarded at Demo Day?
- The Vogt Awards program is committed to maximizing its impact on our community. We’ve examined programs around the country that provide financial and programmatic support for early stage companies, and have seen great benefit in creating an environment of cooperation among Vogt Award recipients. In order to support more companies and maximize the benefits of working in a cohort, this year we are able to offer $25,000 awards for up to six companies, along with a portfolio of services, mentorship and training that will be of value to early stage companies.
What is Vogt Demo Day?
- Demo Day is an event where the graduating class of Vogt Award entrepreneurs each present their product and their business to the public. It’s the culmination of an intensive and immersive Vogt Awards program, during which the entrepreneurs are expected to have developed their idea into a viable product and business plan. Vogt Demo Days are attended by other entrepreneurs, and potential investors, partners and customers.