Picmonic Inc Awarded $250,000 as Winner of Arizona Innovation Challenge Grant
Largest Bi-Annual Business Plan Competition Selects Picmonic as Grant Winner
PHOENIX, AZ., July 8, 2014: The Arizona Commerce Authority (ACA) announced the winners for the Spring 2014 Arizona Innovation Challenge (AIC) Grant – a bi-annual business plan competition that awards the most money in the country for a technology commercialization challenge. Picmonic Inc is proud to be named as one of the six winners!
The ACA awards $3 million annually to the most promising technology ventures that participate in the Arizona Innovation Challenge, with individual awards ranging from $100,000 to $250,000. The grant money is intended to support company growth.
Picmonic started as one of over 100 applicants for this award. Then 25 companies were selected as semifinalists, and 10 were chosen to move to the final round. Each of the ten finalists gave a pitch to a panel of judges and Picmonic was selected to as a winner to receive a $250,000 grant.
“We are honored that the judges and ACA share Picmonic’s vision and recognize that we are changing the face of education.” said Ron Robertson, co- founder and CEO of Picmonic. “We appreciate the enormous support and with the additional funds we will be looking to grow our current team with open source developers and marketing expertise.”
The AIC grant program is the largest of its kind in the nation, which the Arizona Commerce Authority is hoping will become a base for innovation and growth in the state’s economy. Already, Arizona has been named the 10th best state in the country for business, and hopes to move up quickly in the coming years.