The Florida IDEA grant process is conducted in three phases; the pre-proposal, full proposal and presentation.
The pre-proposal requires a short, broad description of the company with details about the plan during the next 12 months, in addition to expectations for the future of the company. The application has character constraints to help with keeping things brief.
Florida IDEA staff conducts a preliminary review of each application for required elements, such as company eligibility and format requirements. Not meeting eligibility or format requirements will result in pre-proposal rejection. All eligible applications are then reviewed for content. Those that best fit the evaluation criteria will be named Semi-Finalists and invited to submit a full proposal. Due to the number of applications received, Florida IDEA may not be able to provide detailed feedback. If the pre-proposal submission is rejected because it is out of scope or does not meet format requirements, you will receive an email indicating this is the case. If your pre-proposal was in scope but was not selected, you will receive written feedback. Some applicants may be encourage to reapply in a future cycle. You may request a feedback session with Florida IDEA if you would like more detail.
Full Proposal Phase
If your company is invited to submit a full proposal, you will receive an invitation via email. The full proposal instructions and template will be available for download. The full proposal is approximately 10 pages in length and allows the applicant to describe, with additional detail, important aspects of the business. A detailed budget for the activities to be funded by the Florida IDEA grant must accompany the full proposal. Budgets must be realistic and reasonable for achieving project goals. The amount requested must match the required project activities and cannot exceed $50,000. Entrepreneurial frugality is encouraged, and will be taken into account when evaluating proposals.
Full proposals submitted to Florida IDEA undergo a thorough internal review process. During the review process, your company may be contacted by a reviewer performing due diligence to discuss further details of the business. External experts and individuals who sign non-disclosure agreements may also be brought into the process at this phase to provide feedback related to their specific area of expertise. Those full proposals that best fit the evaluation criteria will be named Finalists and be invited to the third and final phase of the process, the presentation phase. Those full proposals not selected to move forward will be invited to schedule a detailed feedback session with Florida IDEA.
Full proposals that best fit Florida IDEA’s evaluation criteria and have the strongest potential of receiving funding will be asked to present their company and idea to a panel of reviewers. The presentation is 10 minutes followed by 15 minutes of Q&A. The review panel is made up of Florida IDEA staff, MBA consultants and external reviewers with entrepreneurial, subject matter and venture investment experience.
Following the presentations, Florida IDEA will take a few weeks to make final decisions and may contact companies to discuss any further details related to milestones and use of funds. Companies will then be notified of their grant status. Those companies not awarded a grant will be invited to schedule a detailed feedback session with Florida IDEA.
> Learn more about the current cycle’s specific Timeline