On Tuesday, Embry-Riddle announced it will be investing $1 million dollars with the FireSpring Tech start-up fund,to help jump start the innovation corridor in Volusia County.
“Access to talent, seed capital and effective business-growth strategies are essential to the success of early-stage technology companies.” said Embry-Riddle Board of Trustees Chairman Mori Hosseini. “The FireSpring Fund’s expertise, combined with the array of resources at Embry-Riddle’s Research Park, will provide a significant, vital and exciting boost for economic development in Volusia County.”
Firespring will begin it’s application process for funding on February 15th. The review process will continue for about two months before investment recipients are selected to receive initial investments of $25,000 each, with additional funding support available, up to a total of $225,000 each, dependent on meeting milestones of growth and performance.
In 2015, FireSpring received $100,000 from Orange County for a similar mission. Both Orange County and Orlando City Leaders have been pleased with the return of investment.
The idea, explained FireSpring Fund Executive Director Donna Mackenzie, is to “plant the seeds of success into the economy by investing in innovation and then providing each investment recipient with seed funding, mentorship and support that they need to grow and thrive. I expect this investment will have a tremendous positive impact on the entrepreneurial ecosystem blossoming in the region. We are delighted to be a part of it.”
All partners will be housed in the Micaplex named after former Congressman John Mica. Located adjacent to the Daytona Beach Campus, the MicaPlex will include 10,000 square feet of flex lease space as part of a collaborative platform for incubating new technologies. Tenant partnership opportunities are still available for the flex lease space.