Helping you offset your start-up costs
The Launch Place has the resources to help you offset some of your start-up costs by offering office and housing subsidies and two investment opportunities – our Pre-Seed Investment Program and Seed Fund.
In exchange for subsidies and/or investments, you agree to locate part of your operations/manufacturing of your business in the Dan River District of Virginia for three years.
When investments are considered, The Launch Place gives priority to the following industries:
- Nano Technology
- Green Technology
- Alternative Energy
- Advance Manufacturing
- Advanced Materials
- Medical Devices
- Information Technology
Seed Fund, with the flexibility to structure deals as debt, convertible debt or equity with the capacity to fund up to $250,000 per company
Pre-Seed Investment Fund
Pre-Seed Investment Program, with an opportunity to secure a maximum of $25,000 for product and market validation and $50,000 for business model refinement
The Launch Place helps companies reduce their start-up cost by offering office, up to $6,000 per year, and housing, up to $5,000 per year, subsidies. The Dan River District is an attractive place to live, work, and play. It includes residential and office space in the refurbished Tobacco Warehouse District, the Dan River bike path, the Amtrak train station, the Danville Science Center, Community Market, and Carrington Concert Pavilion.
Our TOTAL subsidy and investment opportunities include:
- Pre-Seed Investment Program, with an opportunity to secure a maximum of $25,000 for product and market validation and $50,000 for business model refinement
- Seed Fund, with the flexibility to structure deals as debt, convertible debt or equity with the capacity to fund up to $250,000 per company
- Free co-location with The Launch Place
- Office rent subsidy, up to $6,000 per year, if you chose to locate in a separate office space in the River District of Danville
- Housing incentive, up to $5,000 per year, if you chose to locate to the River District in Danville
Plus, don’t forget, for our portfolio companies we offer:
The Seed Fund's Criteria
We accept applications throughout the year free of charge. You need to meet the following profile to be considered for an investment:
- You must be located or be willing to relocate part of your operations of your business to the Dan River District of Danville, Virginia for a period of three years.
- Your business must create a minimum of 5 jobs with salaries equal or greater than $50,000 within a 3 year period in Danville, Virginia.
- The Founder or CEO must have made a full-time commitment to the business.
- Your business model needs to demonstrate you can scale in a capital efficient way.
- We prefer that your company be engaged in any one of these industries: IT, software, engineering and electronic related products, bio-materials, medical device, healthcare products and green energy.
- We would like you to have a beta product or service developed with validation or first customers.
- You must have a business plan or executive summary that projects your market position, capital strategy, management team development, and risk factors for taking products/services to market and growing your company.
Pre-Seed Investment Program
For investment consideration, there are overall eligibility requirements, such as:
- As the business grows and meets milestones, you must be located or be willing to relocate part of your operations of your business to the Dan River District of Danville, Virginia for a period of three years.
- Have an innovative and cutting edge technology, new product or new technology application that advances high growth industries, such as: Advanced Manufacturing, Alternative/Advanced Energy, Advanced Materials, Healthcare IT, Medical Devices, Software, and Electronics and Controls.
- Be willing to accept entrepreneurial business consulting, training/mentoring/coaching and support services from The Launch Place.
- Give preference to resources in the Danville region such as Danville Community College, Institute for Advanced Learning & Research and Danville Regional Medical Center to validate the technology and business model.
- Be willing to put an Advisory Board in place that will provide oversight and guidance during the validation process. Agree to accept a Launch Place designee to serve on the Advisory Board.
- Agree to public disclosure of involvement with The Launch Place.
- Enter an agreement including provisions and conditions for the funding.
Depending if the investment is for market or product validation or business model refinement, additional requirements will be needed.