Updated information about the 21st Century Jobs Fund competition
The SEIC met last week to approve the list of companies that met the requirements for eligibility for the 21st Century Jobs Fund competition. 26 companies were rejected from the 117 that applied leaving 91 companies to be reviewed. Those 26 should have received word by now but we haven’t heard any rumblings yet.
David Haviland with Shepherd Advisors attended the meeting and did his usual great job recapping the results in his blog.
As you know by now NCMS is the reviewing organization. They have 75 reviewers lined up to start the process. The written reviews are underway. Half the reviewers are VCs or other technology start-up experts.
The SEIC meets again on August 20. That’s the next time we will hear anything official about the competition. We will learn at that time what companies will be asked to make personal presentations to reviewers in Lansing.
I have no doubt the deadlines will be met. Same as you, we are anxious to see how many companies at the end of the day will be funded and at what levels. We did learn something new last week from an insider. There will not be just one loan document afterall. There will be two, one a straight loan with warrants and the second a convertible note. And both will be negotiable.
Good luck to all that applied and let the best plans win.