Arkansas companies win state funding for innovative research
by January 1, 2016 1:51 pm 198 views
Assistance from the Arkansas Small Business and Technology Development Center (ASBTDC) will go to help two local early stage companies that won state funding to support ongoing product research and development.
The center helps the companies find and apply for early-stage funding through the Arkansas Economic Development Commission and the Arkansas Development Finance Authority, guiding them through each step of the application process, reviewing business plans and budgets and communicating with the funding agencies.
Tocol, a spinout company of the University of Arkansas for Medical Sciences, will receive $50,000 through the Seed Capital Investment Program. The company has developed a plant-based compound that shows promise as a safe, effective method for protecting humans against exposure to radiation.
Fauxsee Innovations, based in Magnolia, received a $28,111 Technology Development Program award from AEDC to support the continued development of its navigation aid for the visually impaired, called Roboglasses.
ASBTDC, a cooperative partnership between the SBA, University of Arkansas at Little Rock College of Business and other institutions of higher education in Arkansas, has helped six technology-based companies secure $281,861 through state channels in 2015.