REA Higher Education Research Grant Program

The Community Foundation of Louisville's Vogt Invention & Innovation Awards offers a significant opportunity for early-stage entrepreneurs in the Louisville metropolitan area. This program provides awards and prizes ranging from $10,000 to $100,000, with up to six businesses each receiving $25,000 annually. The initiative aims to propel businesses to the next level by fostering innovation and economic growth within the region. While the grant duration is not explicitly mentioned, the focus is on supporting businesses that are past the conceptual stage and have an early prototype of their technology. The primary beneficiaries are for-profit entities headquartered in the 13-county Louisville Metro area, encompassing specific counties in Indiana (Clark, Floyd, Washington, Scott, Harrison) and Kentucky (Bullitt, Henry, Jefferson, Nelson, Oldham, Shelby, Spencer, Trimble). Eligibility criteria also require businesses to be registered with either the Indiana or Kentucky Secretary of State and in good standing. The program targets businesses in their early stages, with customer revenue less than $250,000/year to date and a lifetime funding maximum of $500,000 (excluding founders' personal investments). The overarching impact goal is to stimulate innovation-led product and service development, creating customer demand and contributing to the economic vitality of the region. The Vogt Awards define innovation as a new idea or the invention of a new product or service that creates customer demand, aligning with the foundation's strategic priority to support groundbreaking advancements. Stronger consideration is given to applications that demonstrate leveraging technology for customer service, competitive advantage, or market evolution, and those that utilize technology in new or unique ways. This focus on technological advancement is a core tenet of the program's theory of change, believing that such innovation is key to sustainable business growth and regional prosperity. Additionally, the program prioritizes businesses with a protectable advantage (intellectual asset) in the market and a scalable business model that promises quick revenue growth and improving profitability. The exclusion of businesses requiring long regulatory approval cycles, such as new drug companies, further refines the focus to innovations that can more rapidly enter and impact the market. Expected outcomes include the successful development and scaling of innovative products and services, leading to increased customer demand and economic benefits within the Louisville Metro area. Measurable results would likely include the number of businesses successfully launched or expanded, job creation, and revenue generation by award recipients.