Who Is Eligible?

Please review the PTP NEXT Business Competition general qualifications
to determine if your company matches the competition profile.

Companies applying for the PTP NEXT Business Competition must meet the following eligibility criteria.

Residency
To apply for the PTP NEXT Business Competition:

  • The company must be headquartered in the Piedmont Triad region  (or be in the process of relocating to the Piedmont Triad Region). Counties included are Alamance, Caswell, Davidson, Davie, Forsyth, Guilford, Montgomery, Randolph, Rockingham, Stokes, Surry and Yadkin.
  • CEO/management team/founder must reside in North Carolina.
  • Virtual companies with management teams in multiple locations including outside North Carolina will be considered on a case-by-case basis.

Scope and Purpose
The PTP NEXT Business Competition is a business competition, not a business plan competition. Winners must use their grant award to move the company to its next business level by executing the activities they have outlined in the application.

  • Startup and existing entrepreneurial companies are eligible.  Applicants must provide evidence that the idea or business model being proposed is feasible.
  • Companies should demonstrate significant growth potential based on original products, technologies, services and/or processes which are aligned with the Piedmont Triad’s strategic assets and growth opportunities.

Companies operating mainly under the following business models are not eligible for the competition:

  • Consulting
  • Not-for-profit
  • Real estate partnerships

Use of Grant Funds
As you prepare your application, remember that funds must be for business-related expenses only and not for research activities. Additionally,

  • Funds must not be intended for founder’s salaries.
  • Funds must help companies achieve their most significant goals.

Examples of good uses of funds include, but are not limited to, business planning, market analysis, prototyping, Intellectual property protection  and similar business activities.

Grant Winner Requirements

  • Incorporation:  While in the case of start-up companies’ incorporation is not required in order to submit an application,  the applicant must incorporate his/her business prior to the receipt of any award.
  • PTP NEXT grant recipients are expected to maintain their Piedmont Triad presence for 2 years or return their award.
  • Winners will provide PTP NEXT with quarterly updates throughout the one year grant period.
  • Winners will present a final report to PTP NEXT.
  • Winners agree to provide company information to PTP NEXT for at least 5 years after the grant period.  We are interested in your progress and in tracking the success of the program. We will collect statistics such as:
    • Number of employees
    • Revenue
    • Funding
    • Exits, mergers, acquisitions
    • New product/service launches

Questions about eligibility? Contact us at info@ptpnext.com.

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