Oyster Bed Company an NC IDEA Finalist
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A Morehead City company using innovative materials to help restore North Carolina oyster habitats is among 11 finalists vying for $50,000 funding packages in the spring 2016 round of NC IDEA grants.
The Sandbar Oyster Company has licensed patent rights from the University of North Carolina at Chapel Hill to develop substrate materials to be used for settling and growing oysters.
The company, which aims to improve production of oysters for consumer markets, is conducting a large-scale field test currently funded by the university’s Office of Technology Development. Its biodegradable "oyster bed" is a combination of fibrous jute mesh and a lime-based cement filler.
Sandbar was among presenters in October 2015 at the sixth annual International BioMarine Business Convention in Wilmington. The event was brought to Wilmington through the collaborative efforts of the convention owners, the North Carolina Biotechnology Center, and one of NCBiotech’s sector-building initiatives, the Wilmington-based Marine Bio-Technologies Center of Innovation.
The NC IDEA grants are distributed via twice-yearly application reviews from NC IDEA Foundation, a private organization committed to supporting business innovation and economic advancement statewide.
The organization serves as a catalyst for young, high-growth technology companies by promoting initiatives that foster growth and helps these companies contribute to the state’s business community. Since its inception in 2006, NC IDEA’s core grant program has awarded more than $4.2 million to 104 companies across the state. It has also supported over 100 additional companies through its Durham-based startup program, Groundwork Labs.
The 11 finalists NC IDEA’s 21st seed-stage grant cycle were chosen from 173 original applicants. The other 10 finalists are:
- FarmShots – Raleigh
- Gryppers – Raleigh
- LUMEOVA – Raleigh
- microSiO – Durham
- MoneyComb – Durham
- Personalized Learning Games – Durham
- PodKeeper – Charlotte
- ProAxion – Apex
- Roobrik – Durham
- WebHearing – Greenville
“It comes as no surprise that one of the largest applicant pools in the history of the program has rendered one of the most diverse set of finalists,” said Thom Ruhe, NC IDEA president and CEO. “From nanotechnology to medical device to semiconductors and the ubiquitous information technology offerings, it’s clear that North Carolina has diverse and promising entrepreneurial prospects.”
The finalists will present before a review panel comprised of experienced investors, industry experts and entrepreneurs. Grant recipients will be announced in June. The grants support business plan research and development, reduce the risk of early failure and advance projects to the point of suitability for angel or venture capital investment.
In addition to the funding, winners also benefit from mentoring by successful entrepreneurs and experienced investors; the use of MBA interns; in-kind services from attorneys, accountants and marketing consultants; public recognition; and access to growth capital.