Loudoun County is running a $150K innovation challenge

The Economic Development Authority of Loudoun County, Virginia (EDA) is administering a $150,000 innovation challenge.

The Loudoun County EDA is running the challenge to “promote entrepreneurship and business growth” from companies based in Loudoun County. The Loudoun Economic Development Innovation Challenge is open to for-profit businesses, nonprofits are not eligible to participate.

Applications will be accepted through March 31 and winners will be announced on May 4 at the Loudoun County Small Business Conference. Four winners will be selected to win innovation grants, with three winners receiving $25,000 each and one winner receiving the grand prize of $75,000. Those interested can submit applications through the challenge’s website.

Applicants will also need to be open to sharing their business plans, as well as financial documents. Representatives from the Loudoun County EDA will review applications, choosing the top six to pitch in-person for final selection ahead of the conference in May. Finalists must also be available for the public announcement of the winners.

Loudoun County seems to be attracting notable tech companies in the region, as well.

Last May, biotech startup Aperiomics relocated its corporate headquarters to Loudoun County. The company uses genomic analysis to detect every known pathogen from a sample of any nature in one test. The 4,700-square-foot office space is located in Sterling, Virginia, which is part of a designated Loudoun County Opportunity Zone. Aperiomics relocated from an office space in Ashburn, Virginia. To go along with its growth, the company closed a $1.8 million Series A investment round in August.