$20 million awarded to increase innovation and competitiveness, control cost and create jobs in 15 states
WASHINGTON, Nov. 9, 2010 /PRNewswire-USNewswire/ -- Fifty-two Springboard lifescience companies founded and/or led by women were awarded $20 million in grants by the United States government under the Qualifying Therapeutic Discovery Project (QTDP) Program. Only twelve states reported receiving more grant money than the total awarded to Springboard companies.
"We are thrilled with the validation these grants provide to a significant number of our portfolio companies," said Kay Koplovitz, chairman Springboard Enterprises. "The work they are doing is not only essential to our health and wellbeing but to the competitiveness and vibrancy of our innovation economy. We wholeheartedly support them and applaud the federal government for recognizing the importance of their work. "
The IRS, in conjunction with the Department of Health and Human Services, approved applications for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. Under the program, a total amount of $1 billion was allocated for credits and grants with a $5 million limit per each eligible applicant. The QTDP program was created by Congress on May 21, 2010 under Section 48D of the Internal Revenue Code, as enacted under the Patient Protection and Affordable Care Act.
For a list of all companies receiving grants:
About Springboard Enterprises: Springboard is a powerful network that catapults women to scale great businesses and become lifelong leaders. Springboard sources, coaches, showcases and supports high growth women-led companies seeking equity capital for expansion.
- Springboard portfolio companies raised $5.5 billion in equity, grants and strategic investments.
- Seven Springboard companies listed on NASDAQ.
- 444 companies selected to present at 21 Springboard Forums from an applicant pool of over 4,000 companies. 148 of these companies are in the life sciences.
- Over 400 venture, angel, corporate and family office funds have invested in Springboard companies.
- Thousands of investors, bankers, accountants, lawyers, sector experts, corporate execs and entrepreneurs have recruited, screened and coached Springboard portfolio companies.
- 80% of the companies in the Springboard portfolio continue to grow independently or as part of a merged entity.
SOURCE Springboard Enterprises