Frequently Asked Questions

The eligibility requirements differ for each Challenge, but generally:

• Your company will be required to meet the definition of a small business, as defined by the U.S. Small Business Administration and found under 13 CFR Section 121.201, or qualify as a 501(c)(3) non-profit entity.
• Your company must be able to test/pilot your solution in Hampton Roads, Virginia
• You must be prepared to deploy your solution and spend all of the revenue-based loan or grant by a predetermined date stated with each Challenge
• Your technology has to be past the prototype stage or already have customers using your technology
• If you are accepted as a finalist, you will be required to submit further documentation such as technical details of your solution, a work plan, and financial projections within 14 calendar days of being notified of you finalist status
• Finalists will be also required to obtain a DUNS number and register on Sam.gov

For detailed information, please read the Applicant Guidelines posted on the Challenge webpage.

Yes, you can partner with a larger company as long as your project proposed to the Challenge is led by you as a small business.

RISE offers one-stop-shop resources and a living testbed to innovators in the coastal resilience sector. Winners receive wrap-around support including:

• Non-equity funding in the form of a grant
• Customized business accelerator curriculum
• Technical, government, and business mentors
• Assistance with securing real-world pilot and test sites in the Hampton Roads region
• PR and media visibility
• Technical assistance with government regulatory compliance
• Ongoing support throughout the duration of your project
• Introductions to leaders, experts, and other stakeholders in Hampton Roads and broader coastal Virginia
• Introductions to potential investors
• The only ecosystem (40+ previous Challenge winners) of coastal resilience entrepreneurs in the U.S.

Applicants can apply for non-equity funding up to a predetermined amount for each Challenge. RISE Resilience Innovation Fund awards come in two forms: 1) Revenue Based Loan and 2) Grant. Grant awards may be combined with the Revenue Based Loan. The award type and amount is determined by the RISE Executive Director based on the scoring and recommendations of the RIF Investment Committee.

Grants

Grants are awarded for the costs of product development, project setup in Hampton Roads, and Hampton Roads-focused use case discovery and development. All grant funds must be fully expended by a predetermined date set with each Challenge.

Payments made to the awardee under the grant are made on a reimbursement basis for eligible costs.

Our grant has come from a variety of sources aligned with each Challenge, including funding from the U.S. Department of Housing and Community Development, Virginia Department of Housing and Community Development, and GO Virginia.

We look for startups, small businesses (as defined by the U.S. Small Business Administration) and nonprofit entities that are at the post prototype stage. Please see the definitions below:

Prototype: An entity building and testing its product, service, or business model. Typically described as “Pre-Seed” if For Profit. Pilot: An enterprise deploying a tested product, service, or business model in at least one community. Hybrids and For Profits would typically be in a “Seed” round and generating revenue (whether or not they are cash flow positive). Growth: An entity with an established product, service, or business model rolled out, which is poised for further growth in multiple communities or countries. Organizations at this stage should have a clear path to sustainability. For Profits at this stage would be “Seed” or “Series A.” Scale: A sustainable entity working in several communities or countries and that is looking to scale significantly, focusing on increased efficiency. For Profits in this stage would be “Series A” or “Series B.”

Eligibility extends to U.S.-based companies and registered nonprofit organizations.

Businesses that are accepted into our program need to deploy their solution in the Hampton Roads VA area, either themselves or by hiring or partnering with a local entity to deploy your solution. We only select projects that can provide a demonstrable benefit to our testing ground in the Greater Hampton Roads region, while being scalable to other communities.