Building on a successful first round of funding where five local startups received capital, Fairfax Founders Fund (FFF) is opening applications for its second cohort of companies on November 27, 2023.  FFF will accept applications to award product-focused companies up to $50,000 in capital and expertise to further develop their business and prepare them for later stage investments. FFF is a Fairfax County initiative that aims to cultivate innovative businesses and jobs and grow competitive technology in the county. This total $1,000,000 pilot program is funded from the county’s Economic Opportunity Reserve Fund. 

A small change to the eligibility requirements in this second round increases the total amount of allowed start-up funding raised by applicants to a maximum of $1,000,000 (up from $500,000 in the first round). This is expected to increase the number of companies that would be eligible for the opportunity.

Applications for the second cohort will be accepted from November 28, 2023, through January 8. 2024. The program seeks companies who can demonstrate their company has innovative technology, a path to commercialization, a clear market opportunity, and development milestones. Examples of eligible uses of the funding include prototype or product development, market research, customer acquisition, technology validation, legal costs and/or other approved areas. Importantly, Fairfax County will not take any equity in the companies supported through the fund. Applicants must provide a 50% match, which can be in capital or “sweat equity” and provide progress reports over a 5-year timeframe.  

FFF program promotion will continue to focus on reaching diverse and disadvantaged groups and encouraging them to apply, including women, people of color, people with disabilities, and veterans who are traditionally underrepresented in tech product start-ups. Through Founders Fund the county hopes to foster economic mobility among founders of all backgrounds.

Fairfax County is home to 10,000 large and small IT companies in a diversity of sector specializations. Businesses and research teams in Fairfax County are defining the cutting edge. From cloud computing and software development to artificial intelligence and data analytics, the “Silicon Valley of the East” continues to grow with more than 1 in 4 jobs being technology related.

Related: Fairfax Founders Fund Announces Inaugural Cohort of Grant Funding Winners - November 2023