D.C. officials on Friday laid out the criteria for startups to claim a piece of the $1 million Digital DC Technology Fund.
Under the Gray administration initiative, companies that locate within a specially designated corridor that runs from Petworth to the Walter E. Washington Convention Center could receive grants that range anywhere from $25,000 to $200,000. Not just any startup, though. Recipients must meet the definition of a Qualified High Technology Company— a designation D.C. uses for some of its other tech incentive programs — as well as commit to hiring D.C. residents for half of new positions, among other requirements.
Here’s what an eligible applicant looks like, according to a notice posted by the Office of the Deputy Mayor for Planning and Economic Development:
Eligible applicants:
- •Company must be a Qualified High Technology Company (QHTC), defined as:
- a)An individual or entity organized for profit;
- b)Maintains an office, headquarters, or base of operations in the District of Columbia;
- c)Has two or more employees in the District (other than founders, board members, and spouses);
- d)Receives at least 51% of its gross revenue from one or more of certain “permitted” activities (D.C. Code 47-1817.1(5)(A)(iii);
- e)Does not receive 51% or more of its gross revenue from operating a retail store or electronic equipment facility in the District; [Ed note: sorry, Radio Shack]
- Company must be headquartered within the Digital DC Opportunity Corridor or be relocated to the Digital DC Tech Opportunity Corridor within six months of initial funding and for a minimum of 36 months.
- Company must commit to hire DC-residents (or those who will become DC residents within 6 months) for 51% of new positions. Company must commit to participate in the District-subsidized Summer Youth Employment Program/One City High School Intern program
The grant application itself will be released on June 2, available at Digital DC’s website. Applications are due by June 20.