The Innovative Ideas Program received 35 applications this year from Oklahoma researchers for the chance at $25,000. When it was launched last year by the Economic Development Generating Excellence fund, the group received 48 applications and awarded six $25,000 IIP grants.

EDGE invests in Oklahoma-based projects, companies and ideas that have the potential to create jobs and expand. The program supports the early stage ideas in hopes that they will  become commercialized. The awards provide funding for one year, at a maximum of $25,000.

Applications came from around the state, EDGE officials reported.

“The Oklahoma business and research community has no shortage of innovative ideas with commercialization potential,” said Paul Risser, executive director of the EDGE policy board, in a statement. “Good ideas come from across our state, and the Innovative Ideas Program is intended to help these businesses by serving as the ‘shot in the arm’ that some new and innovative ideas need to clear the very difficult early-stage development.  

“When these projects reach commercialization stage, businesses expand and create jobs in Oklahoma,” he said.

A maximum of five IIP grants were scheduled to be awarded in 2010, but due to the highly innovative level of submissions, EDGE officials chose to fund an additional project, making a $150,000 investment in Oklahoma-based companies.

EDGE officials report the grants helped create 266 jobs in its brief existence, as well as aiding six new science and technology companies.