Applicants for this round of the 21st Century Jobs Fund competition were notified yesterday that they were approved to move forward to the written review phase.  About 90 companies are moving forward.  We haven't heard yet what the 26 companies were told who didn't move forward.

This phase of the competition will take another two weeks.  NCMS will recommend to the SEIC on Aug. 20 which of these companies should go forward to the interview stage.  This phase will take place between Sept. 2 and Sept. 20.  The message companies received yesterday said that they will not have a choice on when to appear.  They will be given a date and they have to be there or forfeit.  So don't plan on being out of town in September if you are under consideration. 

The MEDC did provide as they said at the beginning of the competition, two forms of note.  This was always a question but we are delighted to see they were able to follow through.  There may be some room for negotiation on some fine points like milestones, but if the terms of either note are unacceptable as presented you should probably notify them now and drop out.  Save everyone, including yourself, time and trouble.

So it seems the competition is moving along smoothly.  Good luck to all that applied and are still competing.

The SEIC met last week to approve the list of companies that met the requirements for eligibility for the 21st Century Jobs Fund competition.  26 companies were rejected from the 117 that applied leaving 91 companies to be reviewed.  Those 26 should have received word by now but we haven't heard any rumblings yet.

David Haviland with Shepherd Advisors attended the meeting and did his usual great job recapping the results in his blog.

As you know by now NCMS is the reviewing organization.  They have 75 reviewers lined up to start the process.  The written reviews are underway.  Half the reviewers are VCs or other technology start-up experts.

The SEIC meets again on August 20.  That's the next time we will hear anything official about the competition.  We will learn at that time what companies will be asked to make personal presentations to reviewers in Lansing.

I have no doubt the deadlines will be met.  Same as you, we are anxious to see how many companies at the end of the day will be funded and at what levels.  We did learn something new last week from an insider.  There will not be just one loan document afterall.  There will be two, one a straight loan with warrants and the second a convertible note.  And both will be negotiable.

Good luck to all that applied and let the best plans win.

The numbers are in.  109 companies applied for funding in this round of the 21st Century Jobs Fund competition.  An astounding total of $451 million is being asked for in total.