The McDermott Legacy Fund (MLF) is administered and managed by The Texas Technology Development Center (T3DC), a subsidiary of the Texas Research & Technology Foundation (TRTF). The fund is designed to provide San Antonio-based start-ups with risk capital to stimulate additional investments from Private Sources.
Eligible applicants must be in the process of commercializing an advanced technology, defined as a state-of-the-art proprietary product, process, material, and/or design. The MLF may consider a wide range of technology-based opportunities but places an emphasis on the life science sector including drugs, medical devices and related services.
Eligible firms must demonstrate innovations that provide a competitive advantage in the marketplace and also have the potential for significant, high-performance growth. They must also exhibit significant potential for high sales per employee; have substantial value added per employee; have wage levels that are above-average for the San Antonio area; and exhibit other indicators related to the generation of wealth for San Antonio’s economy.
In addition, the applicant must demonstrate that the MLF funding enables the company to achieve a critical milestone that accelerates their commercialization objectives. The company must also demonstrate how the company will have a positive economic development impact for the city of San Antonio.
Applicants must be primarily domiciled in San Antonio prior to receiving funding from the McDermott Legacy Fund.
Eligible firms must be classified as small businesses in accordance with the U.S. Small Business Administration (usually no more than 500 employees).
Eligible firms should primarily be in the startup development stage and prior to full production. Applicants who are pre-product and pre-revenue may be eligible for capital to fund technical validation, market validation, market research, management recruitment, equipment acquisition, rent, or other needs critical to a successful launch of the business.
Firms whose business is primarily based on retail services, oil and gas exploration and production, real estate development/management and/or real estate investment are not eligible for funding from the McDermott Legacy Fund.
Eligible firms must match each dollar of funding requested of the McDermott MLF with one-dollar in cash and two-dollars in-kind. The cash portion of the match must be in writing and in hand before a commitment is made by the T3DC to provide funding through the McDermott MLF. The in-kind match may be in the form of pro-bono services, donated rent or space, time and resources provided by employees to the start-up, imputed equivalent of donated equipment (at fair-market-value), documented expenditures for prior work, and/or the direct costs of intellectual property. MLF funds and matching cash must be expended simultaneously against a mutually agreeable budget.
Eligible applicants must submit an application based on the instructions provided. Please contact York Duncan at email@example.com if you have any questions about the application process.