DURHAM – The NC IDEA Foundation has picked 23 semifinalists for its latest round of $50,000 grants with 16 of those being based in the Triangle.

The semifinalists are:

Each has been asked to submit a detailed business proposal for review. Finalists will be selected to present to a panel for review. Winners will be announced in mid-November.

“The $50,000 grants are intended to support business activities that validate target markets, reduce risk associated with early stage companies and help companies get to the point of suitability for growth; whether through investment or revenue,” NC IDEA notes.

Semifinalists were selected from 131 applicants.

“Even thirty cycles in, it’s still a difficult task narrowing down a competitive field of demographically and geographically diverse applicants,” said Thom Ruhe, CEO of NC IDEA. “We look forward to learning more about the group moving forward in the next phase of the process.”