Booting up your startup with govt funding

There’s been some buzz over the past few months about how to use government funding to kickstart your new business.  Forbes had an article about MIT spin-out IntAct Labs getting some money from NASA and the Department of Agriculture.  There was also an MIT Enterprise Forum on the topic.  It makes sense … non-diluting capital is a no-brainer way to get a startup going.

What these folks don’t tell you is the hoops you have to jump through just to be eligible to apply.  So here’s a quick how-to.

[Disclaimer: These are the order of steps that we’ve been able to figure out so far.  We make no guarantees that the info is accurate, so use at your own risk!]

1.  Form a corporation or LLC in Delaware or your home state.

2.  Register to do business in your home state and city.

3.  Apply for a DUNS number (takes 1 business day)

4.  Obtain an employer identification number (takes 2 weeks to show up in IRS records)

5.  Get a corporate bank account (can be done in an hour)

Make sure you get the EFT ABA routing number, the account number and the Automated Clearing House (ACH) point of contact at your bank.

6.  Register with CCR (takes a couple of business days)

Also check out the CCR handbook.

Posted By: Reshma Shetty