FOR IMMEDIATE RELEASE
Press Contact:
Kim Blomquist
872.222.5279
kim@mhubchicago.com
The Grainger Foundation and mHUB Launch Product Development Grant Program to Accelerate Climate, Health, and HardTech Products
The program will award up to six companies up to $30,000 each and provide mentorship to further develop prototypes and businesses. This was made possible by a partnership with The Grainger Foundation.
(CHICAGO April 25, 2024) – Today, mHUB announces a program in partnership with The Grainger Foundation, which will award grants of up to $30,000 to six hardtech companies to support prototyping and physical product development. In addition to product development costs, the program will provide hands-on expertise through mHUB’s design for manufacturing arm, HardTech Development Services, and other resources that will support the readiness level of selected technologies.
“We’re so thrilled to offer this opportunity to startups for much-needed early, non-dilutive funding,” said Shannon McGhee, Vice President of Programs and Engagement at mHUB. “These grants and partnership with The Grainger Foundation are a critical part in our work to shorten the commercialization timeline for hardtech businesses.”
mHUB is focused on supporting early-stage companies in product development by pairing hands-on resources with capital. This new opportunity will be open to mHUB members that are pre-series A, have demonstrated product-market fit, and meet other eligibility criteria. Priority will go to companies developing physical products in healthcare and sustainability.
Candidates will be reviewed by an internal committee from mHUB leadership, its technical arm, and its Board of Directors to select six startups that will receive up to $30,000 to spend on product development with access to a curated team of engineers and innovation talent through HardTech Development Services. Recipients will also receive dedicated advising time from mHUB’s Experts in Residence and additional resources to accelerate their technology.
"This grant will empower teams to mitigate technical feasibility risks, enhance manufacturability, and advance their hardware innovations toward market readiness," said Bill Fienup, mHUB Co-Founder and VP of Innovation Services at mHUB. "A major hurdle we often observe at mHUB is transforming a functional prototype into a product that can be produced at scale economically, ensuring the venture's sustainability."
Pre-investment and post-investment companies can apply for funding. This is the second non-dilutive grant opportunity launched in 2024 by mHUB for hardtech companies within its member community. In early April, mHUB announced that it had awarded $250,000 in the first quarter alone to underrepresented founders through its Equity in Innovation Program, which brought its total in non-dilutive funding issued underneath its Catalyze Initiative to more than $440,000 since the beginning of 2023.
The application will be available for mHUB companies through its internal member portal. To inquire about membership and joining an entrepreneurial community committed to the growth and success of founders, learn more about mHUB membership.
About mHUB
mHUB is a leading independent hardtech and manufacturing innovation center that exists to convene the entrepreneurial ecosystem around physical product innovation to ensure that the manufacturing industry continues to accelerate, grow, and thrive. The mHUB community includes over 500 active and alumni startups and small businesses supported by a deep talent pool of product designers and developers, entrepreneurs, engineers and manufacturers, corporate leaders, industry experts, mentors, and investors. mHUB provides a hyper-resourced environment to entrepreneurs with the goal of commercializing new hardtech innovation that will lead to new businesses, intellectual property, investment, revenue, and job creation. Since launching in 2017, the mHUB community has generated more than $1.57B in revenue, launched more than 1,600 products, hired more than 5,500 employees, and raised over $1.89B in capital. To date, mHUB has invested in 46 startups across sustainable manufacturing, climate and energytech, and medtech.
