Grants From CommerceNet

Awards expected to fuel California's economy, create 2,500 new jobs

Palo Alto, CA  July 24, 2002  CommerceNet is awarding Next Generation Internet (NGI) Grants to seven California-based companies that are implementing real-time value chain (RTVC) innovations.

Avere, CRIA Technology, Open Harbor, Saltare, StoragePoint, Blue Titan and WebV2 are among the winners of grant funding. CommerceNet manages the NGI Grant Program in partnership with the California Technology, Trade and Commerce Agency's Division of Science, Technology and Innovation. The Program, which is designed to fuel California's economy and further the state's technological leadership, identifies, supports and funds companies developing business applications that drive the build-out of next generation Internet.

"The NGI Program and the development of applications that drive the Next-Generation Internet is the foundation for CommerceNet's programs," said Marty Tenenbaum, founder of CommerceNet. "CommerceNet's mission is to pave a path for seamless interconnections between buyers, sellers, partners and consumers. These NGI grantees are defining the tools that will advance and enable that global e-business market."

In this round of grants, CommerceNet said it is committing funds to innovative application technologies that will advance e-business and improve supply-chain efficiencies. The grants were awarded based upon an open competitive process. Criteria for grant selection included the applicants' forecasted ability to create new jobs, commitment from industry partners, raise matching funds and apply significant work to RTVC innovations.

In addition to technology development, the grantees will apply their NGI funding to develop valuable partnerships, improve operations and hire sales, marketing, engineering and support staff. According to the strategic business plans of the grantees, NGI funds are expected to help create 2,500 jobs over the next five years. CommerceNet said the current seven grantees are expected to achieve successes similar to what the nine existing NGI Grant winners from 2001 have achieved. The first round of NGI Grants is expected to help the awardees create more than 1,000 jobs during the next five years.