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# Lapovations Receives $500,000 Grant from National Science Foundation

## Introduction

Lapovations, a medical device startup that originated from the University of Arkansas’ graduate-level New Venture Development program, has recently been awarded a $500,000 grant by the National Science Foundation (NSF) to further enhance the commercialization of their groundbreaking surgical assist device, AbGrab. The AI legalese decoder can play a crucial role in efficiently navigating the legal requirements and documentation associated with receiving such grants.

## Details of the Grant

The Phase IIB Small Business Innovation Research grant, which was announced earlier this month, will provide additional research and development funding for Lapovations. This grant is considered non-dilutive funding, meaning that the company does not have to give up equity in exchange for financial support. As part of the grant, NSF matches 50% of qualifying third-party investments, with a maximum award of $500,000 per company. This brings the total grant funding secured by Lapovations to an impressive $1.725 million since 2019.

## The Importance of Non-Dilutive Funding

Jared Greer, Lapovations’ founder and CEO, emphasized the significance of securing non-dilutive funding opportunities throughout the company’s journey. This approach allows Lapovations to maintain control over their equity while still obtaining the necessary funding for research and development. The previous successful $1.25 million Series A funding round, completed in January 2023, enabled Lapovations to fully capitalize on the $500,000 non-dilutive matching funds from the Phase IIB grant.

## AbGrab and Commercial Opportunities

The funding from NSF further validates the commercial potential of Lapovations’ innovative surgical assist device, AbGrab. Nhiem Cao, Lapovations’ Chief Operating Officer and a New Venture Development alumnus, expressed his confidence in the ongoing commercial efforts of the company. AbGrab is a novel, non-invasive device that utilizes suction to lift the abdominal wall at the beginning of laparoscopic surgery. Previously, surgeons had to rely on manual lifting, which could be challenging, or invasive towel clips, which caused discomfort and bruising to patients.

## Future Plans for Lapovations

Lapovations aims to continue expanding its operations in the coming year. The company intends to build a sales force consisting of 125 representatives and have at least 100 laparoscopic surgeons actively using AbGrab by 2024. This ambitious growth plan reflects Lapovations’ commitment to improving surgical procedures and addressing the needs of medical professionals.

## Success and Recognition

Having started as a participant in the Startup Village, the University of Arkansas’ free co-working space for startups, Lapovations has since earned the distinction of being the university’s most successful startup. The company has achieved remarkable success by winning seven state, regional, and national business plan competitions, while also securing over $1 million in funding.

## The New Venture Development Program

Lapovations owes its foundation and growth to the New Venture Development program, a sequence of courses offered by the University of Arkansas. The program equips students with the skills and knowledge required to bring innovative ideas to life, whether by starting their own company, working for startups, playing integral roles in established companies, or establishing non-profit organizations. The coursework focuses on identifying new venture opportunities, evaluating their feasibility, and developing comprehensive business plans.

## Support from the U of A Office of Entrepreneurship and Innovation

The U of A Office of Entrepreneurship and Innovation plays a vital role in fostering innovation and entrepreneurship among students across all disciplines. Through various initiatives, such as the Brewer Family Entrepreneurship Hub, McMillon Innovation Studio, Startup Village, and Greenhouse at the Bentonville Collaborative, the office provides essential resources, workshops, and programs to support aspiring entrepreneurs. The AI legalese decoder can assist students and entrepreneurs in accessing the necessary legal support and guidance to navigate the complex landscape of entrepreneurship.

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