About this programme
The First Fund is an early-stage investment program run by Innovation Space, an incubator on DuPont's former Experimental Station campus in Alapocas, Delaware. It provides up to $240,000 in pre-seed and seed capital to deep tech companies working primarily in life sciences, clean tech, and advanced materials.
Innovation Space describes its mission as making high-quality investments early in a science entrepreneur's journey, often being the first investor to believe in a company. The program is built for founders who are ready to move their lab or office into the Innovation Space campus and use its resources.
Funding combines cash with in-kind value rather than a single check: a company gets both money and physical lab or office space plus access to scientific equipment, mentorship, and investor connections.
How it works
A company can receive $30,000 to $120,000 in cash plus $30,000 to $60,000 of in-kind value (lab space, office space, equipment access, and services) over six months, for a combined maximum of $240,000.
In-kind offerings include laboratory and office space (with half-lab or full-lab options), scientific equipment, business mentorship, investor connections, and campus amenities like the gym, cafeteria, parking, and coffee/water service.
The investment is structured as a convertible note: 20% conversion discount, $5M valuation cap, 8% simple interest, a 36-month term, and, on an acquisition, a 150% premium on the note value plus accrued interest.
As a condition of investment, the company commits to relocating its operations to Innovation Space to make use of its lab and resources.
Applications are reviewed on a quarterly basis through the Gust platform.
Who can apply
The company must be developing deep tech solutions primarily in life sciences, clean tech, or advanced materials.
Founders must be focused on growing their business and willing to locate their lab or office at Innovation Space to use its resources.
How to apply
- Review the First Fund One-Pager PDF available on the Innovation Space site for program details.
- Apply directly through the Gust platform at gust.com/programs/first-fund-investment.
- Applications are reviewed quarterly.
Frequently asked
How much money can my company actually get?
Up to $240,000 total: $30,000 to $120,000 in cash plus $30,000 to $60,000 of in-kind lab and office value over six months.
Do I have to give up equity for this funding?
The investment is structured as a convertible note, with a 20% conversion discount and a $5M valuation cap, rather than a direct equity purchase up front.
Do I need to relocate my company?
Yes. Relocating your lab or office to the Innovation Space campus in Alapocas, Delaware is a condition of receiving the investment.
What industries does The First Fund invest in?
Deep tech companies working primarily in life sciences, clean tech, and advanced materials.
How often are applications reviewed?
On a quarterly basis, through the Gust platform.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.