In a blow to Washington’s burgeoning tech ecosystem, Find Ventures, a key player in supporting early-stage startups, has announced the closure of its flagship program after six years of operation. The initiative, which focused on helping companies secure non-dilutive funding—capital that doesn’t require giving up equity—faced insurmountable funding challenges of its own, leading to the shutdown. Launched in 2019, Find Ventures was backed by the Washington State Department of Commerce and aimed to level the playing field for underrepresented entrepreneurs, including women, minorities, and those from rural areas.

The program’s model was innovative: it provided grants, mentorship, and resources to startups navigating the complex world of government grants like SBIR and STTR awards. Over its lifespan, Find Ventures assisted dozens of companies in landing millions in non-dilutive funds, fostering innovation in sectors from biotech to clean energy. But as venture capital markets tightened globally, the program’s reliance on state and philanthropic support proved unsustainable, mirroring broader funding droughts affecting incubators nationwide.

Amid a broader contraction in startup support structures, the closure highlights vulnerabilities in public-private partnerships that underpin regional innovation hubs. Industry experts note that while venture capital inflows have rebounded slightly in 2025, non-dilutive funding vehicles like Find Ventures are increasingly strained by budget cuts and shifting priorities, leaving early-stage founders with fewer lifelines to bootstrap their ventures without diluting ownership.

Elizabeth Scallon, co-founder of Find Ventures, expressed regret in a statement, emphasizing the program’s impact on diverse founders who often struggle to access traditional VC networks. According to reporting from GeekWire, the shutdown comes at a time when Washington’s startup scene is grappling with a slowdown in deal flow, with Q2 funding totals dropping significantly compared to the previous year. This echoes findings from HSBC’s analysis of biotech venture trends, where first-financing rounds plummeted in the second quarter of 2025, reversing an earlier uptick.

The ripple effects are already being felt among alumni startups. One beneficiary, a Seattle-based wave power company, had leveraged Find Ventures’ guidance to secure state grants for clean energy development, as detailed in a GeekWire article from last year. Without such programs, founders may turn to riskier debt financing or delay product launches, potentially stifling innovation in a state known for its tech prowess but criticized for lagging in superstar AI startups.

The evolving dynamics of startup financing in the Pacific Northwest underscore a shift toward alternative models, where accelerators like AI2 Incubator are raising new funds to back AI ventures, yet programs targeting equity and inclusion face existential threats. As state departments recalibrate grants amid economic pressures, the loss of Find Ventures signals a potential gap in supporting underrepresented innovators, prompting calls for renewed public investment to sustain long-term growth.

For industry insiders, this closure serves as a case study in the fragility of non-dilutive ecosystems. Richard Giersch, a grant-writing expert profiled in GeekWire, has long advocated for startups to diversify funding sources, having secured over $25 million in SBIR/STTR grants himself. Yet, with Find Ventures gone, the onus falls more heavily on individual entrepreneurs to master these processes without institutional backing.

Broader data from PitchBook, as referenced in various analyses, shows Pacific Northwest startups reeling in top funding deals in Q2, but primarily in established sectors like biotech and autonomous vehicles. This concentration leaves gaps for emerging fields and diverse founders, exacerbating inequalities. As one Seattle founder reflected in a recent GeekWire piece, navigating fundraising in 2025 demands resilience amid hiring freezes and market volatility.

In the wake of such shutdowns, lessons from failed ventures like Privacy Dynamics—detailed in a GeekWire report—emphasize the importance of product-market fit and self-worth for founders. As Washington’s Department of Commerce explores new accelerators, the closure of Find Ventures may catalyze a reevaluation of how to equitably fund the next generation of tech companies, ensuring that innovation isn’t confined to well-connected elites.

Ultimately, while Find Ventures’ end marks a setback, it could spur innovation in funding models. Startups are increasingly eyeing corporate VC arms, like Zebra Ventures’ recent investment in RFID firm Xemelgo, as per GeekWire. For Washington’s tech community, adapting to these changes will be crucial to maintaining its edge in a competitive global arena.