Stacy Chin breaks down Phase I funding requirements: preliminary data isn't mandatory but strengthens your application, and you'll need to build a prototype or MVP and compare it against a leading competitor to show your competitive edge.
Phase I applications don't require you to include any preliminary data, although presenting some early findings would greatly strengthen your application since this helps to justify the need for Phase I funding support. At the end of Phase I, your goal is to develop some sort of prototype or MVP, or minimum viable product, and to test it against a leading competitor so that you can demonstrate its value proposition and that your solution might have a leg up compared to other state-of-the-art offerings.
