Ocean Exchange works by running an annual Call for Solutions, reviewing submissions through a Solutions Review Team, and inviting finalists to present at an in-person event in Fort Lauderdale, where cash awards are decided. The program has two tracks, the Neptune Awards and the Collegiate Awards, and both pay non-dilutive funding rather than taking equity. For South Florida founders building in marine tech, ocean data, vessel operations or alternative materials, it sits on what Founding Blue calls the capital staircase — the order of non-dilutive awards, accelerators and funding rounds that moves a venture from proof of concept toward growth.
What Ocean Exchange Is
Ocean Exchange describes itself as a global ecosystem whose mission is to accelerate the adoption of innovative solutions for healthy oceans, coastal systems and the sustainable blue economy, according to its LinkedIn profile. It is a nonprofit organization based in Fort Lauderdale. Rather than investing cash for equity, it runs a program built around annual monetary awards, promotion of registered solutions across its communication channels, and access to a network of experts across the blue economy, per its own description.
The organization is led by Executive Director Millicent Pitts, who spent three decades as an executive in the chemical and materials industry before joining Ocean Exchange and holds an MBA from the Wharton School at the University of Pennsylvania, according to her Founding Blue speaker profile. Ocean Exchange's own materials frame the organization as more than an awards program: its site states that its network of leaders across blue economy sectors and product development is committed to helping winners and finalists advance their solutions after the event.
How the Program Runs: Call for Solutions, Review, Event
Ocean Exchange operates on a yearly cycle with a defined sequence of dates. For the 2026 cycle, its site lists the Neptune Awards Call for Solutions opening, the Collegiate Awards Call for Solutions opening, then separate regional submission deadlines for the Americas; Europe, Middle East and Africa; and Asia, Oceania and the rest of the world, followed by a Collegiate Awards deadline, a finalist announcement, and the in-person Ocean Exchange event in Fort Lauderdale.
Submissions are reviewed by a Solutions Review Team before finalists are named. Based on Ocean Exchange's own social media communications about its Collegiate Call for Solutions deadline, applicants finalize submissions through the F6S portal ahead of the relevant deadline. Finalists then travel to the Fort Lauderdale event to present, and awards for that cycle are decided there.
What the Neptune and Collegiate Awards Pay
The two tracks have different eligibility and different prize structures. Treat each figure below as specific to the cycle it was announced for rather than a fixed annual amount, since the next table shows the totals changed between the 2025 and 2026 cycles.
| Award track | Who it's for | Prize structure as stated by the source |
|---|---|---|
| Neptune Awards (2026 cycle) | Startups and companies with working solutions | 16 finalists compete for five awards totaling $400,000 in non-dilutive funding, per Ocean Exchange's account on X referencing #OceanExchange26 |
| Collegiate Awards (2026 cycle) | Student innovators | 4 awards of $10,000 USD each in non-dilutive funding for ocean innovation projects, per Ocean Exchange's account on X |
| Cycle | Finalists named | Awards and total value as announced |
| --- | --- | --- |
| 2025 (per Marine Technology Society press release) | 15 finalists | Three $100,000 non-dilutive awards |
| 2026 (per Ocean Exchange on X) | 16 finalists | Five awards totaling $400,000 non-dilutive funding |
The gap between the 2025 and 2026 totals shows why a founder should not assume a dollar figure carries forward from one year to the next. What drives the size of each cycle's prize pool and number of finalists is not published by Ocean Exchange in its public materials, so founders should check the current Call for Solutions rather than plan around a prior year's numbers.
What Applicants Are Judged On
Ocean Exchange's public materials describe the kind of solution it looks for rather than a numbered scoring rubric. Per its LinkedIn description, the organization seeks solutions with working prototypes that reduce waste and the use of nature's resources — language that points to an expectation of a built, working prototype rather than an early-stage concept alone. Submissions go through the Solutions Review Team before finalists are selected and invited to present at the Fort Lauderdale event.
Testimonials on Ocean Exchange's site, including one attributed to a member of its Solutions Review Team, describe the finalist pool as mission-driven entrepreneurs in a collaborative environment that drives measurable progress for oceans and the blue economy. That framing reinforces the emphasis on solutions capable of real environmental or commercial outcomes rather than research still at the concept stage.
Where Ocean Exchange Fits on the Capital Staircase
Founding Blue uses the term capital staircase to describe the order in which Florida blue economy founders can use existing resources: turning research into a defined commercial problem, building proof of concept, applying for non-dilutive awards, then moving into accelerators, seed and Series A funding, and eventually growth and IPO. Ocean Exchange sits at the non-dilutive awards step — useful once a founder already has a working prototype to show, rather than at the earliest research stage.
Founding Blue does not run, judge or guarantee the Neptune Award, the Collegiate Award or any other grant or investment. Its role is to help South Florida founders prepare their Ocean Exchange Neptune Award application or Ocean Exchange Collegiate Award submission, including application and pitch feedback, as part of its advisory work.
How to Judge Whether You're Ready to Apply
Deciding whether to apply comes down to a few practical questions a founder can answer honestly before putting time into a submission.
- Do you have a working prototype, not just a research concept or early-stage idea?
- Does your solution reduce waste or the use of nature's resources, matching Ocean Exchange's own stated focus?
- Which track fits your status — Collegiate Awards for student innovators, Neptune Awards for startups and companies with working solutions?
- Can you meet the submission deadline for your region — Americas; Europe, Middle East and Africa; or Asia, Oceania and the rest of world?
Time commitment is real even for founders who don't advance. Preparing a submission means writing up the solution clearly, gathering evidence of the prototype and its environmental or waste-reduction impact, and submitting through the F6S portal before the relevant deadline. Finalists then commit further time preparing to present at the Fort Lauderdale event.
What a founder can realistically gain depends on where they land in the process. Being named a finalist brings visibility within Ocean Exchange's network of blue economy leaders and product development specialists; winning brings the non-dilutive funding set for that year's track and cycle. Neither outcome is guaranteed by applying, and Founding Blue does not control or influence the review process.
Getting Application Support
Founders who want a second set of eyes on an Ocean Exchange submission can work with Founding Blue's advisory services, which include application and pitch deck review alongside its broader startup mentorship and fundraising support. This sits next to Founding Blue's other work connecting South Florida blue economy founders, investors and operators through its High Tide event series and university panels. Founders can contact Founding Blue to ask about application support, High Tide events or its partner network.
Frequently Asked Questions
Is Ocean Exchange a grant program or an investor?
Ocean Exchange is a nonprofit that gives non-dilutive funding through an annual awards competition rather than making equity investments. Winners receive cash awards without giving up ownership in their company.
What does non-dilutive funding mean?
Non-dilutive funding is money a startup receives without giving up equity or ownership stake in exchange, unlike venture capital or angel investment. Both the Neptune and Collegiate Awards are structured this way.
What's the difference between the Neptune Awards and the Collegiate Awards?
The Neptune Awards are for startups and companies with working solutions, while the Collegiate Awards are for student innovators. Prize amounts and the number of awards differ between the two tracks and have changed from one cycle to the next, so check the current Call for Solutions for exact figures.
Where is the Ocean Exchange event held?
Finalists present at an in-person Ocean Exchange event in Fort Lauderdale, Florida, after the review of submissions and the finalist announcement.
Do I need a working prototype to apply?
Ocean Exchange's public description of what it seeks points to solutions with working prototypes that reduce waste and the use of nature's resources, rather than early-stage concepts without a built solution.
Can Founding Blue guarantee I'll win an award?
No. Founding Blue helps South Florida founders prepare Ocean Exchange applications and refine their pitch, but it does not run, judge or guarantee the Neptune Award, the Collegiate Award or any other grant or investment outcome.
How do I submit an application?
Based on Ocean Exchange's own communications about its Collegiate Call for Solutions deadline, applicants finalize their submissions through the F6S portal ahead of the relevant regional or Collegiate deadline.
What happens after I'm named a finalist?
Finalists prepare to present their solution at the in-person Ocean Exchange event in Fort Lauderdale, where awards for that cycle are decided.