Small, high-technology companies will get the help they need to submit their innovative technology ideas to 11 federal agencies for funding at a workshop presented by the University of Nevada Reno’s Nevada Small Business Development Center (SBDC) on Tuesday, June 4. The workshop will be held from 1-3 p.m. at the University’s Redfield Campus, 18600 Wedge Parkway in the Nell J. Redfield Building A, Room 216.
Two programs, the Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer Program (STTR) make $2.5 billion a year available to promising research and development companies.
Under SBIR and STTR, agencies with large R&D budgets make clear the topics and priorities they are interested in funding. Companies that can meet those interests submit proposals for competitively awarded grants. The grants can be particularly helpful for small, high technology businesses that need non-dilutive funding to bring their innovations from the drawing board to the marketplace.
SBIR and STTR provide funding and support in three phases: research, development and commercialization. Phase I offers up to $150,000 for six months of research, and Phase II provides up to $1 million for development of prototypes. Some of the agencies offer a Phase III that helps companies develop their marketing and production efforts. “These programs have in the past had an uncertain future. Their recent reauthorization provides certainty and stability for the small businesses that leverage these programs to create jobs,” said Fritz Grupe, SBIR program manager for Nevada SBDC.
“SBIR and STTR are a win-win,” Grupe said. “The agencies find solutions to their R&D needs while small businesses get the chance to bring important innovations to the marketplace. The reauthorization ensures that small businesses will have access to much needed investments. Money from these programs will go directly to small businesses to help them drive innovation, strengthen U.S. competitiveness and create good jobs.”
Nevada SBDC will offer an overview of the program in the workshop to assist companies interested in competing for these grant funds.