SBIR and STTR funding

10 Reasons Why Small Businesses Should Pursue SBIR and STTR Funding

Small businesses should be interested in SBIR and STTR funding. Here are 10 reasons why small businesses should pursue the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs with the federal government:

1. Funding Opportunities:

SBIR and STTR programs provide substantial funding opportunities to small businesses, helping them develop and commercialize innovative technologies. These funds can be critical for early-stage companies needing capital to market their ideas.

2. Non-Dilutive Capital:

The funding provided by SBIR and STTR programs does not require businesses to give up equity or ownership in exchange for the funds. This allows businesses to retain control and ownership of their intellectual property and company direction.

3. R&D Support:

These programs are designed to support research and development (R&D) efforts, enabling small businesses to advance their technological capabilities and develop cutting-edge solutions that can meet the needs of the market and government.

4. Validation and Credibility:

Receiving an SBIR or STTR award provides a level of validation and credibility. It signals to investors, partners, and customers that a reputable federal agency has vetted and endorsed the business’s technology and business model.

5. Market Access:

Participating in these programs can open doors to new markets, including opportunities to work with federal agencies. This can lead to additional government contracts and partnerships, further expanding the business’s reach and impact.

6. Intellectual Property Rights:

Small businesses retain the rights to the intellectual property developed during the SBIR or STTR project. This allows them to commercialize the technology and generate revenue from their innovations.

7. Commercialization Support:

Beyond funding, these programs often provide resources, mentoring, and support to help small businesses navigate the commercialization process. This can include assistance with market research, business planning, and connecting with potential customers and investors.

8. Economic Impact:

Engaging in SBIR and STTR programs can contribute to economic growth by creating jobs, fostering innovation, and driving technological advancements. This benefits not only the small business but also the broader economy.

9. Networking Opportunities:

These programs often offer networking opportunities with other innovative businesses, government officials, and industry experts. This can lead to valuable collaborations, partnerships, and knowledge sharing.

10. Aligning with National Priorities:

By participating in SBIR and STTR programs, small businesses can align their innovations with national priorities and needs. This can lead to the development of solutions that address critical challenges and contribute to the public good.

Join us on July 15, at the EmpowerED Entrepreneurs: Accelerating Success conference to learn more about SBIR and STTR programs. Our guest speaker, Hutch McClendon, has worked with many businesses over the years helping them to obtain this type of funding.

Register for the conference today: EmpowerED Entrepreneurs Registration