Top Ten Reasons to Consider SBIR/STTR Research and Development Funding.
By Pat Dillon, Executive Director of MPI, Inc.
The Small Business Innovation Research (SBIR) Program was established when President Reagan signed into law the "Small Business Innovation Development Act," which required federal agencies with research and development budgets of $100 million or more, to set aside not less than 2/10th of one percent of that amount for the first SBIR program. Today, the program now requires agencies to set aside 2.5 percent of their budgets, which now total $2 billion in funding to conduct basic, applied, exploratory and engineering research and development efforts.
The Small Business Technology Transfer (STTR) Program was created in 1992 to stimulate technology transfer from research institutions to small firms while, at the same time, accomplishing the federal government's research and development goals. It was designed to convert the billions of dollars invested in research and development at the nation's universities, federal laboratories and nonprofit research institutions into new commercial technologies.
These Programs are extremely important for infant, early stage and existing companies to provide the research capital to conduct groundbreaking research and development efforts across a broad spectrum of science and technology to commercialize new products and services for worldwide markets. Since 1982, more than $15 billion of SBIR/STTR investments have been made to companies around the country to support the missions of 11 federal agencies most notably the Department of Defense and the National Institutes of Health.
Top Ten Reasons:
1) The Programs provide more than $2 billion in research and development capital.
2) The Programs offer seed capital to fund high risk projects that have strong defense and commercial opportunities.
3) The Programs allow the company to retain its equity and control.
4) The Programs funds are distributed through grants or contracts with no repayment required.
5) The Programs allow the company to normally retain the intellectual property rights under the grant or contract.
6) The Programs encourage the creation of wealth and job creation/retention.
7) The Programs promote and foster partnerships with collaborators (large companies and academia)
8) The Programs provide recognition, verification, and visibility to outside entities.
9) The Programs serve as a leveraging tool to attract outside investors.
10) The Programs support the American Dream!
Minnesota Project Innovation, Inc. (MPI's) mission is to support small business technology innovation and commercialization, and to serve as the State's focal point to help technology-based companies successfully access federal funding through the $8-10 billion Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs. SBIR represents a source of high risk capital for small companies to explore their technological potential and provide the incentive to profit from its commercialization.
STTR requires small companies and the nation's premier nonprofit research institutions to foster innovation collaboratively to meet the nation's scientific and technological challenges in the 21st century.
MPI assists technology-based companies that possess research and development capabilities who are capable of competing for federal research grants and contracts to develop an idea or technology for eventual commercialization. Companies in the following sectors are prime candidates for federal research funding: defense, medical, biotechnology, environmental, energy, information technology, agriculture, transportation, education, etc.
MPI delivers up-to-date critical information; quality education and training; and invaluable mentoring and technical assistance to start-up and emerging technology companies to enable them to research, develop and commercialize world-class technologies for domestic and international markets. MPI helps technology-based companies to identify appropriate federal funding opportunities, prepare and submit winning research proposals, understand federal rules and regulations to help companies navigate the complex and sophisticated government research and development procurement process. We assist our companies with market analyses and business development strategies through our extensive network of seasoned professionals.
For more information on the SBIR/STTR Programs, please call Ms. Pat Dillon at 612-347-6751, or pdillon@mpi.org <mailto:pdillon@mpi.org> . To visit MPI's website, go to www.mpi.org. |
