Many small businesses are started to help solve a problem or innovate upon existing solutions, and the Small Business Administration’s (SBA) Small Business Innovation Research (SBIR) exists to provide funding to those that qualify, according to Entrepreneur Magazine.
This group was formed in 1982 to help identify the feasibility, commercial potential, and technical merits of young projects and gives more money over time to successful teams.
Currently, the division has around $2.5 billion across a variety of federal agencies, such as the Department of Health and Human Services, that are looking across America for projects aligned with their goals. Joining the program is possible through one of their local events or conferences that serve to educate potential participants on how the program works as well as highlighting important calendar dates and deadlines. Once accepted, Phase 1 businesses can receive up to $150,000 and up to $1 million over time based on their criteria for success. Because each federal agency will be looking for different types of projects, it is crucial to sort through everything to find the place with the best fit. There are also opportunities during the early application stages to speak with agency contacts about questions and details.
Small operators should remember that their local Small Business Development Center will provide them access to an advisor that can help them navigate the hurdles involved with getting SBIR funding. In addition, they also offer free general business counseling as well as inexpensive training options.