Likely, there isn’t anyone reading this column who doesn’t have an opinion about what the federal government should and should not pay for.
It seems there are numerous federal programs that could probably be cut or reduced without having a negative impact on economic growth. However, the Small Business Innovation Research Program (SBIR) and the Small Business Technology Transfer (STTR) initiatives are not among those.
SBIR/STTRs provide a critical source of funding for research and development and technology commercialization in startup companies. These programs drive scientific innovation in our country.
Federal agencies with specific scientific and technological goals release SBIR/STTR solicitations to tap into the many private sources of innovation that exist across the U.S.
Through a structured, peer-review application process, small, American, for-profit businesses submit research proposals that match their technologies to identified agency goals. Successful companies receive awards ranging from up to $150,000 for proof of concept to up to $1.5 million to continue development toward commercialization. SBIR funding is non-dilutive, and doesn’t not have to be repaid. The government views the resulting scientific innovation and the social and economic benefits they bring about as ample “consideration” for its investment.
“SBIR/STTR programs offer a really incredible financial opportunity for these smaller companies starting up,” said H. Anne Pereira, Ph.D. chief scientific officer and co-founder of Biolytx Pharmaceuticals, an emerging drug…