This article discusses the recent reauthorization of the Small Business Innovation Research Program and what it means for small businesses. If you'd like to learn more, feel free to get in touch with us today.
What is the Small Business Innovation Research Program?
The Small Business Innovation Research (SBIR) Program was established to provide federal research grants to small businesses. Its main goal is to stimulate technological innovation and encourage participation from women and socially or economically disadvantaged individuals. Since its inception in 1982, the program has led to the issuance of 70,000 patents and attracted approximately $41 billion in venture capital investments.
Why was the SBIR and STTR programs reauthorized?
Congress reauthorized the SBIR and STTR programs to prevent a potential shutdown and to continue supporting small business innovation. This reauthorization builds on previous economic legislation and aims to ensure that small business innovators can continue to create and innovate to meet federal research needs.
How can businesses apply for SBIR and STTR grants?
Entrepreneurs interested in applying for SBIR and STTR grants can explore their options through the SBA's resource center. The SBA also offers initiatives to train and support potential applicants across the country, helping them navigate the application process effectively.
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