SBA Grants for Small Business Innovation and Research

June 9, 2015

pic-tech-innovate-smThe U.S. Small Business Administration’s (SBA) Federal and State Technology (FAST) Partnership Program recently announced awards of $100,000 to 20 state and local economic development agencies, business development centers, and colleges and universities in an effort to further economic development growth through outreach and technical assistance to science and technology-based small businesses.

The SBA’s FAST Partnership offers these competitive grants with the intent to improve the participation of small technology firms in the innovation and commercialization of new technology while strengthening the technological competitiveness of small businesses across the nation. FAST places particular emphasis on socially and economically disadvantaged firms, helping them compete in federally-funded research and development through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs. The main goal of FAST is to increase the awareness through partnering organizations and to level the playing field.

Selections were made based on a wide range of criteria, and awardees demonstrated they helped support areas including: small-business research and development assistance; technology transfer from universities to small businesses; technological diffusion of innovation benefiting small businesses; proposal development and mentoring for small businesses applying for SBIR awards; and commercializing technology developed through SBIR awards.

As longtime supporters of innovation and technological advancement  for small businesses, NSBA supports programs such as FAST. Together, with the SBIR and STTR, these programs have played a large role for small businesses across the U.S., acting as the largest source of early stage research and development funding.