How to Raise $1 Million in SBIR Funding as a Small Business

In the world of financing small businesses and startups, venture capital is the "soup of the day". But entrepreneurs would be wise to diversify their funding sources, especially given the current liquidity crunch we're seeing in private equity markets.

Sean O'Brien, managing partner of Overline, a $40 million seed-stage venture capital fund based in Atlanta, Georgia, advised its founders to "tighten 'be deliberate about spending and make sure they have a sufficient track'. because the reality is that we no longer see this "inexhaustible access to capital".

Some companies have found much-needed seed capital from an unexpected source: the federal government, specifically the Small Business Administration's Small Business Innovation Research and Small Business Technology Transfer (STTR) programs. These twin programs provide for-profit US-based companies with non-dilutive grants over fixed periods, ranging from $50,000 to $2 million, for the development of a wide range of advanced technologies. .

Now, it's no secret for entrepreneurs that the universe of government grants is filled with dizzying acronyms, daunting technical requirements, and lengthy deadlines. So I reached out to a founder who overcame all of those hurdles, to share her advice on how to navigate SBIR/STTR's $3.5 billion capital pool to accelerate business growth. company.

Cardiologist and entrepreneur Dr. Elizabeth Ofili has raised approximately $2.2 million in SBIR grants from the National Institutes of Health (NIH) for her startup Health 360x, a patient-centric platform for managing heart disease. population health and the diversity of clinical trials. And the funding she received allowed her to land big commercial deals, as she recently signed a partnership with Amgen AMGN, to conduct a 5,000-participant study focusing on heart disease in the African-American community. American.

Let's break down how Dr Ofili secured the bag.

STEP 1: Understand SBIR/STTR programs

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First, a bit of history. The SBIR program was originally created in 1982 through the Small Business Innovation Development Act, and was expanded in 1992 with the addition of the STTR program, and has been continuously renewed by Congress since then.

Dr. Ofili Explains The Distinction Between T...