Tips for a Successful SBIR or STTR Submission: How to Get Funding for Your Small Business
If you are a small business owner, you may be wondering how to get funding for your company. There are a few different options available, but one of the best is the SBIR or STTR program. This government-funded program provides grants and funding to small businesses in a variety of industries. In this blog post, we will compare and contrast the SBIR and STTR programs, and we will provide tips for submitting a successful application.
The SBIR program is a government-funded program that provides grants and funding to small businesses in a variety of industries. The STTR program is similar, but it is specifically for businesses that are researching and developing new technology. Both programs are administered by the Small Business Administration (SBA). The SBA is the main government agency that offers these funding options although other agencies include the Department of Defense, the National Institutes of Health, and the Department of Energy.
To be eligible for the SBIR program, your business must have less than 500 employees. For the STTR program, your business must have fewer than 500 employees and you must be collaborating with a research institution.
There are three phases of the SBIR program: Phase I, Phase II, and Phase III. In Phase I, you will submit a proposal for your project. If your proposal is selected, you will receive a grant of up to $150,000 to conduct research and develop your project. In Phase II, you will submit a more detailed proposal for your project. If your proposal is selected, you will receive a grant of up to $750,000 to continue researching and developing your project. In Phase III, you will commercialize your product or technology.
To be eligible for the STTR program, you must have a collaborative relationship with a research institution. You will submit a joint proposal with the research institution, and if your proposal is selected, you will receive a grant of up to $500,000.
Here are our tips for submitting a successful SBIR or STTR application:
- Do your research. Make sure you understand the eligibility requirements and the application process before you begin.
- Start early. The application process can be time-consuming, so make sure you give yourself enough time to complete it.
- Put together a strong team. In addition to a strong project, you will need a team of qualified individuals to help you execute your project.
- Write a clear and concise proposal. Make sure your proposal is well-organized and easy to understand.
- Focus on the commercial potential of your project. Remember that the goal of the SBIR or STTR program is to fund projects with commercial potential.
- Be prepared to answer questions about your project. You may be asked to participate in an interview as part of the application process.
- Follow up after you submit your application. Once you have submitted your application, be sure to follow up with the program administrator to make sure they received it and that all materials are in order.
By following these tips, you will increase your chances of submitting a successful SBIR or STTR application and receiving funding for your small business. If you need help, Stealth Bioenergy and Biotechnology Consulting can provide support. We have a team of experienced consultants who can help you with every step of the process, from writing your proposal to preparing for your interview. Contact us today to learn more about our services.
