University of Arkansas Lands Tech Money From SBA
by June 9, 2015 6:51 am 108 views
The U.S. Small Business Administration has granted $100,000 awards to 20 states to support programs for innovative, technology-driven small businesses under SBA’s Federal and State Technology (FAST) Partnership Program.
The University of Arkansas will receive Arkansas’ allocation.
FAST is designed to stimulate economic development with outreach and technical assistance to science and technology-driven small businesses, with a particular emphasis on socially and economically disadvantaged firms, helping them to compete in federally-funded research and development through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs.
“FAST provides boots on the ground support at local levels to help entrepreneurs compete and win SBIR/STTR awards,” said John Williams, SBA’s Director of Innovation. “These programs are the largest source of non-diluted early stage funding in the world, attributing to the success of tens of thousands of firms since being established in 1982. Yet many entrepreneurs in cities and states across the country are unaware. The main goal of FAST is to increase that awareness through partnering organizations and level the playing field, especially in underrepresented areas.”
FAST funding awardees must demonstrate how they will help support areas such as:
- 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
- Commercializing technology developed through SBIR awards
The FAST award project and budget periods are for 12 months, beginning September 30, 2015.