News Summary
The Louisiana Technology Transfer Office has unveiled the SBIR/STTR Advantage Series, an educational initiative designed to assist startups and small businesses in navigating federal funding processes. The series kicks off with an in-person workshop on July 22 at the New Orleans BioInnovation Center, focusing on proposal preparation for NIH submissions. With subsequent virtual sessions planned, this program aims to enhance access to federal funding resources, boosting innovation and economic growth in Louisiana.
New Orleans, LA – The Louisiana Technology Transfer Office (LTTO) has launched an educational series aimed at assisting innovators, startups, and small businesses in navigating the federal SBIR (Small Business Innovation Research) and STTR (Small Business Technology Transfer) funding process. This series, titled “The SBIR/STTR Advantage Series,” debuted as part of the Louisiana Economic Development’s Louisiana Innovation initiative (LA.IO).
The series begins on July 22, with an in-person workshop called “Proposal Preparation Intensive” scheduled at the New Orleans BioInnovation Center, a hub dedicated to bioscience innovation and business incubation in Louisiana. This opening workshop will concentrate specifically on preparing participants for SBIR/STTR submissions to the National Institutes of Health (NIH) and is designed to help them meet the September 5 deadline for proposals. Notably, this will be the only in-person event in the series, with subsequent sessions planned to be conducted virtually.
The SBIR and STTR programs are federal initiatives offering competitive funding for research and development projects, allowing small businesses to secure financial support without relinquishing equity. Eleven federal agencies oversee these programs, including the NIH, Department of Energy (DOE), National Science Foundation (NSF), and NASA, all aimed at fostering innovation and facilitating the growth of small businesses.
Funding under these programs is structured into three distinct phases. Phase I awards can range from $50,000 to $300,000 and are designated for feasibility studies. Phase II grants can exceed $1 million and are focused on further development of the project’s potential. Phase III does not offer direct funding but emphasizes commercialization efforts, expecting businesses to pursue private investments or obtain federal contracts. Additionally, STTR projects require formal collaboration with a non-profit research institution to qualify.
This comprehensive educational series was developed in partnership with BBC Entrepreneurial Training & Consulting, a firm renowned for assisting companies in successfully obtaining funding through federal programs. The sessions will be scheduled throughout the summer and early fall, targeting enhanced access to important federal funding tools aimed at stimulating innovation within Greater New Orleans and the state of Louisiana as a whole. Advance registration is essential for participation in all sessions.
The inaugural “SBIR/STTR Advantage Series” is set to bolster the entrepreneurial ecosystem in Louisiana by equipping local innovators with the knowledge and resources necessary to effectively pursue federal funding opportunities. By guiding participants from the proposal phase through to commercialization, LTTO and LA.IO are committed to supporting the growth of small businesses and enhancing innovation across the state.
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