$1.25 Million Available to Support Startups Engaged with Federal SBIR/STTR Programs
The New Jersey Commission on Science, Innovation and Technology today announced that it will open applications for a $1.25 million round of grant funding through its New Jersey Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) Direct Financial Assistance Program on Monday, August 16, 2021. New Jersey startups can apply online at https://www.njeda.com/csit. The program provides a $25,000 to $50,000 funding match to New Jersey-based companies that have received federal SBIR/STTR grants.
The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal research and development (R&D) needs. The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.
“Under Governor Phil Murphy’s leadership, New Jersey is quickly recapturing its role as a leader in innovation thanks to startups such as those involved with the federal SBIR/STTR programs,” said CSIT Chairman Gunjan Doshi. “CSIT is committed to ensuring that our state’s entrepreneurs have access to every available resource to best position themselves for success. The New Jersey SBIR/STTR Direct Financial Support Program has a proven track record of doing just that.”
Doshi noted that, through two prior rounds of the New Jersey SBIR/STTR Direct Financial Assistance Program, CSIT has awarded a total of $825,000 to 29 New Jersey companies.
This third round of the program will offer $1.25 million in grants to New Jersey small businesses in two program components. The first component (Direct funding) will provide $25,000 grants to up to 30 small businesses that have received a federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II award/contract. The grant is aimed at helping awardees increase intensity of research, strengthen commercialization plans, cover operational expenses, and become more competitive for Phase II funding. The second component (Bridge funding) will provide $50,000 grants to up to ten NJ small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. The grant will enable the awardees to maintain operations while waiting on Phase II awards and cover general operational expenses directly related to the project/product for which a Federal Phase II award is being sought.
“We are pleased to be able to significantly increase the amount of funding we are providing through this latest round and look forward to welcoming new startups into the program as a result,” said CSIT Executive Director Judith Sheft.
Sheft encouraged entrepreneurs that are interested in applying to the New Jersey SBIR/STTR Direct Financial Assistance Program to attend an August 19 information webinar to learn about the application process. A link to the webinar can be found at ttps://www.njeda.com/event/csit-round-3-sbir-sttr-grant-assistance-program/. A recording of the webinar will also be available on CSIT’s website.
The application, which will be available at https://application.njeda.com/CSIT, will be open until October 8, 2021 at 4:00 p.m. EST.
“Startups within the innovation ecosystem are important drivers of job creation and employment and their success is absolutely essential to the vibrancy of New Jersey’s economy,” said State Senator Paul Sarlo. “Funding these early-stage companies through programs like the New Jersey SBIR/STTR Direct Financial Assistance Program will not only benefit the individual entities, but also their communities, the state, and the global marketplace at large.”
In keeping with the Governor’s vision for inclusive economic growth, applications from businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for bonus points with respect to the scoring criteria. Additionally, applicants who are winning a federal award for the first time will also receive a scoring bonus.
“New Jersey offers startups the full package when it comes to reasons to grow here – close proximity to numerous world-class universities, a diverse and highly-educated pool of talented workers, and an innovation ecosystem that supports them from the earliest stages through valuable programs such as this one,” said Assemblyman Christopher DePhillips.
Article Courtesy of the NJEDA