“Can I get funding for my business?”
The short answer to this question is usually no, as we have explained in previous posts.
But there are cases where federal grants can be awarded to small businesses. One such case is with the National Institutes of Health (NIH) Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
“These programs allow US-owned and operated small businesses to engage in federal research and development that has a strong potential for commercialization,” explains NIH on the programs’ website. “In Fiscal Year 2018, NIH’s SBIR and STTR programs will invest over 1 billion dollars into health and life science companies that are creating innovative technologies that align with NIH’s mission to improve health and save lives.”
For a full list of research areas that align with NIH’s mission, prospective applicants would be advised to study the 2018 Program Descriptions and Research Topics document.
New Resource for Biomedical Innovators
The federal grant-making agency recently released a five-module online course for biomedical innovators considering funding through the NIH SBIR/STTR programs. The course aims to help prospective applicants “evaluate the use of federal grant funding within the context of a broader financial plan.”
This new resource emphasizes the need for small businesses in the field to “[move] beyond the short-term perspective of immediate financing needs to a comprehensive, long-term financial plan.”
Learning objectives for the course range from “understanding the importance of financial planning for your small business”, to “learning practical approaches to developing a long-term financial plan”, to “evaluating the various sources of funding”.
The video embedded below is the first module of the free online course from NIH.