The Small Business Administration (SBA) provides various eligibility requirements to apply for federal #funding. To apply for Small Bussiness Innovative Research (#SBIR) #grant, your business must qualify as a Small Business Concern (SBC) as defined by SBA regulations. This means that your business must be organized as a for-profit business located within the United States, be in some form of an individual proprietorship, partnership, LLC, or corporation, be more than 50 percent directly owned by citizens of the United States, and have no more than 500 employees.
So if your business fits all of the requirements of #SBIR, does that mean you are ready to apply? Maybe! There are a few things to consider before taking that step.
Is your company technology-based? Does it participate in research and development (R&D)? If so, you might be a good candidate for a #SBIR funding.
With that said, the #grant is funded by the government, meaning that you should not apply for SBIR, or any other #grant, unless you are prepared to give up some autonomy of your business. Some federal #grants may require you to alter research or projects to better fit the needs of the agency providing the grant. Further, agencies may also require that all findings and projects from the research grant be available for federal use. If you have no problem with this, go ahead and look further into federal funding.
This is not to discourage you
We work with high-growth startups and organizations that support the startup and innovation ecosystem. We build highly specific non-dilutive funding menus, provide proposal preparation services, and measure outcomes of funding through evaluation. Schedule a consult call with us HERE.