The Center for Technology Commercialization (CTC) is offering a matching grant of up to $100,000 to provide additional assistance to companies in the process of completing a project in the federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs.
This is the 20th round of SBIR Advance funding dedicated by the Wisconsin Economic Development Corporation (WEDC) since SBIR Advance began in 2014.
“Our SBIR Advance Phase I program is aimed at helping companies prepare competitive commercialization plans for competitive SBIR/STTR Phase II proposals,” said Todd Strother, SBIR Advance program manager. “Over the past eight years, 140 awards totaling nearly $11.4 million have been awarded. Those businesses reported obtaining $75 million in follow-on funding since receiving the SBIR Advance matching grants. The SBIR Advance Phase II program, established in 2019, is focused on helping companies gain the traction needed to attract investors and strategic partners.”
Deadlines are quickly approaching:
- Noon Oct. 17, 2022: Brief intent to apply due, link found at http://wisconsinctc.org/sbir-advance
- Noon Oct. 27, 2022: Full application due, link found at http://wisconsinctc.org/sbir-advance
To be eligible, companies must have an SBIR/STTR project in either Phase I or Phase II of funding. All companies must have a significant presence in Wisconsin to be considered for the grant; and be registered within the Wisconsin Department of Financial Institutions.
Applicants should note these important dates:
- Week of Nov. 14, 2022: Companies chosen for funding will be notified by this time.
- Week of Jan. 12, 2023: Phase I match awardees must be prepared to start the Lean Startup Program. The course runs throughMarch 30, 2023, and is administered by the CTC. It teaches companies how to incorporate their technologies into a validated business model and defines the best possible target markets.
“We are excited to get to know a fresh batch of innovators and aid them on their commercialization journey,” Strother said. “Teams in the new cohort will learn to focus on their business models as they work toward key commercial milestones. In addition, we will access our connections within the Wisconsin investor community to elevate our cohort’s readiness for key follow-on funding.”
SBIR Advance is part of a Start-Seed-Scale (S3) initiative WEDC is pursuing with the help of the UW System and other business leaders throughout the state to remove barriers to high-tech commercialization. Under the S3 umbrella, WEDC and its economic development partners are implementing financial and operational assistance programs designed specifically to address Wisconsin’s business startup and seed-funding challenges. One such initiative — also a collaborative effort between WEDC and the UW System — is the Ideadvance Seed Fund, also managed by the CTC. Selected SBIR Advance participants undergo Lean Startup training to assist with their SBIR Phase II applications.
About Center for Technology Commercialization
The Center for Technology Commercialization is part of the University of Wisconsin System’s Institute for Business & Entrepreneurship. CTC provides one-on-one expert consulting to early-stage emerging technology businesses throughout Wisconsin. CTC has collaborated in acquiring more than $100 million in federal and other funding for clients. Learn more at https://wisconsinctc.org/; follow @WisconsinCTC on Twitter.
About Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network. Learn more at https://wedc.org; follow @WEDCNews on Twitter.