SBA Awards Grants to 20 Universities and Organizations To Support R&D, Small Business Innovation

WASHINGTON, July 25, 2013 /PRNewswire-USNewswire/ -- Supporting programs for innovative, technology-driven small businesses under SBA's Federal and State Technology (FAST) partnership program, the U.S. Small Business Administration has granted 20 awards, of $95,000 per award, for FY 2013 to 20 state and local economic development agencies, business development centers, and colleges and universities. Candidates were submitted by the governors of all 50 U.S. states and territories.

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The FAST Program is designed to stimulate economic development among small, high technology businesses through federally-funded innovation and research and development programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR).  The project and budget periods are for 12 months, starting October 1, 2013.

"The FAST program is an important catalyst for helping America's cutting-edge entrepreneurs continue to drive innovation and create good jobs," said Karen G. Mills, SBA Administrator. "The partnerships developed through these programs will play a critical role in helping high-growth potential small firms take those next steps to help drive our local economies."

The recipients include:

-         Arizona             Arizona Commerce Authority
-         Arkansas          Board of Trustees of the University of Arkansas           
-         Connecticut       Connecticut Innovations, Inc.   
-         Delaware           University of Delaware 
-         Louisiana          Louisiana State University and A&M College   
-         Michigan           BBC Entrepreneurial Training & Consulting LLC          
-         Mississippi        Innovate Mississippi
-         Missouri            The Curators of the University of Missouri        
-         Montana            Montana Department of Commerce     
-         New Mexico      Technology Ventures Corporation        
-         New York          The Research Foundation for the State University of New York           
-         North Dakota     University of North Dakota      
-         Ohio                 Ohio Aerospace Institute         
-         Oregon             Oregon Built Environment & Sustainable Technologies Center
-         Pennsylvania     Ben Franklin Technology Partners Corporation
-         Puerto Rico       Inter American University of Puerto Rico SBTDC        
-         South Dakota    Governor's Office of Economic Development   
-         Tennessee        Tennessee Technology Development Corp. dba Launch Tennessee      
-         Vermont            Vermont State Colleges           
-         Wisconsin         Board of Regents of University of Wisconsin System    

FAST provides up to $95,000 per award to pay for outreach and technical assistance to science and technology-driven small businesses.  The program places particular emphasis on helping socially and economically disadvantaged firms compete in the SBA's SBIR and STTR programs. 

FAST funding awardees demonstrated how they will help support areas such as:

• small business research and development assistance,
• technology transfer from universities to small businesses,
• technological diffusion of innovation benefiting small businesses,
• proposal development and mentoring for small businesses applying for SBIR grants; and,
• commercializing technology developed through SBIR grants.

Proposals were evaluated by a panel of SBIR program managers. The SBA, the Department of Defense and the National Science Foundation jointly reviewed the panel's recommendations and made awards based on proposal merit. The grant requires varying levels of matching funds from each participating state and territory.

Companies supported by the SBIR and STTR programs often generate some of the most important breakthroughs each year in the U.S.  For example, about 25 percent of R&D Magazine's Top 100 Innovations come from SBIR-funded small businesses.

More details about FAST grants are here:
http://www.sbir.gov/about/about-fast-partnership-program

For more information about the SBIR and STTR programs, visit SBA's website at:
http://www.sba.gov/about-sba-services/7050

Contact: Dennis E. Byrne (202) 205-6567
Internet Address: http://www.sba.gov/news
Release Number: 13-45

SOURCE U.S. Small Business Administration