On September 30, 2024, The Ohio Aerospace Institute (OAI) was awarded a $200,000 grant from the U.S. Small Business Administration’s Federal and State Technology (FAST) Partnership Program to promote the Small Business Innovation Research (SBIR) and Small Business Technology Transfer Programs. OAI’s objective is to increase awareness of the SBIR/STTR programs among Ohio small businesses to encourage their application for these SBIR/STTR grants and to provide technical and business assistance in their pursuit of funding. The program places particular emphasis on socially and economically disadvantaged firms.
The FAST Program
The FAST program was created by Congress to stimulate innovation and increase private sector commercialization of technology through specialized training, mentoring and technical assistance. This federal program fills a gap in early-stage financing by offering grants to small businesses in the technology development stage. Federal agencies whose budgets include more than $100 million for institutional research activities must allocate 3.2 percent of these funds for SBIR grants to small companies. Agencies with an extramural R&D budget surpassing $1 billion must reserve 0.45% for the STTR program. Presently, 11 agencies provide more than $4.7 billion annually as part of the SBIR/STTR program to small businesses for innovations with the potential to solve government agency needs and the development of commercial products or services. Participating small businesses have a 1 in 5 chance of securing $50K- $1M of non-dilutive capital from the government.
OAI’s Role
OAI helps small businesses determine if the SBIR or STTR program is an appropriate resource for support of their technology development efforts and help them identify government agencies with relevant needs. OAI also helps to develop a capture strategy and provide proposal-writing assistance. We also have a network of professionals with significant experience in technology commercialization that can provide effective and efficient proposal reviews to identify areas that need to be addressed. OAI and its partners can provide an initial review and supplemental assistance regarding your concept or proposal. For significant proposal development and review projects, you may need to utilize a grant writer. This program may also subsidize the cost of this additional assistance.
Get in contact with us today!
To learn more about how we can help you attain a federal grant, contact a member of our Small Business Assistance Team:
Anthony Gillespie Ron Stubblefield
anthonygillespie@oai.org ronaldstubblefield@oai.org
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Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.
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Parallax Advanced Research is a 501(c)(3) private nonprofit research institute that tackles global challenges through strategic partnerships with government, industry, and academia. It accelerates innovation, addresses critical global issues, and develops groundbreaking ideas with its partners. With offices in Ohio and Virginia, Parallax aims to deliver new solutions and speed them to market. In 2023, Parallax and the Ohio Aerospace Institute formed a collaborative affiliation to drive innovation and technological advancements in Ohio and for the nation. The Ohio Aerospace Institute plays a pivotal role in advancing the aerospace industry in Ohio and the nation by fostering collaborations between universities, aerospace industries, and government organizations, and managing aerospace research, education, and workforce development projects. More information on both organizations can be found at Parallax and OAI websites.