MINNEAPOLIS – The Minnesota High Tech Association has received $125,000 from the U.S. Small Business Administration to help underrepresented entrepreneurs in SBA’s Small Business Innovation Research and Small Business Technology Transfer Programs and increase participation for women-owned, rural-based, and socially and economically disadvantaged firms. In total, the SBA granted 24 awards up to $125,000 per recipient in FY 2019 under its Federal and State Technology Partnership Program.
“Minnesota has a vibrant tech community and one the SBA sees the value in supporting for our state’s economy,” said SBA Minnesota District Director Nancy Libersky. “This is the fourth year in a row Minnesota High Tech Association has received a FAST award. This funding will drive innovation and create jobs in Minnesota by helping to get next-generation high-tech firms through the entire cycle of ideation to commercialization.”
Overall, this is the seventh FAST grant given to the state since 2010. The Minnesota High Tech Association was endorsed by Minnesota’s governor, as only one proposal can be received per state or territory. Proposals were evaluated by panels of reviewers from SBA, the National Aeronautics and Space Administration, the Missile Defense Agency, U.S. Navy Office of Naval Research, and the National Institutes of Health. Varying levels of matching funds were required, based on the number of SBIR Phase I awards in each state.
“SBA FAST funding is critical to deliver our value-added business and technical assistance to innovators, entrepreneurs and small businesses to successfully access millions of dollars to support the next generation of products, services and processes for economic and social impacts.” said Pat Dillon, Director; a 26 year veteran of the SBIR/STTR Programs.
The FAST awards support specialized training, outreach, mentoring, and technical assistance for R&D focused small businesses and are given to organizations to execute state/regional programs that support potential SBIR applicants and awardees. They have one-year project and budget periods that begin September 30, 2019.
About FAST
In FY 2019, $3 million was appropriated as grants for entities to carry out targeted activities from September 30, 2019 through September 29, 2020. Entities from all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, and American Samoa are eligible to receive funding to provide outreach, technical, and financial assistance in support of the SBIR/STTR programs. Additional information can be found at www.sbir.gov/about-fast.
About SBIR/STTR
SBA coordinates the SBIR/STTR programs, also known as America’s Seed Fund, which each year provides more than $3.7 billion in early stage seed capital totaling over 5,000 awards to small businesses. Eleven participating federal government agencies announce funding opportunities as either grants or contracts to address their research and development needs. Companies supported by the SBIR/STTR programs often generate some of the most important breakthroughs each year in the U.S. Additional information about the programs, as well as past and current topics can be found at www.sbir.gov.
About the Minnesota High Tech Association
The Minnesota High Tech Association is an innovation and technology association united in fueling Minnesota’s prosperity. It is the host of MNSBIR, which assists seed, early stage, emerging and existing firms (1-500 employees) to successfully access non-dilutive federal funding through the SBIR and STTR Programs. MNSBIR is funded in part through a Cooperative Agreement with the SBA, a grant from the Minnesota Department of Employment and Economic Development, and in-kind support from the University of Minnesota, Technology Commercialization, University Enterprise Laboratories, Collider and the Mayo Clinic Business Accelerator and Minnesota High Tech Association. Learn more at mhta.org
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.