Wisconsin Awarded Fast Grant, First Round of Innovation-25 Companies Selected
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 a $100,000 award to the Wisconsin Entrepreneurs’ Network program at the University of Wisconsin-Extension.
(Media-Newswire.com) - 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 a $100,000 award to the Wisconsin Entrepreneurs’ Network program at the University of Wisconsin-Extension. The FAST Program is designed to stimulate economic development among small high technology businesses through federally-funded research and development programs like the Small Business Innovation Research ( SBIR ) and Small Business Technology Transfer ( STTR ).
The Wisconsin Entrepreneurs’ Network ( WEN ) is taking this grant opportunity one step further by creating a statewide Innovation-25 ( I-25 ) pilot program. I-25 companies will receive specific business counseling services to enhance their ability to apply for federal SBIR and STTR grants. The companies in this pilot program represent areas that the SBA Office of Technology is interested in strengthening and furthering in the current economy. They include defense, advanced manufacturing, environmental solutions, information technology, energy management, life sciences and medical devices.
Prospective I-25 companies represent both startups and existing businesses that are focused on technology creation and innovation. Pushing their ideas forward is risky and costly but is a driving force for creating company startups, new market opportunities and job growth for Wisconsin. The I-25 pilot is designed to minimize business risk by providing intensive hands-on assistance to these companies. This allows them to be more focused and competitive in applying for federal funding for research.
Pat Dillon, WEN business counselor and I-25 program manager, recently announced the first round of companies that will be participating. “We are extremely pleased with the response so far,” she said. “Although our initial call for nominations focused on only 25 businesses, we are increasing the pool to accommodate the high level of interest.”
I-25 companies will progress through two stages to complete the program. Stage one focuses on product and market development and includes a customized, comprehensive project plan. The business will be counseled on how to leverage its access to existing resources and capabilities within Wisconsin and beyond to increase chances of funding success. The project plan will result in a technology development and commercialization road map focused on the investigation of the idea or concept.
In stage two, WEN business counselors will prepare the individual businesses to submit an SBIR/STTR research proposal. Through this I-25 pilot and with the assistance of WEN’s public and private partners, it is expected that several business technology proposals will be selected for federal funding, which could conservatively generate $2 million within 18 months.
I-25 will continue to accept online applications for businesses that would like to be part of the pilot. The deadline to apply is May 31, 2011. Applicants include innovators, entrepreneurs, researchers and existing companies that meet the necessary criteria as outlined on www.wenportal.org
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.”
Enhancing awareness of federal funding opportunities for Wisconsin businesses, Pat Dillon also was instrumental in bringing the national SBIR/STTR conference to Madison April 10 to 13, 2011, at Monona Terrace. This conference, “Growing the Innovation Ecosystem” will host many of the government agencies authorizing federal research funds. The conference is expected to draw 850 entrepreneurs, inventors, scientists, professors, students and economic developers, in addition to the government agencies. Details on this educational and informational conference are available at: www.wisconsinsbir.org
This story was released on 2011-02-02. Please make sure to visit the official company or organization web site to learn more about the original release date. See our disclaimer for additional information.