SBA awards NY SBDCs $125K to support small business “innovation,” R&D commercialization

The U.S. Small Business Administration (SBA) has awarded $125,000 to the New York State Small Business Development Center (NYS SBDC) network.

The funding is allocated through the Federal and State Technology (FAST) partnership program, the SBA said in a news release.

As a FAST partner, the New York State SBDCs will provide financial and technical assistance to small, “next-generation” technology businesses so that they can compete for federally funded small-business innovation research and small-business technology transfer (SBIR/STTR) awards.

The SBA awarded $3 million in FAST grants nationwide to economic-development entities in fiscal-year 2018. These organizations include business incubators, accelerators, universities and other organizations that support “cutting-edge and high-tech focused” small businesses.

SBIR/STTR grants and contracts have pumped nearly $2.5 billion into the New York economy since the program’s inception in 1982, according to Steve Bulger, SBA region II administrator.

Last year, more-than $110 million in SBIR/STTR grants went to New York small businesses, the agency noted.

“The New York State SBDC network is SBA’s vital partner in increasing the understanding and effectiveness of these federal grant and contract programs,” said Bulger. “Nearly $3 billion per year is available through SBIR/STTR funds for small businesses; this FAST grant will help New York State small businesses compete for these awards.”

Specifically, the goals of FAST are to increase the number of SBIR/STTR proposals through “outreach, training and financial support;” to increase the number of SBIR/STTR awards through business assistance and mentoring; and better prepare SBIR/STTR awardees for “commercialization success,” also through business assistance and mentoring.

The FAST award project and budget periods are for 12 months, beginning Sept. 30, 2018.

“The NY SBDC has won several FAST grants in the past, and we look forward to continue to work with and expand our services to the innovators in New York State,” Brian Goldstein, director of the New York SBDC, said.

The 23-center network of college-based centers provides “expert” feedback on SBIR/STTR grant and contract proposals. It also provides free consulting hours with professional advisers that can help with “all aspects” of a small business.

With the grant award, SBDCs will place an “emphasis” on fostering participation from women-owned, rural-based, and “socially/economically disadvantaged” firms to help them compete in the SBIR/STTR programs, SBA said.

In Central New York, SBDCs are located at Onondaga Community College, SUNY Polytechnic Institute, Binghamton University, and Jefferson Community College.

Contact Reinhardt at ereinhardt@cnybj.com