October Small Business Breakfast Dives Into SBIR/STTR Programs

In October, the chapter was excited to host Robert Brooke from the Virginia Innovation Partnership Corporation (VIPC), as the guest keynote speaker at the Small Business Breakfast event. Brooke's comprehensive and informative presentation detailed how start-ups and small businesses can leverage Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) programs to drive growth and bring their ideas to market.

The VIPC accelerates early commercialization and funding support for Virginia innovations, entrepreneurs, startups and market development initiatives. The VIPC concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high-paying jobs and accelerate economic growth throughout the entire Commonwealth of Virginia. The VIPC works with more than 400 companies per year that receive over $200 million in SBIR/STTR funding annually.

Brooke highlighted how SBIR/STTR programs within the federal government provide critical early-stage funding for projects that have high commercial potential but are too early to be attractive to other sources of funding (banks, angel investors, venture capital, strategic partner funding). Also, one of the tremendous benefits of these programs is that they are a non-dilutive form of investment compared to taking on debt or having to give up equity. What type of projects do SBIR/STTR programs fund? The answer is simple, these programs support early-stage product development based on technological innovation and have a credible commercialization plan.

For more information on current SBIR/STTR topics and awards, visit www.sbir.gov.

Brooke concluded the presentation by providing industry best practices for pursuing and submitting responses to Broad Agency Announcements and agency-specific SBIR/STTR Open Topics. Brooke also provided information on upcoming SBIR Training events. The details can be found here https://www.virginiaipc.org/events. The chapter will convene for its next Small Business Breakfast event on 11/15/23.

Event Photographs: