Ask SmallBiz: Funding
BY EDWARD YOUNG, PROJECT COORDINATOR, HAWAII TECHNOLOGY DEVELOPMENT VENTURE
Q: Our small business develops content and we are looking for funding to innovate its delivery, such as over the Internet and mobile devices. Where can a small company find funding? Lynn B. Wilson, PhD, President, Webfish Pacific.
A: Federal funding is an excellent resource for funding projects or technology development for your company. For example, the Small Business Innovation Research program (www.sbir.gov) and the Small Business Technology Transfer program are both administered by the U.S. Small Business Administration Office of Technology. Together, these two programs have provided $2.2 billion dollars to small high-tech businesses.
Eleven federal departments participate in the SBIR program and five participate in the STTR program. Companies may receive up to $100,000 for a SBIR Phase I award and up to $750,000 for a Phase II award.
There are also several local organizations that provide research and development funding as well as business and technical assistance.
- The High Technology Development Corporation (www.hdtc.org): HTDC’s Hawaii Small Business Innovation Research Assistance Program provides proposal-writing training and consulting to qualified Hawaii companies. This program also provides matching grants up to $25,000 for qualified companies that received an SBIR grant. HTDC will host its 11th Biennial Hawaii SBIR & STTR Conference on Federal Funding opportunities for innovation leading to commercialization Nov. 16-20. Federal program managers from the various agencies will be available to answer questions about the opportunities available to small businesses. Join HTDC’s mailing list to receive up-to-date information.
- National Defense Center of Excellence for Research in Ocean Sciences (www.ceros.org):
CEROS funded 238 projects with a total of $91.69 million since 1993. CEROS will hold its annual Industry Day on Sept. 15-16, at the Hilton Hawaiian Village and is expected to have $9 million available for technology development.
- Hawaii Technology Development Venture (www.hitdv.com):
HTDV funded 76 projects with a total of more than $17 million since 2004. HTDV, a program of the Pacific International Center for High Technology Research (www.pichtr.org), funds technology development efforts related to U.S. Navy and Department of Defense programs.
- Hawaii Renewable Energy Development Venture (www.hredv.com):
HREDV’s mission is to assist in developing a more robust clean-energy industry in Hawaii. This recent program under the PICTR will have about $4 million available for funding later in 2009.