The New Jersey Commission on Science, Innovation and Technology today announced that early-stage innovation companies engaged in the Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) funding can now apply for financial assistance through the New Jersey SBIR/STTR Direct Financial Assistance Program.
This marks the second consecutive year that CSIT is offering the program, which was created to enhance the state’s innovation economy by strengthening the competitiveness of Garden State businesses engaged in the federal SBIR/STTR Program. The application can be found here.
The federal SBIR and STTR grant programs provide more than $3 billion each year to small businesses in a variety of technology and life sciences areas that propose innovative ideas that meet specific federal research and development (R&D) needs.
The SBIR program enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. The STTR program funds cooperative R&D partnerships between small businesses and research institutions such as universities, federal R&D centers, or non-profits. The programs are open to U.S.-based, for-profit small businesses with fewer than 500 employees.
“Governor Phil Murphy has made a strong commitment to reclaiming New Jersey’s role as a leader in innovation while focusing on increasing diversity and inclusion in the state’s innovation ecosystem,” said CSIT Chairman Gunjan Doshi. “Through initiatives like the New Jersey SBIR/STTR Direct Financial Assistance Program, CSIT is furthering this goal by connecting early-stage companies with capital they need to accelerate the commercialization of their technologies.”
This round of the New Jersey SBIR/STTR Direct Financial Assistance Program will offer $550,000 in grants to New Jersey small businesses in two program components.
The first component (direct funding) will provide $25,000 grants to 12 small businesses that have received a federal SBIR/STTR Phase I, Fast-Track or Direct to Phase II award/contract.
The second component (bridge funding) will provide $50,000 grants to five New Jersey small businesses that have successfully completed Phase I and have applied for Phase II of the federal SBIR/STTR program. These funds can be utilized to maintain project activities and cover general operating costs.
“Emerging New Jersey companies have a proven track record of discovering and developing ground-breaking technologies and life-saving therapies that impact the global marketplace,” said CSIT Executive Director Judith Sheft. “Funding through this program will serve to bolster their financial positions as they vie for federal grants and continue their critical R&D.”
The application, which can be accessed directly here, will be open until Jan. 8, 2021. CSIT will hold an informational webinar for potential program applicants will be held on Dec. 9. A link to the webinar will be available here.