I am a National Science Foundation SBIR/STTR grant review panelist.  Panelists review grant proposals that scientists and technologists submit to the National Science Foundation (NSF) for grant funding.  The reviewers recommend whether proposals should be funded or not funded.

The NSF website states, “the primary objective of the NSF SBIR/STTR Programs is to increase the incentive and opportunity for small firms to undertake cutting-edge, high-risk, high-quality scientific, engineering, or science/engineering education research that would have a high-potential economic payoff if the research is successful.”  The NSF supports high-quality projects on important scientific, engineering problems and opportunities that could lead to significant commercial and public benefit, if the research is successful.

So what does this all mean to you? This means that these programs can be a terrific early stage funding opportunity for entrepreneurs that might not be ready for the capital markets but need capital in order to complete research, build a prototype or make progress on a software product.

So, who qualifies?  The NSF says that its SBIR/STTR grant proposers are generally in areas that include:

•    Biotechnology and Chemical Technologies
•    Education Applications
•    Information and Communication Technologies
•    Nanotechnology, Advanced Materials, and Manufacturing

Only firms qualifying as small business concerns are eligible to participate in the SBIR/STTR program, while socially and economically disadvantaged small business concerns and women-owned small business concerns, in particular, are highly encouraged to submit proposals.

NSF SBIR/STTR grants are typically $150,000 for Phase I proposals and $500,000 for Phase II proposals.  There is even more money available.  Go to the NSF’s site for details.

Bottom line is that the NSF is always looking for exciting new technologies.  If you qualify, do not miss the opportunity to investigate this funding alternative.

Do you have technology intellectual property (IP)?  Be sure to check out our ongoing article series on How To Leverage your Technology IP to Raise Capital.

Photo: zzzack’s photostream

About the Author, Jimmy Lewin

Jimmy Lewin's background includes 35+ years in international, commercial and investment banking, and a decade as the CEO of a rapidly growing manufacturing and distribution business in California. During his 20 years at Security Pacific Bank, Mr. Lewin served in a number of senior management positions in the U.S. and internationally. Today, Mr. Lewin is BizPlanIt's Managing Director where he advises entrepreneurs and business owners, as well as real estate investors and developers, on the development of business plans and financial projections, and on capital markets and funding strategies.

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