Rhode Island companies with 50 or fewer employees that have received an SBIR/STTR Phase I award have the opportunity to apply for a matching grant of up to $45K from the Innovate RI Small Business Fund. Applications will be accepted until May 1, 2015.
To date, the Fund has awarded matching funds to 14 federal SBIR Phase I award recipients. The state matching funds have leveraged $2,452,246 in federal grants from the Departments of Defense and Energy, the National Science Foundation and the National Institutes of Health. Two of the Phase I matching grant recipients have gone on to win SBIR Phase II awards amounting to $1,250,000.
The goals of the program are to:
- Leverage state funds to encourage and support Rhode Island entrepreneurial participation in the federal SBIR/STTR programs;
- Increase the amount of federal research dollars received by Rhode Island firms;
- Sustain companies through the early stages of product development; and
- Encourage the establishment of high potential, high quality, high growth ventures in Rhode Island.
Through the Fund, eligible Rhode Island small businesses may also apply for grants to defray the cost of applying for SBIR/STTR awards and hire interns. To more information or to apply for a grant contact Christine Smith at csmith@commerceri.com.