Companies awarded the Phase I SBIR grant can apply for more non-dilutive financing. With funding amounts of less than $150K, these companies have developed their innovation based on leading-edge technology. Soon after this proving process, they can consider applying for the Phase II award – a $1,000,000 subsequent grant. Yet, company leaders may wonder, “Will it be worth the effort?”
“Free government money? Why NOT make the attempt at winning the Phase II award?”
The Phase II process requires extensive efforts to define, plan, and prepare a professional quality document outlining the commercial potential of their technological innovation. Inherent in the development of this document is a strong momentum in building the business structure and network to make that plan succeed. Certainly, there are challenges to relying on grants to fund a startup or new business venture. Time – this is not fast-turnaround financing, it takes time. Money – amounts awarded are supplementary in nature, other sources will be necessary.
To read the full, original article click on this link: SBIR Phase II – Is it worth it? | Larta VOX
