Maximize Your Startup’s Potential with LaunchTN’s SBIR/STTR Matching Funds
Learn how Launch Tennessee’s SBIR/STTR Matching Fund can propel your startup towards success with vital funding and support.
Unlocking Opportunities with SBIR/STTR Grants
Starting a tech-based startup involves navigating numerous challenges, from securing funding to building a capable team. One of the most impactful sources of funding for startups is the SBIR/STTR Grants. These grants are designed to support the research and development of innovative technologies, offering both financial backing and valuable resources to help startups thrive.
Introducing LaunchTN’s SBIR/STTR Matching Fund
What is the SBIR/STTR Matching Fund?
Administered by LaunchTN via the State of Tennessee, the SBIR/STTR Matching Fund aims to accelerate the development and commercialization of groundbreaking technologies. By matching successful Tennessee applications to the SBIR/STTR programs and other federal commercialization initiatives, LaunchTN provides additional funding that can significantly boost early-stage, job-creating companies.
How It Works
- Matching Funds: Phase I SBIR/STTR awards can be matched up to $100,000, while Phase II awards can receive up to $300,000.
- Two Tranches: Awards are delivered in two parts, providing startups with the necessary capital to scale effectively.
- Focus Areas: Priority is given to companies in life sciences, advanced energy, agriculture, and mobility sectors.
Who is Eligible?
To qualify for the SBIR/STTR Matching Fund, companies must meet the following criteria:
- Timeline: The Notice of Award must be between July 1, 2024, and June 30, 2025.
- Business Size: Must be a startup or small business with fewer than 500 employees.
- Location: Companies must be headquartered in Tennessee and commit to remaining there for at least 24 months post-award.
- Commercialization Pathway: Demonstrate a clear pathway to commercialization of their technology.
- Participation: Engage in LaunchTN’s entrepreneurial programs, events, and workshops.
Benefits of the Matching Fund
Enhanced Funding Capacity
By leveraging the SBIR/STTR Matching Fund, startups can amplify their funding, enabling more ambitious projects and faster development cycles. This additional capital is crucial for transforming innovative ideas into market-ready products.
Retention and Growth
The presence of the matching fund makes Tennessee an attractive hub for tech-based startups. It encourages the best and brightest companies and professionals to establish and grow their businesses within the state, fostering a vibrant entrepreneurial ecosystem.
Support Beyond Funding
Recipients of the matching fund gain access to LaunchTN’s extensive network of resources, including workshops, mentoring, and strategic partnerships. This holistic support system is designed to guide startups through every stage of their growth journey.
Success Stories
Many startups have already benefited from LaunchTN’s SBIR/STTR Matching Fund, experiencing accelerated growth and successful commercialization of their technologies. These success stories highlight the fund’s role in nurturing innovative ideas and turning them into thriving businesses.
How to Apply
Application Process
- Prepare Documentation: Gather necessary documents, including the Notice of Award from the federal agency, the winning SBIR/STTR grant application, company Articles of Incorporation, and a detailed use of funds plan.
- Submit Application: Applications open on July 8, 2024, at 9 a.m. CT and close on July 19, 2024, at 11:59 p.m. CT.
- Review and Notification: LaunchTN reviews applications and notifies applicants of funding decisions by mid-September 2024.
Important Notes
- Applications received after July 19, 2024, will be provisionally considered based on fund availability.
- Complete all documentation accurately to ensure your application is considered.
Conclusion
LaunchTN’s SBIR/STTR Matching Fund is a powerful tool for startups aiming to scale their innovative technologies and achieve commercial success. By providing substantial matching funds and comprehensive support, LaunchTN empowers entrepreneurs to overcome initial hurdles and thrive in the competitive tech landscape.
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