Innovation Funding & FAST Program
Do you have an idea or invention that can improve our country? If so, you could receive a portion of the $2.5 billion offered each year by the federal government through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, to commercialize your products.
The SBIR and STTR programs provide funding to help Wyoming entrepreneurs and small business owners research, develop, and commercialize their innovations. Depending on where you are in this process, you could receive $100,000 to $1 million in funding.
For the last several years, the Wyoming SBDC Network has been awarded the U.S. SBA Federal and State Technology (FAST) Partnership Program funding opportunity. One goal of the program is to increase the number of SBIR/STTR proposals leading to an increase in the number of SBIR/STTR awards from women, socially/economically disadvantaged individuals, and small businesses in underrepresented areas — typically rural states.
FAST activities contribute to the SBIR/STTR ecosystems through outreach efforts, providing technical and business assistance (including one-on-one advising, training webinars, and workshops), and financial support for developing SBIR/STTR applications.
In addition to Wyoming SBDC Network’s no-cost and confidential business advising, training, and market research, our Wyoming SBIR/STTR Initiative (WSSI) can provide initial funding and technical assistance throughout the entire application process.
We helped our clients secure $3,633,753 in SBIR/STTR awards in 2020
We helped our clients win 45 SBIR/STTR contracts or grants in 2020
Step 1: Contact Your Local Advisor
Our experts can help you decide if the SBIR and STTR programs are a good fit for you to commercialize your products. Fill out this form to get in contact with your local advisor today.
Start the Conversation
Get in touch with your local advisor today and learn how to receive no-cost, confidential assistance.
Step 2: Submit Your Proposal (Phase 0/00)
Our WSSI program can help you create and submit a thorough and effective proposal. You can also apply for a $5,000 contract to assist with the process.
Once your application is submitted, you need to prepare to receive these funds, even before you know if your proposal has been awarded. We can help you hit the ground running so you don’t miss a beat.
Step 3: Begin Research and Development (Phase I)
If you are selected for a federal SBIR or STTR award, you will now begin testing the feasibility of your idea and developing a prototype. The success of these results will determine whether you receive additional funding.
Our experts can also help you determine if you are eligible for a new program instituted by the Wyoming Legislature to match the funding awarded by federal agencies.
Step 4: Apply for Additional Funding (Phase II)
You can apply for additional follow-on funding from federal agencies to research and develop your innovation. We will help you with this process as well. You can also apply for another $5,000 contract during the application process.
Step 5: Bring Your Idea to Life
At this point, you are well on your way to seeing your innovation becoming a success. In a few instances, you may be able to apply for additional SBIR or STTR funds, but you will most likely be seeking funding from private investors to commercialize your products and/or bring your idea to the market. The Wyoming SBDC Network has the training to help you prepare an effective pitch to potential investors.