While some small businesses require non-dilutive funding for their research & development efforts all life science businesses can benefit from non-dilutive funding. However, securing money for your small business can be extremely difficult. Given the National Institutes of Health’s increased budget for small business innovation research program, there is now more money allocated to life science companies. What this also means is that small businesses will now have to look for the right partner who can further assist them in securing this fund.
On the 23rd of March, 2018, the United States government approved a total budget of $1.3 trillion. This appropriation offers an 8.8 percent increase to the NIH budget, which amounts to $37 billion.
This means that small businesses can now expect to secure a total of approximately one billion dollars from the NIH alone on an annual basis. With the increase in funds, small businesses will be allocated greater dollars as 3.2% of all NIH funding must go to small businesses. But, that is likely to happen only if they present a winning submission to the NIH SBIR program.
The newly sanctioned budget offers an increase for certain special areas including $414 million for Alzheimer’s disease research (close to 30% increase), $400 million for the Brain Research through Advancing Innovative Neurotechnologies Initiative ($140 million additional). In addition to this, the entire US precision medicine study gets a $60 million increase, to $290 million, $40 million in new funds will be spent on research on a universal flu vaccine(for $100 million in total) and at least $500 million in new funds will be targeted to research on opioid addiction.
The Small Business Innovation Research (SBIR) program, also referred to as America’s Seed Fund is a excellent source of initial stage funding for the commercialization of technology in the country. The program allows small businesses that are majority owned by US citizens to participate in federal R&D activities for commercializing differentiated biomedical technologies. Small businesses require experience, a differentiated product, a compelling environment, and a strong team, among other important factors to secure these funds. That’s precisely why small businesses can turn to a trusted and leading partner that can further help them in winning the grant. Grant Engine is worth exploring as the right choice for small businesses that desire non-dilutive funding. Grant Engines team of experts offer all the assistance that small businesses require for securing non-dilutive funds.
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