It may be a small portion of the NIH budget, but it represents a big opportunity.
As we have previously written, 3.2% of all NIH funding must go to small businesses. The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs do this by providing non-dilutive funding to small businesses with the potential for commercialization. Using this tiny bit of the NIH budget, small businesses unlock the ability to join in federal research and development.
The NIH SBIR program specifically funds early-stage small businesses that are commercializing innovative biomedical technologies. The STTR fund, however, is for small businesses who are collaborating with research institutions in their work.
Why might this be more important than the rest of the NIH budget? It turns research into real products that drive the economy.
Two quick facts:
- In 2018, NIH will allocate over $1 billion via SBIR and STTR programs into life sciences companies that are creating technologies designed to improve health and save lives
- The funding has an objective of getting innovative scientific advancements into the private sector so patients will benefit.
Academic research is a tremendous source of technological innovation. However, this innovation and scientific advancement needs to be a product for the benefit to be realized in society. After all, for the patient it’s the life-saving technology and products that matter. The 3.2% of the NIH budget dedicated to this area validates academic research, turning an advancement into something tangible that benefits patients by improving the standard of care.
Looking at success stories from these programs, it’s easy to see how the resulting technology and products serve to better the world. From vaccinations, therapies, and diagnostic technologies that
patients can access in a medical setting, to products like a spoon developed to negate Parkinson’s tremors or educational computer games for young students, to a new Alzheimer’s therapy, SBIR and STTR programs impact every area of medicine, science, and health.
The funding is out there for those who are ready to access it. The only thing standing between your small business and a slice of the $1 billion in funding is a well-written grant application that tells the NIH exactly why they should give your company a piece of the action.
If you are interested, please visit funding programs available here for further information about areas in which our expert team can assist you so that your life sciences organization can tap into funding and turn dreams into plans, and plans into reality.