The Vermont Small Business Development Center, a program of Vermont Technical College, in Randolph is receiving a $100,000 grant through the Small Business Administration’s Federal and State Technology partnership program. “The center is ecstatic it was awarded this FAST Grant,” said Linda Rossi, VtSBDC state director. “With this grant, we are ensuring Vermont small businesses remain on the cutting edge of research and development in when it comes to science and technology.”
FAST is a competitive grants program supporting small business innovation research and small business technology.
“FAST provides boots on the ground support at local levels to help entrepreneurs compete and win SBIR/STTR awards,” said John Williams, SBA’s Director of Innovation. “These programs are the largest source of non-diluted early stage funding in the world, attributing to the success of tens of thousands of firms since being established in 1982. Yet many entrepreneurs in cities and states across the country are unaware. The main goal of FAST is to increase that awareness through partnering organizations and level the playing field, especially in underrepresented areas.”
Companies supported by SBIR and STTR programs generate important breakthroughs each year in the U.S. According to R&D Magazine Top 100 Innovations, about 25 percent of breakthroughs come from SBIR-funded small businesses.
Proposals were evaluated by a panel of SBIR program managers. The SBA, the Department of Defense and the National Science Foundation reviewed panel recommendations and made awards based on proposal merit. The grant requires varying levels of matching funds from each participating state and territory. The project and budget period are for 12 months, beginning Oct. 1.
Source: VtSBDC 6.8.2015