MONTPELIER, Vt. – The Vermont Small Business Development Center, a program of Vermont Technical College, in Randolph is receiving a $95,000 grant through the Small Business Administration’s Federal and State Technology partnership program.
“We are so excited to receive the grant,” said Linda Rossi, VtSBDC state director. “The advising and training this grant provides will help Vermont entrepreneurs gain a competitive advantage regarding innovation and commercialization of new technology.”
FAST is a competitive grants program supporting small business innovation research and small business technology transfer.
“The FAST program is an important catalyst for helping America’s cutting-edge entrepreneurs continue to drive innovation and create good jobs,” said Karen G. Mills, SBA Administrator. “The partnerships developed through these programs will play a critical role in helping high-growth potential small firms take those next steps to help drive our local economies.”
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, starting Oct. 1.
Companies supported by SBIR and STTR programs often generate some of the most 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.
This is the second time in 2013 Vermont has benefitted from an SBIR program. In May, MBF Bioscience in Williston, Vt. was presented the Tibbetts Award at the White House, which honors outstanding small businesses and individuals who participate in the SBA’s Small Business Innovation Research program.