In a world driven by innovation and technology, startups and entrepreneurs play a vital role in shaping the landscape of business and industry. Recognizing the potential of technology-driven small businesses, the Small Business Administration (SBA) has introduced the Federal and State Technology (FAST) Partnership Program. This initiative aims to provide critical support and resources to entrepreneurs, fostering their growth and success through programs that fuel innovation.
Arizona's Role: Facilitating Innovation through FAST
The Arizona Commerce Authority proudly partners with the SBA to facilitate the FAST program within the state. Arizona's FAST program has been carefully designed to empower entrepreneurs with the tools they need to thrive in the competitive world of Small Business Innovation Research (SBIR) proposals. By offering funding, resources, training, and networking opportunities, the program equips startups with a competitive edge, enhancing their chances of securing federally-funded innovation and research and development programs.
Unveiling Funding Opportunities
One of the cornerstones of the FAST program is the provision of funding to qualifying startups. Each funding round will identify and award six deserving applicants, providing them with up to $3,000 each. This injection of funds serves as a catalyst for innovative projects, enabling startups to take their ideas from concept to reality.
Eligibility Criteria: Pathways to Success
Small Business Innovation Research (SBIR) Eligibility:
To be considered for the FAST program, SBIR awardees must fulfill the following criteria at the time of Phase I and II awards:
- Operating as an organized for-profit entity with a physical business location within the United States.
- Ownership and control by individuals who are U.S. citizens or permanent resident aliens, or by a for-profit business concern that is predominantly owned and controlled by U.S. citizens or permanent resident aliens.
- Employing no more than 500 individuals, affiliates included.
- Meeting criteria set forth in 15 U.S.C. 638(dd)(1) for agencies awarding funds under this authority, where ownership is diversified across venture capital firms, hedge funds, or private equity firms.
- Phase I awardees with multiple prior awards must meet specific benchmarks for commercialization progress.
Small Business Technology Transfer (STTR) Eligibility:
For startups to be considered STTR-eligible, they must meet the following criteria at the time of the award:
- Operate as a for-profit entity with a business location within the United States.
- Ownership and control by individuals who are U.S. citizens or permanent resident aliens, accounting for at least 51 percent of ownership.
- Employ no more than 500 individuals, including affiliates.
Nonprofit Research Institution Eligibility:
For the nonprofit research institution partnering with STTR awardees, the following eligibility criteria apply:
- Located within the United States.
- Qualify as one of the three defined categories:
- Nonprofit college or university
- Domestic nonprofit research organization
- Federally funded R&D center (FFRDC)
The Small Business Administration's FAST Partnership Program, facilitated by the Arizona Commerce Authority, stands as a beacon of support for tech-driven entrepreneurs. Through funding, resources, training, and networking, this program empowers startups to unlock their potential, transforming innovative ideas into impactful realities. By nurturing technology-driven small businesses, the FAST program drives economic growth, fuels innovation, and propels the future of business forward. For more detailed information and to explore how your startup can benefit from this program, visit the Arizona Commerce Authority website.
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