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Red Onions with a Copper Pitcher by John C. Drew,
October 2014.
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Normally, I cannot provide much hope for small business owners seeking funding from the federal government. The idea that the federal government wants to help you start a small business is, for the most part, a complete myth. As the Small Business Administration notes on its own website, "SBA does not provide grants for starting and expanding a business."
Most of those who get support from the federal government do so by receiving loans given by private lenders that are guaranteed by the Small Business Administration. This guarantee lowers your interest rate, but it is not free money.
Money for Scientific Research
Nevertheless, if your small business is engaged in scientific research and development, then the federal government is interested in hearing from you. They have opened their doors wide to receive proposals in this area and they are more than willing to fund them if you are doing research which matches their own pre-selected research interests.
The two most important programs you need to know about are the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (SBTT) programs. If you work on a SBTT grant application, then you will need to find a research institution like a major research university to collaborate with you on your research project. You will also need to share a least 30% of the research expenses with a collaborating research institution. Some of the best funders for business owners in the lucrative medical equipment field are the National Institutes for Health (NIH) and the National Science Foundation (NSF).
Regarding the NIH and NSF
I was amazed to learn that you can send unsolicited applications to the NIH without worrying about their current research interests. The next deadline for such an application would be January 5, 2016. The initial Phase I grant would be for $150,000 and any subsequent Phase II grant would be significantly higher, up to $1 million. They make it easy to give them a phone call and check whether or not there is a match. One great thing I noticed about NIH is that there is a conference in Seattle between October 27-29, 2015 where you can learn about how to apply for the NIH’s SBIR funding.
Medical equipment inventors would also be eligible to apply for NSF funding under their various medical categories.
Tips for Winning
In general, the NIH and NSF are looking for projects which are very near to the marketplace, but still need to be tested on human subjects. From what I understand, if you do a high quality application in an appropriate funding category you have a 50% chance of winning funding. It is best to plan your Phase 1 and Phase 2 research project as one entire research operation. It seems like you are virtually guaranteed to win the much larger Phase 2 funding as long as you can prove your mettle during the Phase 1 funding research.
Most of those who get support from the federal government do so by receiving loans given by private lenders that are guaranteed by the Small Business Administration. This guarantee lowers your interest rate, but it is not free money.
Money for Scientific Research
Nevertheless, if your small business is engaged in scientific research and development, then the federal government is interested in hearing from you. They have opened their doors wide to receive proposals in this area and they are more than willing to fund them if you are doing research which matches their own pre-selected research interests.
The two most important programs you need to know about are the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (SBTT) programs. If you work on a SBTT grant application, then you will need to find a research institution like a major research university to collaborate with you on your research project. You will also need to share a least 30% of the research expenses with a collaborating research institution. Some of the best funders for business owners in the lucrative medical equipment field are the National Institutes for Health (NIH) and the National Science Foundation (NSF).
Regarding the NIH and NSF
I was amazed to learn that you can send unsolicited applications to the NIH without worrying about their current research interests. The next deadline for such an application would be January 5, 2016. The initial Phase I grant would be for $150,000 and any subsequent Phase II grant would be significantly higher, up to $1 million. They make it easy to give them a phone call and check whether or not there is a match. One great thing I noticed about NIH is that there is a conference in Seattle between October 27-29, 2015 where you can learn about how to apply for the NIH’s SBIR funding.
Medical equipment inventors would also be eligible to apply for NSF funding under their various medical categories.
Tips for Winning
In general, the NIH and NSF are looking for projects which are very near to the marketplace, but still need to be tested on human subjects. From what I understand, if you do a high quality application in an appropriate funding category you have a 50% chance of winning funding. It is best to plan your Phase 1 and Phase 2 research project as one entire research operation. It seems like you are virtually guaranteed to win the much larger Phase 2 funding as long as you can prove your mettle during the Phase 1 funding research.
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