Capital Region Small Business Receive $19M in SBIR and STTR Awards for R&D
The amount of federal seed funding that Capital Region small businesses received in fiscal 2022 increased over the year to more than $19 million, according to a Center for Economic Growth (CEG) analysis of data from the U.S. Small Business Administration.
In fiscal 2023, 15 firms in the eight-county Capital Region received $19,652,286 (current dollars) in awards from seven federal agencies under the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. When taking inflation into account (in chained 2012 dollars), that represented a 2 percent increase in funding from the previous year.
Most of the seed funding (88.4 percent) stemmed from the SBIR program, with $3.5 million for Phase I projects for idea generation and $13.9 million for Phase II projects for further R&D. There was an additional $2.3 million in startup-university-aligned STTR awards, including $719,388 for Phase I projects and $1.6 million for Phase II projects.
The leading federal agency for SBIR and STTR awards was the U.S. Department of Defense, totaling $10.6 million. It was followed by the U.S. Department of Health and Human Services ($5 million), and U.S. Department of Energy ($1.3 million). NASA also awarded two SBIR awards totaling $899,501 and so did the National Science Foundation, totaling $510,609.
Examples of SBIR and STTR awards in the region include:
Vistex Composites, Rotterdam: $49,956 SBIR award from the U.S. Air Force for research on a “low-cost composite manufacturing process for attritable aircraft” (e.g., semi-disposable, optionally-expendable drones).
NOMIS Power, Newtonville: $200,000 SBIR award from the Department of Energy for research on a “highly integrated, low cost silicon carbide (SiC) power modules with modified substrates for high performance and ease of manufacturing.”
Vascular Vision Pharmaceutical, Wynantskill: $2,027,049 SBIR award from the National Institutes of Health (NIH) for research on a “sulfated non-anticoagulant heparin nanoparticle for Sickle Cell Disease management.
Early Alzheimer’s Diagnostics, Glenmont: $306,974 STTR award from NIH for research, in partnership with the University at Albany, on “screening for Alzheimer’s Disease based on Raman spectroscopy of blood.
CEG INITIATIVES
As a regional technology center under the New York Manufacturing Extension Partnership program, CEG’s Business Growth Solutions (BGS) unit offers a menu of support services for entrepreneurs. These include improving access to facilities, prototyping support with 3D printer services, and identifying potential investors, mentors, and resources. BGS also provides opportunities for startups to showcase business ideas through programs such as Startup Tech Valley.
The next Startup Tech Valley event is on Sept. 18 at Brown’s Revolution Hall in Troy. Register today!
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