How to get government funding
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As mentioned in a previous post, the U.S. Department of Defense Small Business Innovation Research program remains a less known option for funding your business application.
As successful applicant Warren Katz explains:
Under the program, companies can apply for a Phase I award of up to $100,000 to test the scientific, technical, and commercial merit and feasibility of a concept. DoD issues three SBIR solicitations a year for Phase I proposals on various research topics. If Phase I proves successful, the company may be invited to apply for a two-year Phase II award of up to $750,000 to further develop the concept, usually to the prototype stage. More than 40 percent of Phase I projects subsequently are awarded Phase II contracts.
But how does it work?
In a short audio interview for the Kauffman Foundation, another successful applicant suman Saripalli spells out more details.
Join us for our ongoing look at the Kauffman Foundation bootstrapping series next post…
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June 13th, 2007 at 8:15 am
Bootstrapping allows entrepreneurs to operate their startups with minimal investments from others, according to equity capital expert, Bill Payne. This allows entrepreneurs to postpone raising capital while their firms mature and retain ownership of their companies during that time.