Meda is pleased to kick off Minnesota’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Assistance Programs. The new Program Director, Ms. Pat Dillon, MBA, is a 20-year veteran of SBIR/STTR assistance, having consulted with technology-based startup and existing companies in Minnesota and Wisconsin. Under her leadership and direction, the program will deliver outreach, training and education and one-on-one consulting to startup, emerging and existing technology-based businesses throughout Minnesota.
The SBIR program is a highly competitive program that encourages small businesses (1-500 employees) to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive process, SBIR funding enables small businesses to explore their technological potential and provides the incentive to profit from the commercialization of the technology into a new product or service for domestic and international market opportunities.
The STTR Program is modeled after the SBIR program; however, the STTR program requires public/private sector partnerships between a small business and a nonprofit research institution (Mayo Clinic, University of Minnesota, MNSCU, etc.) to research and develop a technology for eventual commercialization. SBIR/STTR funding provides critical high risk, non-dilutive capital to small businesses to research and develop innovative products and services with military and commercial potential. Meda’s SBIR/STTR Assistance Program is funded, in part, by the Small Business Administration’s the Federal and State Technology Partnership (FAST) Program and the State of Minnesota, Department of Employment and Economic Development (DEED), with in-kind contributions from Meda.
While the program will not be MBE exclusive, Meda, SBA and DEED have an expectation for the program to have a significant reach and impact with entrepreneurs, researchers and businesses of color. SBIR/STTR assistance is another business and financial resource within Meda that will contribute to the Meda 100 strategic vision that targets services to businesses of color that have opportunity for significant growth and economic impact. The SBIR/STTR Assistance Program will be positioned as an extension of Meda’s PTAC Program as both programs provide assistance in leveraging federal government business for Minnesota businesses statewide.