- Connecticut Innovations among 33 recipients of grant funding from the U.S. Small Business Administration
- Funds will go toward training, mentoring, and technical assistance for research and development-focused small businesses
- Grants are part of a larger effort to promote more equitable access to SBIR/STTR opportunities
Summary by Dirk Langeveld
Connecticut Innovations, which provides strategic venture capital funding to growing businesses in Connecticut, has received a grant from the U.S. Small Business Association to help underserved entrepreneurs access federal funding for research and development.
The SBA announced 33 recipients who will receive awards of up to $125,000 for the “specialized training, mentoring, and technical assistance for research and development-focused small businesses.” Connecticut Innovations was included in the 2021 second year cohort.
The funds were made under the Federal and State Technology Program, which aims to help improve equitable access to federal research and development funding by improving the participation rate in the Small Business Innovation Research and Small Business Technology Transfer programs among women, minorities, and business owners in rural and socially or economically disadvantages communities.
SBIR and STTR are described as the largest source of early-stage capital in the United States. In the 2021 fiscal year, 11 federal agencies are set to provide more than $4 billion in seed capital through over 7,000 awards to small businesses, either as grants or R&D contracting opportunities.