MFN welcomed Stacey Swider, Vice President of Investments at MassVentures, to a webinar to discuss the ins and outs of applying for Small Business Innovation Research (SBIR) grants. She shared insights on what stands out in applications from SBIR reviewers’ perspectives. This can boost the chances of your startup being approved to receive the funds.
Stacey also explained the eligibility criteria for SBIR grants, and how the application process is a wide-scale procedure that requires more attention than just filling out weekly reports. She noted that reasons for SBIR grant rejection can range from a founder not having a working prototype (at the incremental stage), to the application missing substantial technical details, to simply missing the deadline. Stacey’s presentation was followed by a Q&A session with webinar attendees.
Top Takeaways
- Clearly articulate your idea. Think of what you write as the package label for your innovation. Bring the reviewers directly to the point.
- Establish the issue your innovation is trying to address. Underscore the significance of your product. This is where your value proposition factors in.
- Focus on where your idea fits. Explain the market that you want to serve and identify who your customers are.
- Provide a detailed work schedule and plan for your company. Show that your company is putting in every effort to bring the innovation to market, because once you win an SBIR grant, your company is considered a vendor to the federal government, raising the stakes. Start this section with your budget! You also need to list all of your funding up to the point of applying
- Provide a risks & mitigation plan. The federal government wants to know your strategy for countering any risks involved. If you don’t have a plan by now, then you probably should not be applying for an SBIR grant!
- Establish the appropriate equipment and facilities. Fully virtual companies are a red flag to SBIR reviewers. Highlight the arsenal of physical tools that help give your company a competitive edge in reviewers’ eyes.
Resources to Learn More about SBIR Grants:
MassVentures’s Accelerator Program
Small Business Administration (SBA)
Department of Defense (DOD)
National Science Foundation (NSF)
