During this year’s legislative session, the Tennessee General Assembly authorized the establishment of a state-funded matching program for the federally-funded Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. During the recent budget hearings, the State Department of Economic and Community Development asked for an appropriation in 2017-18 to start the program.
Individuals frequently ask about the value. Here’s a pretty impressive five-year report from MassVentures on its SBIR Targeted Technologies (START) program that has invested $12 million into 50 companies. Those dollars have leveraged an additional $278 million in outside capital. START grant recipients now have a combined annual revenue of $82.6 million and 1,082 employees.
Read more about the Massachusetts program here.