LaunchTN opening applications for “SBIR/STTR Matching Fund”
The organization also reports significant progress from those who have previously received funding, but there are fewer matching dollars available this year.
As Launch Tennessee (LaunchTN) opens applications on July 10 for the latest round of funding under its “SBIR/STTR Matching Fund,” the organization is touting significant progress that start-ups who have received matching monies in the past have made.
The initiative provides funding to Tennessee-based companies that received federal funding under either the Small Business Innovation Research or Small Business Technology Transfer programs. It is a strategic initiative that is part of the organization’s mission to be the most start-up-friendly state in the nation.
Since releasing the SBIR/STTR Matching Fund Impact Report earlier this year, companies in that portion of the LaunchTN portfolio, including the 37 supported last year, have added an additional 302 high-quality jobs, with a wage growth of 10.49 percent year-over-year. In the past 12 months, companies supported by the “SBIR/STTR Matching Fund” have raised an additional $175 million in follow-on capital and procured an additional $143 million in non-dilutive capital.
Through the life of the program, companies that have received funding boast nearly $700 million in economic impact to the State of Tennessee, accounting for 951 high-quality jobs with an average wage of $90,862, have raised $302 million in follow-on capital, and secured $312 million in non-dilutive capital. Notably, the number of these early-stage companies generating revenue in the last year increased by 8.79 percent, demonstrating the continued maturation of the Tennessee innovation ecosystem.
“These results indicate the success of the SBIR/STTR Matching Fund in both seeding and catalyzing technology commercialization,” said Charles Layne, Technology Advancement Manager at LaunchTN. “Furthermore, they validate our long-term vision to foster an ecosystem where technologies not only originate but are also able to thrive and grow as well.”
The SBIR/STTR Matching Fund was reduced by the Tennessee General Assembly from the $7 million appropriated in FY23 to $4.5 million available in FY24. For more information and a link to the application, click here.