On Aug. 22, the Small Business Administration is coming to Rhode Island.
Well, not entirely. It's making a pit stop in the Ocean State for its Small Business Road Tour, a program that educates attendees on SBA programs and facilitates introductions between small businesses (organizations with less than 500 employees) and its program officers for funding and insight. Commerce Rhode Island will be hosting the SBA's Rhode Island event.
The funding in question is a part of another SBA initiative, dubbed the Small Business Innovation Program. It was established in 1982 in an effort to bolster organizations that had created products in the development stage and "needed a boost," Christine Smith of Commerce RI told Rhode Island Inno.
This "boost" comes in the form of special, highly competitive grants, funded from around two to three percent of federal agencies' research budgets. Companies within 46 different jurisdictions have benefited from this funding, with Rhode Island small businesses receiving $164 million through 526 grants.
"Think of the federal government as an investor in a new product," Smith said. "The SBA has been recently talking about [the SBIR] as a C fund; just like any investor it’s done in phases."
She explained that if the SBA is interested in the applicant's product, they're invited to participate in a Phase 1 where they demonstrate proof of concept. Successful startups will then move to Phase 2, where they're working on product development and commercialization.
Product development is key for those interested companies to have a chance at funding, Smith said.
"It's all about the [product's] impact," she added. "[It must be] truly something that is new, innovative, ground-breaking."
Smith said that SBIR program officers "are very open to speaking with companies," and that's what the Road Tour looks to help them do.
"It’s not just that the SBA is coming to talk about their program," she continued. "Companies have the opportunity to talk directly to the funding agency and understand if [their product] aligns. It's incredible opportunity."
About a dozen program officers will be on hand for the day-long event at the Crowne Plaza in Providence. Tickets are $45 and cover a day full of information sessions, fireside chats and one-on-one times with one to two program officers, depending on volume.
Smith said a successful event will help spread the word about the SBIR and other initiatives for area small businesses, as well as helping them develop more products and scaling.
"[The SBIR] is not going to be right for everyone, but we want them to have the ability to engage with the program officers," she continued. "Should [small businesses] be successful, there will be state matching funds that will help them along away."
