Illinois Governor J.B. Pritzker has announced $5 million in state-funded grants for businesses that have received federal funding through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The grants are offered in coordination with the state’s Department of Commerce and Economic Opportunity (DCEO).
The SBIR and STTR programs are intended for small businesses operating in the research and development segment. The programs aim to encourage private sector innovation in emerging technologies.
Usually, R&D is a crucial business expense, but it can be costly for small companies that lack significant funding.
These grants in the R&D segment promote innovation in emerging technologies, which will benefit both the commercial market and the federal government.
“Illinois is known for our innovative spirit and leadership in emerging technologies,” said Governor JB Pritzker. “This matching grant program will help spur innovation by providing Illinois small businesses with more capital for critical research and development efforts.”
According to the press release, “the state-funded SBIR/STTR Matching Grant Program is designed to further increase capital for SBIR/STTR recipients in Illinois – stimulating high-tech innovation and commercialization for Illinois small businesses conducting cutting-edge research. Illinois currently has more than 100 SBIR/STTR federal recipients who may be eligible for a state matching grant of up to $50,000 per project.”
“This grant program builds upon Illinois’ reputation as a haven for the brightest minds and innovators by investing in small businesses on the cutting-edge of emerging technologies,” said DCEO Director Sylvia I. Garcia. “R&D funding is one of the most expensive costs for small businesses; by providing matching grants, the state is accelerating innovation and technological advances made by Illinois entrepreneurs.”
SBIR/STTR programs reauthorized in October
Two months ago, the Small Business Innovation Research and Small Business Technology Transfer programs were set to expire. However, days before the programs were set to expire on Sept. 30, the U.S. Senate and U.S. House reauthorized them, with President Biden signing the reauthorization on Oct. 6.
BioNews reported that nearly 200,000 awards totaling more than $63.8 billion had been given to U.S. small companies through these initiatives over 40 years.
SBIR/STTR Matching Grant Program to stimulate innovation in Illinois
The state-funded SBIR/STTR Matching Grant Program is designed to further increase capital for SBIR/STTR recipients in Illinois – stimulating high-tech innovation and commercialization for Illinois small businesses conducting cutting-edge research. Illinois currently has more than 100 SBIR/STTR federal recipients who may be eligible for a state matching grant of up to $50,000 per project, the press release states.
“Innovation is in Illinois’ DNA. The SBIR/STTR Matching program captures that spirit and invests in the state’s future by providing startup life sciences companies with the boost they need to turn their innovative ideas into life-saving products,” said John Conrad, President & CEO of iBIO, a member of the Council of State Bioscience Associations (CSBA).
“We thank the leadership of Governor Pritzker, DCEO Director Sylvia Garcia, State Sen. Elgie Sims, State Rep. Justin Slaughter, and State Rep. Carol Ammons for launching the SBIR/STTR Matching Program and investing in Illinois’ future.”
Illinois is a regional and national innovation hub thanks to its top-notch national labs, universities, and leadership in the health sciences sector, quantum technology, and other important developing technologies.