If you’re a business owner in Eastern Kentucky with a big idea or new technology you want to develop, we’ve got some exciting news for you! The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs can help you get the funding you need to turn your ideas into reality.

What Are SBIR and STTR?

The SBIR and STTR programs provide funding to small businesses for research and development (R&D). Whether you’re working on a new product, a tech innovation, or a solution for healthcare or manufacturing, these programs can give you the financial boost you need.

Here’s how it works:

• Phase I Funding: You can receive up to $275,000 to test your idea and see if it’s possible.
• Phase II Funding: If your project moves forward, you could get up to $1.8 million to develop your prototype and continue your R&D.

How Kentucky’s Matching Funds Can Help You

Getting federal funding is a big deal, but sometimes it’s not enough to cover all the costs of bringing your project to life. That’s where the Kentucky Cabinet for Economic Development (KY Innovation) SBIR/STTR Matching Funds Program comes in. This program offers:

• Up to $150,000 in extra funding for Phase I projects.
• Up to $500,000 for Phase II projects.

This additional support helps businesses like yours move faster from the research stage to actually getting your product on the market. Applications are being accepted for the current tax year until October 28, so if you qualify, act fast! 

Success Story: BlackBox Energy Systems

One company making the most of this opportunity is BlackBox Energy Systems from Owingsville, KY. Co-founded by Dr. Elijah Jensen, BlackBox is developing a new type of electric motor that’s smaller, lighter, and more efficient. With help from KY Innovation’s Matching Funds Program, they were able to hire more researchers and engineers to speed up development and get their technology ready for the market. You can hear from Dr. Jensen and learn more about BlackBox Energy Systems’ journey during the SOAR Summit on October 16-18 in Pikeville.

 

Innovation requires money, and having nondilutive funding, such as the Kentucky matching award, matters. These funds will allow us to hire the additional researchers and engineers we need to move this technology from the lab to production faster and to provide great opportunities to smart young engineers who need good job opportunities to stay in Eastern Kentucky.

– Dr. Elijah Jensen, CEO and Co-Founder of BlackBox Energy Systems

 

Join Us at the SOAR Summit

If you want to dive deeper into how SBIR and STTR programs can benefit your business, join us at the SOAR Summit for the session “How to Leverage SBIR, STTR More in Eastern Kentucky.” This Fireside Chat will be held on Thursday, October 17. You’ll hear from industry experts, including SOAR Director of Business and Innovation Sabrina McWhorter, KY Innovation’s Maria Labreveux, Fair Chance Works Founder Scott Stuckey, and BlackBox Energy Systems CEO Elijah Jensen, as they discuss the ins and outs of these programs, share success stories, and provide actionable tips for applying. You can learn more about the SOAR Summit here.

Want to Learn More?

If you’re interested in finding out more about how the SBIR/STTR and Matching Funds Programs can support your business, connect with SOAR Innovation! They can provide you with the personalized guidance and resources you need to help grow or scale your tech-enabled business. They are here to help you get the resources you need to succeed! Interested in attending the special fireside chat at the 2024 SOAR Summit? You can get registered here.