Some of the state’s most innovative minds met on Friday, November 1, 2013 to honor the fiscal-year 2012 Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) winners at the Inn at Middletown.
Despite the dreary weather, things looked bright inside the inn as Deb Santy, Director of the Small Business Innovation program at Connecticut Innovations, highlighted some
of the year’s statistics.
In FY 2012, Connecticut’s 37 SBIR companies won 82 federal awards totaling $23 million. 62 of the awards were Phase Is, while the other 20 were Phase IIs. But what does that really mean?
The goal of the federal SBIR and STTR programs is commercialization. The awards that are won each year provide small businesses with the money needed to perform research and development necessary to achieve that goal.
The Connecticut Innovations SBI team polled 160 companies that have received awards in the last 10 years. Companies that have already commercialized their technologies reported over $17 million in revenue during FY 2012. When you consider the $23 million won in federal grants, a confirmed $40 million that went into Connecticut as a result of the SBIR/STTR Award program in FY 2012 is a great return.
Connecticut Innovations was also able to give 39 awards totaling $1.1 million through the SBIR Acceleration and Commercialization Program in FY 2012. Of those, 37 were Phase I awards, and two were Phase II awards.
The awards resulted in $9.1 million leveraged by state companies to work towards that ultimate goal of commercialization.
Other speakers at the breakfast included Claire Leonardi, CEO of Connecticut Innovations and Joanne Goodnight, Director of Project Development and Analysis at The Jackson Laboratory, and former program director for National Institute of Health SBIR.
Thank you to all of our attendees, and we look forward to seeing you all again next year!