(Ridgeland, Miss.) – Innovate Mississippi announced today that they have been awarded a Federal and State Technology (FAST) Partnership Program grant by the U.S. Small Business Administration (SBA) in the amount of $125,000. FAST funding provides support for awardees to offer direct funding of Phase 0 grants up to $2,000 and strategic support in areas such as:
- small business research and development assistance
- commercializing technology developed through SBIR grants
- technological diffusion of innovation benefiting small businesses
- proposal development and mentoring for small businesses applying for SBIR grants
“Mississippi’s FAST program is funded by SBA to help grow the number of SBIR/STTR grants received in Mississippi,” said Tony Jeff, president and CEO of Innovate Mississippi. “The number of SBIR’s awarded in the state has jumped significantly since we started this program with USM many years ago.”
These grants have proven to provide significant impacts for Mississippi-based businesses. For example, a current SBIR Phase 1 grant is funding Innovative Imaging and Research Corporation (I2R), an innovative technology company based at Stennis Space Center. I2R received Phase 0 funding from Innovate Mississippi’s MS-FAST program that led to the Phase 1 Award. The Phase 1 funding is being used to further develop the revolutionary HiDyRS-X camera, most recently noted for capturing a NASA rocket test ultra-high dynamic range video that made headlines earlier this month.
The Federal and State Technology (FAST) program is a competitive grants program designed to strengthen the technological competitiveness of small businesses and improve the participation of small technology firms in the innovation and commercialization of new technology. As Mississippi’s FAST recipient, Innovate Mississippi receives funding to work with the University of Southern Mississippi to providing direct funding and services such as outreach and technical assistance in support of the SBIR/STTR Programs. Additional information about FAST can be found at https://www.sbir.gov/about-fast.
The programs represent the nation’s largest source of early stage research and development funding for small businesses. The programs are administered by the SBA in collaboration with 11 federal agencies, which collectively supported more than $2.5 billion in federal research and development funding in fiscal year 2014. Companies supported by the SBIR and STTR programs often generate some of the most important breakthroughs each year in the U.S. For example, about 25 percent of R&D Magazine’s Top 100 Innovations come from SBIR-funded small businesses. Additional information about each program can be found at www.sbir.gov.
About Innovate Mississippi
Innovate Mississippi is a nonprofit organization with the mission to drive innovation and technology-based economic development for the State of Mississippi. Visit www.innovate.ms to learn more.