We are always looking for ways to connect our clients and readers with resources that can add immediate value to their work. There are few better ways to do this than by drawing attention to sources of funding that our clients may not be aware of – or taking full advantage of. While still modest, Wyoming’s population growth over the last few years has outpaced many other states in the U.S. At the same time, the state has worked to create and sustain pathways to funding for innovators seeking to, quite literally, ‘set up shot’ in the Cowboy State.
For each of the last several year the state of Wyoming, through its Small Business Development Center (SBDC) has been awarded a portion of the nearly $2.5 billion federal grant dollars annually set aside through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
Financial Resources:
Entrepreneurs calling Wyoming home are eligible to receive between $100,000 and $1 million of SBIR/STTR funds for research, development, and commercialization activities related to their initiatives; depending upon where in the development lifecycle the project may be.
FAST
For the last several years, the Wyoming SBDC has also been awarded the U.S. SBA Federal and State Technology (FAST) Partnership Program funding opportunity. The FAST Partnership Program provides funding to organizations to execute state level or regional programs that increase the number of SBIR/STTR proposals leading to an increase in the number of SBIR/STTR awards for women; socially or economically disadvantaged individuals, and small businesses in underrepresented areas – typically rural states.
While funding from the FAST program is primarily not allocated in dollars directly to entrepreneurs, they do receive the benefit of these resources in the form of outreach efforts, access to technical and business assistance (e.g. one-on-one advising, training (in-person and virtual), and workshops). Some limited direct financial support is made available to assist with the development and preparation of SBIR/STTR applications.
WSSI
The Wyoming SBIR/STTR Initiative also makes initial funding and in-kind technical assistance available to support entrepreneurs throughout the entire federal SBIR/STTR application process.
Getting funded:
While the process for applying for funding through the SBIR/STTR grant program can be intimidating, the Wyoming SBDC is committed to shepherding applicants through each step of the process:
- Be assigned, and meet with, a local advisor
After being assigned a local SBDC advisor, they will meet with you to discuss your proposed project and work with you to determine whether your project is a good fit for commercialization through the SBIR/STTR programs.
- Submit proposal
WSSI resources are made available to help the applicant prepare and submit thorough, competitive application. A separate $5,000 contract may be applied for to receive additional resources to support with proposal development.
- Begin research and development
If an applicant is awarded SBIR/STTR funds, they are encouraged to proceed with feasibility studies and development of a prototype(s). The success or failure of these efforts is typically a substantial factor in determining the awarding of any potential future public funding.
- Apply for additional public funding
Additional follow-on funding through the SBIR/STTR and other federal agencies may be/is typically sought at this stage. The SBDC is available to support with these efforts. A separate $5,000 contract may also be made available to provide additional resources for application development.
- Go-to-market
The SBDC will provide training resources to adequately prepare you for pitching your project to potential private investors.
Click here to learn more about applying for SBIR/STTR funding through the Wyoming SBDC
In-Kind Market Research Resources:
And because market research plays a critical role to play in nearly every phase of product development and commercialization, the Wyoming SBDC offers a broad suite of market research and competitive research/intelligence services at no cost to Wyoming entrepreneurs. These resources include both personnel to assist with configuring and executing data queries, as well as exclusive access to comprehensive data sets curated for Wyoming-specific market intelligence (e.g. target audience profiles, competitive analysis, industry trends).
The process for requesting and receiving market research assistance is relatively efficient and straight forward:
- Be assigned, and meet with, a local advisor.
- Research request is submitted on your behalf
- Clarification phase
- Receive final report
- Take action
Click here to learn more about requesting market research resources through the Wyoming SBDC.