Launch Tennessee (LaunchTN), an enterprise that assists startup ventures, is offering a fresh $7 million matching grant program for companies statewide.
The fund will supply extra support to companies that gained a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) in the last year. Potential applicants may want to consider the effort, as a business can potentially gain a matching grant of up to $300,000.
To be eligible, Tennessee companies should have seized their SBIR or STTR award between July 1, 2021, and June 30, 2022. Tech businesses in competitive fields ranging from energy to life sciences to mobility that have gained funds from federal programs are invited to apply.
The grant program comes as funding efforts for Black entrepreneurs could use more help. For instance, it has been reported Black founders receive less than one percent of venture capital funding annually.
The LaunchTN program will match awards of up to $100,000 for SBIR/STTR Phase I and $300,000 for Phase II recipients. Applications are open now through Aug. 15.
Launch Tennessee calls itself a public-private partnership with a vision to make Tennessee the nation’s most startup-friendly state. Its work supposedly includes providing numerous sources, occasions, grant applications, and incentives that essentially support small business enterprises.
The SBIR/STTR Matching Fund is run by LaunchTN via the State of Tennessee and is backed by the Tennessee General Assembly. It intends to promote the commercialization efforts of Tennessee-based companies by matching Phase I and Phase II SBIR/STTR awards up to $100,000 and $300,000, respectively.
The SBIR/STTR federal funding programs have provided over $13 million to Tennessee businesses over the past six years, generating over 650 jobs and creating an economic impact of nearly $350 million.
“At LaunchTN, we’re excited about what technological transformations the future holds and the role we believe Tennessee innovators have in shaping them,” said Charles Layne, LaunchTN’s Innovation manager.
“Thanks to the SBIR/STTR Matching Fund, we have an opportunity to support our entrepreneurs in the acceleration and commercialization of their technologies while also ensuring the technologies of tomorrow are being built right here at home in Tennessee.”
For more details and to apply, entrepreneurs and companies can visit here.