The Small Business Administration of USA is seeking nominations to award small businesses for the key economic role they play in federally funded research and development projects. Small businesses play a vital role in economic growth and prosperity because of programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR).
Three awards are instituted. One is for companies that participate in SBIR/STTR programs, the other is for individuals who support the programs and third is a ‘Hall of Fame’ award recognizing companies that have shown innovation and success within the SBIR or STTR programs.
Roland Tibbetts has been instrumental in developing SBIR and so the ‘Tibbetts Awards’ has been named after him. SBIR also helps small businesses commercialize their profits and not just help them do innovative research and development work. Currently SBIR and STTR programs account for $2.5 billion per year in federal R& D funds from several federal agencies.
Companies will be awarded based on their performance. Awardees receiving the “Hall of Fame’ and other awards are eligible to find numerous SBIR grants. ‘Tibbetts Awards’ are based on several factors that include business achievement, demonstration of good collaboration and technological innovation.
The winners can later apply for loans and extended lines of credit on the Biz2credit platform. The small businesses having gained recognition from winning the ‘Tibbetts Awards’ can easily secure loan grants of various SBA programs and grow further in business.