Gov. Steve Beshear recently announced the opening of a fourth round of funding for Kentucky's SBIR-STTR Matching Funds Program. Kentucky's high-tech small businesses that have received federal grants for their research and development can apply for matching state funds through July 31, through the Cabinet for Economic Development.
The matching funds program is the nation's first to specifically match both Phase 1 and Phase 2 Small Business Innovation Research and Small Business Technology Transfer federal grants.
"This one-of-a-kind program has been turning the heads of high-tech small business leaders around the country and is helping serve notice that Kentucky is in the technology game in a big way," Beshear said.
Kentucky matches up to $100,000 of federal Phase 1 and up to $500,000 of federal Phase 2 SBIR and STTR awards to Kentucky-based high-tech businesses. Companies from other states that are eligible for the matching funds must commit to relocating to the state and be Kentucky-based within sixty days, after which they can begin receiving their matching funds. The companies must remain in Kentucky for a minimum of five years.
“We have had a great deal of positive feedback from our high-tech community about how these matching funds are helping our small high-tech companies grow and succeed in commercializing their technologies,” said Cabinet for Economic Development Interim Secretary Larry Hayes. “The program is a great tool to have when trying to attract and retain high-tech companies and jobs in Kentucky.”
Kentucky matches SBIR-STTR awards on a competitive basis for companies conducting research and development in five high-tech focus areas: Human Health and Development, Information Technology and Communications, Biosciences, Environmental and Energy Technologies, and Materials Science and Advanced Manufacturing. The matching funds program is managed by the Department of Commercialization and Innovation (DCI) within the Cabinet for Economic Development.
DCI started accepting applications for the fourth round of the program on July 1, and will continue accepting applications through July 31. Up to three additional rounds of funding will be held by June 2010. Guidelines for the Kentucky program are posted at
www.ThinkKentucky.com/dci/sbir/sbirsttr.aspx.
