Startups and small businesses across Arkansas soon will have more support to win federal funding that promotes innovative research and development efforts.
Support is being delivered by the Arkansas Small Business and Technology Development Center, which is starting a new business accelerator to open access to federal funding for early-stage companies. The initiative, called the Lab2Launch Accelerator, begins in January with a six-week program focused on grants provided by the National Institutes of Health.
Businesses based anywhere in Arkansas can participate in the accelerator and they may attend sessions virtually or in person. The program is free though participation will be limited in the initial cohort.
The January accelerator program is a potential fit for entrepreneurs and established businesses with ideas for new products and services that can be used in the life sciences market, according to Rebecca Todd, innovation consultant for the Arkansas center, which is based at the University of Arkansas at Little Rock campus.
"The NIH is giving grants for the businesses to do research and development work that leads to new commercial ready products and services that then go out into the public sector and help people there," Todd added.
About six to 10 businesses will be selected to participate in the first accelerator and they will receive step-by-step guidance on every aspect of preparing and submitting a robust funding proposal. Programming includes help with topic selection, budget preparation, writing and editing and market research.
"We'll teach businesses how to prepare a more competitive application," Todd said. "By the end of the program, they should have everything finalized to capitalize on the opportunity."
Research grants from the National Institutes of Health will be for six months up to one year of work and will range from $150,000-$252,000, according to Todd.
The Lab2Launch Accelerator is being established to help more early-stage Arkansas companies tap into the Small Business Innovative Research program, a highly competitive federal funding project.
The innovative research program and its sister initiative, the Small Business Technology Transfer program, annually award $2.5 billion in grants and contracts to small firms to pursue the commercial potential of innovative technologies. Eleven federal agencies participate in the program, including the departments of Defense, Education, Energy, Transportation, Homeland Security and the National Science Foundation.
"We want to see more [Small Business Innovative Research] applicants and winners from Arkansas and believe the Lab2Launch Accelerator is a way to accomplish that," said Laura Fine, state director of the Arkansas Small Business and Technology Development Center.
Going forward, separate six-week cohorts will focus on different federal agencies. Funding from the science foundation will be the target of the second accelerator program, which is scheduled to begin in March.
The Arkansas Small Business and Technology Development Center is funded through the U.S. Small Business Administration's partnership with the UALR College of Business and other higher-education institutions in the state. The development center assists startups, existing businesses, expanding businesses and innovation-based businesses statewide.
Business on 11/14/2019