The Elevate Vermont program makes $800,000 available to startups and growing technology companies for technical assistance, matching grants and innovation research
Vermont Business Journal Governor Phil Scott and the Commerce and Community Development Agency today announced the launch of the state’s first technology-based Economic Development program, designed to catalyze growth in Vermont’s high-tech business sector by increasing access to business assistance. aimed at technical and research. Invented as Raise Vermontthe goal of the multifaceted program is to help accelerate early-stage technology companies and help established small businesses remain relevant in a global marketplace.
“Supporting businesses in every region of the state to retain and create jobs remains a top priority of my administration,” said Governor Scott. “This program will help our innovative employers grow and succeed in the global marketplace, while strengthening our communities here at home. .
H.439 (Act 74) appropriated $800,000 for the program in the 2021 legislative session. An extensive request for proposals (RFP) process has resulted in the selection of outside experts who can help Vermont businesses successfully apply for federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants.
Each year, the federal government awards over $3 billion to small businesses through SBIR/STTR programs through a highly competitive application process.
Elevate Vermont will support companies seeking this non-dilutive (no equity loss) funding through one-on-one SBIR/STTR application assistance from professional advisors at North Carolina-based Eva Garland Consulting, LLC.
The application for this Technical Assistance is now open and accepting applications on a rolling basis until funding runs out.
“Vermont has never before had an opportunity like this to support startups and early-stage technology companies,” said Department of Economic Development Commissioner Joan Goldstein. “These investments represent a huge opportunity for the state’s growing technology sector.”
In the coming months, two additional applications will be made available under the Elevate Vermont name to provide even more support for companies engaged in SBIR/STTR. Eligible participants may be eligible for matching grants to accelerate the commercialization of their technology, offsetting costs such as sales and marketing expenses that cannot be supported with SBIR/STTR funds.
Elevate Vermont will also offer an Innovation Research Partnership Program to help small businesses strengthen connections with research institutions that can help them solve challenging product development issues.
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Governor. Montpellier 8.10.2022. www.vermont.gov