North Richland Hills, TX (PRWEB) February 25, 2009
Looking for funding for small business ventures in these competitive economic times? The Commercialization Funding Coach, Inc. proprietor, Fred Patterson, best known as The SBIR Coach®, has weighed in on the future of SBIR (Small Business Innovation Research) funding as a viable option for startup ventures after a recent visit to talk to legislators in Washington, DC about SBIR reauthorization.
The SBIR, created in 1982, provides much needed funding to tech industry startups working on developing and bringing to market new and innovative technologies. Reauthorization of the SBIR Program is scheduled to be addressed in this session of Congress, but debate was stalled due to both the House and Senate dealing with the economic stimulus bills. Without a continuing resolution to extend the current law being signed by March 20, 2009, the future of SBIR grants may become uncertain.
Moreover, in the wake of the historic economic stimulus package passed last week, SBIR grants have been specifically excluded from access to more than $7.4 billion in stimulus funding for the NIH. "This is an unsettling precedent," comments Mr. Patterson. He adds, "The way it was done was inappropriate and underhanded. Under existing law, the NIH is obligated to include SBIR grants to small businesses in all such spending. But an exclusion provision overriding that obligation was attached to the bill where someone evidently thought it wouldn't be noticed. But we did notice. Without access to funding like the NIH stimulus, we will lose opportunities to help small businesses thrive and generate new jobs."
Mr. Patterson continues, "There is an on-going and meaningful debate about the merits of SBIR grants as a means to produce a solid ROI (Return on Investment) for the Federal Agencies providing the funding. To that end, small businesses need to understand SBIR grants as part of a more comprehensive business strategy, as opposed to the sole source of capital for a given venture." He continues, "The key point here is that for the Federal Government to have an incentive to continue to fund SBIR grants, this money must be understood as an incentive to drive technological innovation, not just as another means of providing the small business with some revenue."
As an experienced business executive, Fred Patterson is well versed in the steps to acquiring capital funding for small business ventures. He also relies on his years of experience as a commercialization funding coach, helping fledgling companies as an independent consultant. Mr. Patterson adds, "The important thing to remember in these economic times, is that strategy cannot be ignored. Without strategic insight and an analysis of head-on market realities, securing an ROIC (Return on Invested Capital) becomes a game of chance, and that's no way to do business."
The Commercialization Funding Coach, Inc. encourages new businesses to use SBIR grants as a means to achieve an end, not as the end itself. By improving the Technology Readiness Levels (TRL) and the Business Readiness Levels (BRL) of organizations, Fred Patterson is able to guide the decision-making needed to increase the Funding Readiness Levels (FRL)® of organizations. This approach aims to commercialize products that will require a strategic injection of capital in order to bring them to fruition with a sufficient ROIC.
For more information on The Commercialization Funding Coach, Inc. and the future of the SBIR program check out The SBIR Coach's Blog.
About The Commercialization Funding Coach, Inc.:
The Commercialization Funding Coach, Inc. proprietor, Fred Patterson, is a seasoned business professional with 40 years of experience, specializing in guiding entrepreneurs through Federal, State, International, and Private Sector funding for small business ventures in technology and related industries.