South Dakota Receives US Small Business Administration FAST Grant
PIERRE, S.D. – The Governor’s Office of Economic Development (GOED) has been awarded a $125,000 FAST (Federal And State Technology) grant from the United State Small Business Administration (SBA) to support technology based entrepreneurs and commercialization of innovations.
“The SBA FAST project is focused on developing management teams involving business and technical expertise to not only develop innovative new products but also bring them to market,” said GOED Commissioner Scott Stern. “Development and growth of these innovative new businesses will help to fuel continued growth of South Dakota’s economy.”
With the support of the SBA FAST grant and the GOED Proof of Concept program, “I-Corp” teams, consisting of an inventor and experienced business mentor supported by graduate and undergraduate students, will develop and execute a business plan to bring the innovative new technology to market. The I-Corp teams selected to participate in the program will:
- participate in a three-day business start-up boot camp in Rapid City, S.D., Nov. 4-6, 2016;
- participate in the Small Business Innovation Research (SBIR) proposal preparation workshop, also in Rapid City, S.D., Nov. 7-8, 2016 (The same SBIR workshop has been scheduled for May 2017 in Sioux Falls, S.D.);
- receive support of a team of graduate and undergraduate students during the next year to implement their development plan;
- provide funding for eligible feasibility studies and to also support development of SBIR proposals to federal agencies from the GOED Proof of Concept program;
- will be encouraged to participate in the Governor’s Giant Vision Business Plan competition.
Individuals interested in submitting their innovation or technology to the I-Corp programs should visit the FAST Project link at the GOED website sdreadytowork.com/Financing-Incentives/Proof-of-Concept-Application.aspx or contact Mel Ustad, FAST project director at the GOED, at firstname.lastname@example.org or 605-367-4516 for details.