My friend during psychiatry residency said, "You should consider pursuing SBIR funding?" I asked him, "What is SBIR?" With this article, I hope to succinctly answer that question and more importantly to explain why Small Business Innovation Research (SBIR) is an excellent way for someone interested in the life sciences to fund an entrepreneurial interest. Once a life scientist establishes a small for-profit business, SBIR funds can support the creation of a technological solution to meet an unmet need in the life sciences.
What is SBIR?
SBIR is a component of all the primary funding initiatives of the US federal government. The SBIR funding solution is not the same as a loan from the Small Business Administration. You do not owe the government anything for its granting of money to you. There is no obligation to pay it back. Still, keep in mind that this is a government-run grant program. … Read More