What is the best way to get a federal grant for your medical device startup? Considering that the success rate for companies seeking federal loans hovers only between 11 and 15 percent according to Bhramara Tirupati, of BBCetc, an Ann Arbor, Michigan-based business consulting group, it is best to do everything you can in order to get one of these loans. She shared these four tips with Brandon Glenn from MedCity News for startups looking to acquire the elusive federal funding:
Determine if you’re eligible. SBIR and STTR grants are open to for-profit companies with fewer than 500 employees that have a U.S. location.
Follow the money. Eleven different government agencies issue SBIR and STTR grants. Think of each one of those 11 as a separate program, as each has different interests, deadlines and requirements.
Exert some influence. Agency scientists and engineers typically author “topics” that indicate the types of projects the agency is looking to fund. Find a topic that mentions technology similar to what you’re developing and contact the author.
Get a letter of support. Some agencies, such as the National Science Foundation, accept letters of support from third parties that help make the case for an applicant’s technology.
Even though it may seem the odds are not in your favor, it is definitely worth it to check out this funding which could be a lifeline for your business.