Wednesday, December 08, 2010
Posted by Leah Yomtovian
Did you know that entrepreneurs working to launch a business have a one in five chance of winning free money from the federal government? Since 2004, thousands of startup companies and entrepreneurs across Ohio have been awarded more than $450 million free dollars through the government's SBIR and SSTR programs. One company I came across during my research, NDI Medical, received more than $3 million dollars for their innovative technological research. With the help of the SBIR grants, which they never have to pay back, this Cleveland-based medical device company was able to cover its high-risk capital needs even while the capital streams of private funders evaporated. Since receiving the federal awards, NDI Medical has sold its electrical stimulation device for the treatment of urinary incontinence to Medtronic, the world's largest independent medical technology company, and spun off new device companies such as JumpStart Ventures portfolio company, Checkpoint Surgical.
NDI Medical's success is inspiring, but it is not unique. Thousands of Ohio-based startups and entrepreneurs have succeeded in commercializing their technologies, growing their revenues, and spurring job creation and retention. In just 18 months, 118 Ohio-based firms have received funding from the federal government through the SBIR and STTR programs to finance their research and development and technology innovation activities. The state's startup companies and entrepreneurs have been recognized by the Small Business Administration (SBA) on 16 occasions over six years for their technical innovation, business impact, and broader social and economic impact. If you've ever been awarded an SBIR grant or you've ever supported the SBIR program, this year you too have a chance of being recognized. The SBA is calling on businesses to participate in the Tibbetts Awards. Anyone can nominate a company and/or individual for an award (this includes self-nominations). If you're interested, you should hurry to fill out the short, five-page application because the deadline is December 15, 2010 at 5pm EST. Find more information on the Tibbetts Awards.
Leah’s primary focus as JumpStart’s Market Analyst is developing a deep understanding of the key challenges and opportunities facing entrepreneurs and early-stage companies. Using her experience leading research projects and framing problems to identify creative solutions, Leah works to build stakeholder relationships, ensure the growth and success of client and portfolio companies, and drive organizational strategies. Additionally, Leah brings her insights to life through communications and advocates for and connects entrepreneurs to additional capital and service resources beyond those provided by JumpStart.