The National Science Foundation (NSF) has introduced a new Fast-Track Small Business Innovation Research/Small Business Technology Transfer (SBIR/STTR) offering to accelerate the commercialization of innovative technologies. This program aims to streamline the funding process for promising small businesses and startups engaged in cutting-edge research and development.
Purpose:
The Fast-Track SBIR/STTR program is designed to expedite the funding and development process for high-potential projects. It combines Phase I and Phase II of the traditional SBIR/STTR program into a single, streamlined application process. This approach allows companies to move more quickly from concept to commercialization, reducing the time gap between initial research and market entry.
Solicitation Number: NSF 24-582
Requirements:
To be eligible for the Fast-Track program, applicants must meet ALL the following criteria:
- Applicants must submit a Project Pitch that indicates a Fast-Track proposal, and the Project Pitch must result in an invitation to submit a Fast-Track Proposal.
- Applicants must indicate NSF Lineage. The PI and/or a Senior/Key person on the Fast-Track project must have been involved in an NSF lineage award within the past 5 years. NSF I-Corps or previous NSF SBIR/STTR awards do NOT convey Lineage for the purposes of Fast-Track eligibility. NSF PFI and GRFP DO convey lineage for Fast Track eligibility.
- Formal Customer Discovery program. At least one Senior/Key person must have undergone formal customer discovery program training in the past 2 years. NSF I-Corps or similar incubator programs will count toward this requirement.
- Complete Team. The team proposed must be in place at the time of Fast-Track submission. In other words, no “TBD” personnel in lines A or B of the budget.
The proposed project should have:
- Clear commercial potential
- A well-defined path to market
- Strong preliminary data or proof-of-concept
- A capable team with relevant expertise
- A realistic budget and timeline for both Phase I and Phase II activities
- Detailed research plan for both Phase I and Phase II
- Three letters of market validation are required, and up to 5 may be included.
Due Dates:
The upcoming deadlines for 2024-25 are:
- September 18, 2024
- November 06, 2024
- March 05, 2025
- July 02, 2025
- November 05, 2025
Funding and Timeline:
Fast-Track projects can receive up to $1.555 million in total funding:
- Up to $400,000 for Phase I (6 – 12 months)
- Up to $1.155 million for Phase II (18 – 24 months)
Benefits:
- Reduced gap between Phase I and Phase II funding
- Faster time to market for promising technologies
- Streamlined application and reporting process
- NSF can opt to ONLY award a Phase I award.
Challenges:
- Fast-Track Project Pitch invitations are only good for 4 months, meaning a much quicker proposal preparation timeline.
- Higher bar for entry due to combined Phase I and II requirements
- Similar transition rate from Phase I to Phase II as “regular” Phase I to Phase II (~45%)
If you’re eligible for the NSF Fast-Track program and would like to discuss if it’s the right option for your company, reach out to your BBCetc consultant. If you’re new to BBCetc, complete our brief intake form, and a BBCetc consultant will reach out.
