Go Utah’s Innovation Center is pleased to announce the launch of the Utah Technology Innovation Funding (UTIF) pilot program. The pilot funding program is for companies in the technology development sector. It provides microgrants and nonrecourse loans for companies pursuing non-dilutive funding through the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
“Accelerating innovation and entrepreneurship is a key part of Utah’s dynamic and robust economy,” said Ryan Starks, Utah Governor’s Office of Economic Opportunity’s managing director of Business Services. “Several Utah-based companies are working on technology that can be game-changing. We’re excited to launch this pilot to support Utah businesses in their quest to develop and commercialize novel technologies.”
The UTIF program leverages Utah small business success with SBIR and STTR programs requiring stringent application and vetting. Funded at $4 billion annually, the federal SBIR/STTR programs offer grants and contracts to small businesses averaging $200,000 for Phase I awards for proof of concept and $1 million for Phase II awards for further research and development. Only projects with technical merit, commercial potential, and significant societal benefit are funded.
“There is merit in assisting companies in finding financing from either private investors, grants, or other early-stage financing opportunities,” said Rudy Wilcox, CEO of RefloDx, LLC. “Providing access to programs like these allows capitalism to do its part by bringing those companies to the surface that have the most merit and produce value for others. The struggle is hard, but the struggle is what allows for better innovation and growth.”
Available funding for the UTIF pilot is $2 million, with $100,000 going to the microgrant program and the remaining $1.9 million to nonrecourse loans.
Companies interested in learning more can find additional information on Utah Innovation Center’s website.