Life sciences have the potential to change the landscape of modern society, with profound implications for humanity. From telemedicine, gene therapy or intelligent new drugs, life sciences startups have the potential to change our lives.
When entering this growing industry, there are many challenges to consider. However, more grants are currently surfacing to help life science startups reach their maximum potential.
Despite fierce competition, many such startups will often qualify for grants funded by the government, local state or other organizations.
The ability to showcase the influence of your business operations is one of the most important factors in gaining approval for such grants. In fact, it determines whether your future research and the potential impact of your business operations deserve funding.
Grants can be difficult to win, and on many occasions, funds must be used for specific purposes. However, there are more grants in existence than ever before. Therefore, with the right awareness and a bit of searching, you can find one that’s relevant to your business.
Here are some of the best business grants available to life science startups, all of which can be leveraged to bring about societal change.
Small Business Technology Transfer (STTR)
Many of today’s life science startups leverage modern technology for maximum impact. Companies can utilize digital solutions to exceed expectations and deliver optimal value to the consumer.
If you’re part of a life science startup that’s heavily tech-oriented, you might qualify for an STTR. This is a federally funded program designed to help small businesses collaborate with institutions, federal R&D centers, and universities.
The STTR grant can be highly competitive. However, your chances of winning it increase if you’re heavily invested in tech, research, and development, and can demonstrate the impact of your research.
Small Business Innovation Research (SBIR)
As a life science startup, research and development will be at the heart of your business operations. Modern life sciences are at the cutting edge of innovation, where considerable research and development is needed to support progressive initiatives.
Winning an SBIR grant can be extremely helpful for your startup, especially given the difficulties of getting off the ground in the early stages. The grant is awarded by the US Small Business Administration Office of Technology. This agency typically agrees to terms with parties interested in working with the federal government to create innovative technology with a life-changing impact.
To apply for the SBIR grant, submit a proposal with a copy of your business plan, estimated costs, a technical proposal and an executive summary. This information will be used to verify your claims.
In contrast to the other grants described, the FedEx grant is awarded to individuals who enter into the company’s competition. As such, FedEx offers an opportunity to compete for money that could help your business reach its full potential.
By competing in the FedEx annual contest, you’ll be in with a chance to win one of ten grants up for grabs. FedEx pays $25,000 to the first-place contestant, alongside of $7,500 in FedEx print and business services.
Second place is entitled to a sum of $15,000 and $5,000 in print and business services. Finishing in third place will get you $7,500 and $1,000 in print services. There are eight grants offered for the next eight best contestants.
If you would like to enter this competition, you’ll simply need to answer a series of questions. Reflecting on the winners of the 2018 contest will give you an idea of what to expect, although the nature of this competition is variable.
In 2018, companies were required to deliver an elevator pitch, with the ultimate goal of differentiating from their competitors. Moreover, they needed to indicate how their business concept would transfer the maximum value to the consumer. Finally, they needed to explain how their business would use the grant. This information was used by judicators, who voted the top-ranking business for a second round of applications.
This information should give you a rough idea of the requirements involved in applying for the FedEx grant.