Ready for an SBIR proposal? Here’s how YOU must prepare before getting started!

Are you a science or tech founder eager to secure non-dilutive funding so that you can bring your innovative ideas to reality? Well then, my fellow startup entrepreneurs, get ready to unlock the secrets to navigating the world of the SBIR program, or the Small Business Innovation Research program. However, before you start writing your first ever SBIR proposal, there are things you founders have to do before you even put pen to paper. And so in this video, I'm going to share the 5 things founders have to do in order to best position themselves to write their first ever SBIR application. And you'll want to watch until the end of this video because these little golden Nuggets of wisdom will set you apart from the rest so you can prepare a really competitive and strong SBIR grant so you can increase your chances for non-diluted funding. Hey guys, welcome back to the channel. I'm Stacy Chin from keepyourhappy.co, and our mission is to help science and tech startups secure non-diluted funding such as those from the federal programs such as the SBIR and the STTR. If you're interested in learning more about these programs, I'll leave a link in the description to another video below. And we also consult lots of other private and public businesses as well as NGOs to help them secure non-diluted grant funding as well. First, let's chat about what is the SBIR program. So the SBIR program is a governmental initiative that is aimed to foster innovation and growth for lots of small businesses, especially those in the science, tech, and clinical research area. And securing funding from the SBIR program has been a complete game changer for startup entrepreneurs to get non-dilutive funding so that they can bring their ideas to reality. What sets apart the SBIR program compared to other different grant funding opportunities is its focus to support high-risk and high-innovative projects. The SBIR program recognizes that lots of small businesses are actually at the forefront of new innovations and technological advancements that have great potential to drive economic growth and success. There are many federal agencies like the NSF, the NIH, the DOE, the DOD, the USDA, and NASA, and so many more that have these SBIR programs, each with their own specific research priorities and goals. And so these federal agencies actually set aside a portion of the annual budget to support their own SBIR programs. So if you want to learn more how the SBIR/STTR program might benefit you and your startup, make sure to check out the link in the description below. So have I piqued your interest at this point? Well, if not, let me tell you why the SBIR program is such a rockstar for science and tech startups looking for money. First and foremost, the SBIR program offers non-dilutive funding. That means that you guys can get financial support for your startup without giving away any of your equity so that you can maintain full control over your brilliant idea. And that's because the SBIR program is meant to serve as a small stepping stone for early-stage startups so that you can you can start transforming your ideas into something that has commercial viability toward attainable products or services. It's kind of your launchpad to making your dreams turn into reality. And here's the cherry on top: the SPR program is actually tailored to science and tech startups. And if you're lucky to get SPR funding from any of these federal programs, this actually can give you a badge of credibility so that you can attract even more investors, potential partnerships, customers, and industry leaders onto your team. So whether you're trying to revolutionize healthcare, push the boundaries of clean energy, or trying to create the next big thing in artificial intelligence, The SBIR program is your golden ticket to funding without compromise. But hold on tight, my fellow visionaries. There are some things you have to do before you even start writing your SBIR application. And these steps are so critical so that you can position your SBIR towards success and to maximize your chances of securing this really competitive non-dilutive funding opportunity. Well, Stacy Chin, what are these pre-application steps that you speak of? In the next part of this video, I'm going to share the top 5 things you need to do in order to best maximize your chances for SBIR award. Right after you like this video, subscribe to this channel, and comment below. And by doing so, you'll also gain a wealth of knowledge of other ways you can secure non-diluted funding for you and your startup. And of course, don't forget to check out our website at keepyourequity.co where you'll find lots of other advice, resources, templates, and tricks on how you can also secure non-diluted funding. Now let's jump right in. So to prepare yourself to write your first ever SBIR application, the first thing you want to do is to define the problem you want to solve and to understand the significance of your solution. I can't tell you how many applications I've been through as a reviewer that don't clearly define the problem statement and also clearly explain how their your solution will solve that problem. So make sure you do that. But it doesn't stop there. You also need to present compelling evidence and data to help back up that problem statement. And this also will help showcase the significance of your innovation. And this could include statistics, research findings, or real-life examples that can showcase the potential impact of your solution. And then you want to describe why your innovation will be the superhero that will come and save the day. And to do so, you want to clearly articulate how your innovation will address the problem, explain its unique features, benefits, and deliverables, as well as why your solution will stand out against current alternatives. Now, the second thing you can do in order to prepare for an SBIR application is to evaluate the commercial potential of your technology. In order to capture the attention of the SBIR reviewers, it is so critical that you demonstrate a clear need for your product or service. We're talking about showcasing the commercial viability and market potential that will set you apart from your competitors. So how do you achieve this? Here, you'll want to assess the market demand, the competition, and potential customers. And remember, data is your ally, so back up your claims with market research, market data, customer discovery interviews, and any other relevant data that will support the need and demand for your product or service. So by thoroughly evaluating the commercial viability and commercial potential of your technology, you'll be armed with all the insights and evidence you'll need to write an SBA application. Because at the end of the day, success begins with just understanding your market. The third thing you'll need to do is understand what do you want to use the money for before you even begin writing an SBA application. This is how you do this. Here, take a close look at the technical milestones of your projects by developing an R&D plan, breaking that down into necessary steps and activities to complete the proposed efforts. Ask yourself, what do you need to do to bring your innovation to the commercial market? And this will help you determine whether or not you have enough time and resources within the SBIR application to carry out those goals. And this initial assessment will actually help you to build confidence in your project's viability. And that's because within your SBIR application, you're going to want to provide a really clear roadmap that demonstrates your understanding of the technical challenges and plans to overcome them. If you're interested game or guidance on how to structure your R&D plan. I'll leave a link in the description below to NIH and NSF SBIR templates that you can check out at our website. And most importantly, you'll want to think about the specific goals and milestones that would mark the progress within your SBIR efforts, because these milestones are going to serve as your checkpoints within your SBIR application. And this will help reviewers understand how you're tracking your developments and your progress to go from your start to finish. Because at the end of the day, reviewers are looking for a way that you overcome your technical hurdles which will give reviewers the confidence that you know exactly what to do with the money and why your project is a solid investment for them to fund. Now, the fourth thing you'll want to do is to assemble a stellar team before you begin writing your SBIR application. A strong and capable team can actually increase your chances of getting SBIR funding by identifying the right team members and experts to help you carry out the proposed effort. So to identify who is the right people that have the appropriate expertise to help you with these SBIR efforts, you want to assess the skill sets and knowledge required to execute your project successfully. Ask yourselves, are you missing any other skill sets or knowledge gaps such as technical know-hows, industry experience, or business acumen. And then go ahead and seek out the right experts and talent. You want to network within your industry, attend conferences, knock on doors, and leverage online platforms to connect with individuals that have these skill sets before bringing them onto your team. You also want to look for team members that are also passionate and excited about your vision and idea so that we can be best aligned to your project's goals. And these steps are absolutely essential before you even start an SBIR application because you'll want to make sure you can showcase a really strong and capable team to carry out these efforts. Because I can tell you now, reviewers will ding your application if you don't have a good team to showcase on paper. And finally, the fifth thing you want to consider before starting writing your SBIR application is to find and onboard a grant writer that specializes in SBIRs. They can help you to fine-tune your proposal, address potential weaknesses, help you with strategy, the writing, editing, and drafting, and also the submission of the application. And because getting SBIR funding is so competitive and it's very difficult, especially on your first try, you're going to want all the help you can get. By onboarding an expert grant writer, you might save yourself a lot of time and energy instead of trying to figure out how to navigate the whole SBIR process yourself. And their expertise can make a huge difference whether or not your SBIR grant gets funded, because they can provide your startup with so much value and insight throughout the entire process. However, onboarding a grant writer can be an investment that you and your startup have to consider whether or not this is the right move for you. And also, you don't want to get scammed by crappy grant writers. I have a whole other video that I'll list down below that can walk you through how you can identify and onboard a strong grant writer to help you with your SBIR efforts. You can also reach out to us at keepyourequity.co and through our website to learn how we can work together to support you in your SBIR journey. I thank you so much for watching till the end of this video. I hope you found these tips helpful so that you can prepare a really strong SBIR application. If you have done so, please like this video and subscribe to this channel so that you continue to learn more ways of how you can keep your equity throughout your non-dilutive fundraising journey. And of course, don't forget to check out our website at keepyourequity.co where you find lots of more tips and tricks on how you and your startup can secure non-dilutive SBIR funding. Thank you so much for joining me today, and I'll see you in a video very soon.