A founder won $1.5 million in SBIR grants from NIH plus state and local funding without giving up equity. The money let them solve technical problems early and proved to investors that major organizations believed in their solution.
Chapters
We eventually started writing stronger and stronger SBIR applications to a point where me and my team were able to secure over $1.5 million of non-dilutive funding. And the funding that we secured were from Phase I and Phase II SBIR programs for the NIH, along with other state and local grant opportunities. And this grant funding was such a great game changer for our early-stage startup because not only did these funds help us to pursue more R&D efforts to overcome our early technical hurdles, but This also gave us the credibility, the competitive advantage, and the validation that there is a problem that we're trying to solve and that other big organizations actually backed our idea and agreed that we have a great solution to solve that big need.