The Louisiana Business & Technology Center at LSU’s south campus in Baton Rouge was granted $150,000 in federal funds Friday for support of research and development and small-business innovation.
The grant’s purpose is to support programs for innovative, technology-driven small businesses under the U.S. Small Business Administration’s Federal and State Technology, or FAST, partnership program.
FAST is a competitive grants program designed to strengthen the technological competitiveness of small businesses and improve the participation of small technology firms in the innovation and commercialization of new technology.
The federal Small Business Innovation Research program, or SBIR, is coordinated by the SBA and represents the nation’s largest source of early stage research and development funding for small businesses.
“The SBIR program serves as the primary source of nondilutive technology development funding for Louisiana’s small businesses,” said Roy Keller, director of Louisiana’s SBIR program at the Louisiana Business & Technology Center.
The business and technology center is at 8000 Innovation Park Drive, Building 3000, south of LSU’s main campus. It serves as an incubator for dozens of small businesses founded by people seeking entrepreneurial success.
Nationwide, with money from 11 federal agencies, the SBIR program collectively supplied more than $2.5 billion in federal research and development funding in 2014. About 25 percent of R&D magazine’s Top 100 Innovations came from SBIR-funded small businesses.