Thousands of companies throughout Iowa are moving through the business life cycle at any given time. Whether it’s a nugget of an idea or a mature business looking for innovation, Iowa Innovation Corporation and its many partners are identifying these businesses and helping them determine where they are within this cycle, then connecting them with resources necessary to succeed. The State of Iowa offers a robust array of support for businesses along this growth continuum, as outlined below.
Business Life Cycle
The business concept is developed.
The economic feasibility of the business is determined.
The business functions are established and a trial product is marketed.
A product is introduced and revenues are generated.
The business reaches break even profitability.
The business is well established in the target market.
Funding & Support Programs
The federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs have $2.6 billion to invest in novel technologies. Each small business is eligible for up to $1.7 million in assistance to develop their innovative concept.
SBIR/STTR grants span several segments of the funding continuum. You can receive this type of funding for the first three phases of development (Investigation, Feasibility and Development). If your innovative idea falls into one of these categories, you could qualify for this funding:
Human and Animal Health
For more info about how to apply for SBIR/STTR funding, contact:
Determine if there's a customer and unique value proposition for a demonstrated proof-of-concept. Lean LaunchPad and similar efforts to build team and evidence of Minimum Viable Product (MVP) and select target customer.
Use of Funds
Lean LanchPad, mentoring assistance, team assembly
Expansion of product lines in companies with complete management infrastructure, proven historical profitability and with an established customer base. Product refinement, market expansion for unique innovative competitive products.