The U.S. Small Business Administration announced on October 4 that Nevada is among six new states to receive a FAST Partnership Program grant. This program aids technology-driven small businesses in transforming their research and development capabilities into commercial products.
The Nevada Governor’s Office of Economic Development (GOED) led the grant application, which enhances the Sierra Accelerator for Growth and Entrepreneurship (SAGE). SAGE is a statewide initiative at the University of Nevada, Las Vegas, and the University of Nevada, Reno. This marks Nevada’s first FAST grant since 2019.
SAGE aims to bolster the technological competitiveness of innovative small businesses in Nevada seeking funding from the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, collectively known as “America’s Seed Fund.”
Nevada’s proposal includes an SBIR proposal accelerator program developed by StartUpNV. Additionally, technology-based small businesses will receive Phase 0 microgrants through SAGE to support their SBIR and STTR applications.
“We are immensely grateful to the SBA for selecting Nevada and to our congressional delegation for their support of our application,” said Karsten Heise, GOED’s senior director of strategic programs and innovation. “This award confirms the importance and role of how a statewide partnership serves small technology-based businesses, thereby lending vital support for our efforts building Nevada’s innovation-based economy.”
The grant arrives at a crucial time to boost momentum in Nevada while providing SBIR and STTR support. The SAGE program has significantly increased SBIR and STTR awards in the state, with 23 awards in 2023 compared to 10 in 2022 and 12 in 2021.
“With support provided through this grant we are now able to add crucial components such as StartupNV’s accelerator program as well as financial SBIR application support for small tech-based businesses,” added Heise.
Before submitting Nevada’s application, GOED collaborated with a congressional delegation led by U.S. Senator Jacky Rosen’s staff to advocate for including FAST program funding in the Financial Services and General Government Related Agencies Appropriations Bill. Consequently, $9 million was allocated for states under the federal FAST program.
“This funding from SBA is very timely and will allow us to continue serving highly innovative and technology-based businesses,” said Zach Miles, senior associate vice president for economic development at UNLV. “New large-scale projects reshaping the region’s innovation economy will particularly benefit.”
“StartUpNV is proud to be part of this grant effort that will remove barriers,” stated Jeff Saling, executive director of StartUpNV. “The program represents a true public-private-partnership that will provide tech companies with the resources they need.”
