The Innovation Center of the Utah Governor’s Office of Economic Opportunity (Go Utah) has announced the launch of the Utah Technology Innovation Funding (UTIF) pilot program. The pilot funding program is for companies in the technology development sector. It provides microgrants and nonrecourse loans for companies pursuing non-dilutive funding through the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
“Accelerating innovation and entrepreneurship is a key part of Utah’s dynamic and robust economy,” said Ryan Starks, Go Utah’s managing director of business services. “Several Utah-based companies are working on technology that can be game-changing. We’re excited to launch this pilot to support Utah businesses in their quest to develop and commercialize novel technologies.”
The UTIF program leverages Utah small-business success with SBIR and STTR programs requiring stringent application and vetting. Funded at $4 billion annually, the federal SBIR/STTR programs offer grants and contracts to small businesses averaging $200,000 for Phase I awards for proof of concept and $1 million for Phase II awards for further research and development. Only projects with technical merit, commercial potential and significant societal benefit are funded.
Available funding for the UTIF pilot is $2 million, with $100,000 going to the microgrant program and the remaining $1.9 million to nonrecourse loans.
Companies interested in learning more can find additional information on Utah Innovation Center’s website: https://business.utah.gov/utah-innovation-center/utifutif.