The most important aspect of the Wright Brothers Institute’s Small Business Innovation Research (SBIR) SBIR Ventures is finding the “next step” for SBIR technology transition. This is a multifaceted undertaking, including identifying non-SBIR funding, market awareness opportunities, and prototyping partners. Throughout the first quarter of FY 2022, WBI SBIR Ventures met with many and varied potential partners for the benefit of SBIR technology transition.
Ancillary connections for SBIR Technologies are the steppingstones of transition to the warfighter. Small businesses require multiple partners to navigate obstacles along the way – partners with access to funding, related research, and subject matter expertise. Building this network for SBIR Technologies is critical to WBI SBIR Ventures supporting SBIR technology transition and, ultimately, the warfighter.
Throughout the quarter, WBI’s SBIR Ventures established relationships by holding meetings with private investment opportunity providers and prime contractors. WBI SBIR Ventures learned what each investor looked for when adding to their technology investment portfolios, then strategized with these investors on how to best leverage their investment portfolio for SIBR Technology investment
SBIR Ventures emphasizes “dual paths” to transition success. This often includes multiple DoD customers. Accordingly, WBI met with the Deputy Director of NavalX Central Coast Tech Bridge to discuss overlapping problem sets and how the teams can work together to solve them with DoD SBIR technologies.
Finally, WBI SBIR Ventures also met AFLCMC/WB – the Bombers Directorate. WBI and AFLCMC/WB reviewed current SBIR technology and innovation strategies and had a preliminary discussion on how the two groups could work together to solve warfighter problems with SBIR technology. This meeting generated a lot of enthusiasm and AFLCMC/WB expressed interest in a second meeting planned for February. SBIR Ventures plans to recruit AFLCMC/WB as a SBIR Phase III Flash Sale participant in the early summer.
SBIR Admin for Outreach
Since 2018, SBIR Admin for Outreach promoted small businesses within the Air Force SBIR pipeline. Through education, connection, and tech progression, the WBI SBIR Ventures team assists small businesses in navigating the Air Force SBIR ecosystem and increases the value and impact of SBIR funding in the United States' small business economy.
From 2018 – 2020, WBI SBIR Ventures engaged with 73 SBIR awarded small businesses. This SBIR Ventures engagement led to a total of 113 additional SBIR awards and an estimated $63.6M in additional funding for these small businesses. More importantly, for every $1.00 AFRL/RG provided for WBI SBIR Ventures engagement with SBIR awarded small businesses, those small businesses earned $6.46 in non-SBIR funding. That’s a 646% return on investment. The National Bureau of Economic Research determined the average VC return on investment is anywhere from 25-57%. WBI SBIR Ventures has stretched the value of the AFRL/RG dollar, increasing significantly AFRL/RG’s impact on the United States’ small business economy.
References: https://www.nber.org