Scott launched Vermont’s first technology-based economic development program

The Upstream Vermont Program provides $800,000 for technical assistance, matching grants and innovative research to startups and emerging technology companies.

Vermont Business Magazine Governor Phil Scott and the Business and Community Development Agency announced the launch of the state’s first technology-based economic development program, designed to foster growth by increasing technical and research assistance targeted at Vermont’s high-tech business sector. It was created Raise VermontThe goal of the multifaceted program is to accelerate early-stage technology companies and help established small businesses remain relevant in the global market.

“Supporting businesses in every state to thrive and create will continue to be a top priority of my administration,” said Governor Scott.This program will help our innovators grow and succeed in the global marketplace while strengthening our communities at home. He said.

H.439 (Act 74) provides $800,000 for the program during the 2021 legislative session. An extensive request for proposal (RFP) process led to the selection of outside experts to help Vermont businesses successfully apply for federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants.

Each year, the federal government awards more than $3 billion to small businesses through SBIR/STTR programs through a highly competitive application process.

Elevate Vermont supports companies seeking this non-consolidated (no equity loss) funding with the help of professional advisors from North Carolina-based Eva Garland Consulting, LLC.

The application for this technical assistance is now open and will accept proposals until funding ends.

“Vermont has never had an opportunity like this to support startups and early-stage technology companies,” said Department of Economic Development Commissioner Joan Goldstein. “These investments provide great opportunity for the state’s growing technology sector.”

In the coming months, two additional applications will be available under the Elevate Vermont moniker to further support companies engaged with SBIR/STTR. Eligible participants may be eligible for funding to help them accelerate their technology business, offset costs that cannot be supported by SBIR/STTR funds, such as sales and marketing expenses.

Elevate Vermont offers an Innovation Research Partnership Program to help small businesses strengthen their relationships with research institutions that can help them solve challenging product development issues.

To receive notifications about the Elevate Vermont program when more information becomes available, please sign up for the Department of Economic Development’s newsletter.

Ruler. Montpellier 8.10.2022. www.vermont.gov