Governor Pat McCrory and Commerce Secretary John E. Skvarla, III announced today that $1.7 million from the One North Carolina Small Business Program has been awarded to 29 small companies across 13 North Carolina communities. The companies will use the funds to develop new products, hire additional employees, and purchase equipment and materials.
“The One NC Small Business Program helps spur the growth of companies with strong chances of becoming the powerhouse employers of tomorrow,” said Governor McCrory. “This program is a critical tool to help expand our state’s innovation economy.”
The program provides state grants to match federal funds awarded through the highly competitive Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, which help companies develop new and innovative technologies that have high potential for commercialization.
Data shows that the program helps young technology companies survive. Since the program’s creation in 2005, 85 percent of grant recipients are still in business. Moreover, 98 percent of the surviving companies are still based in North Carolina.
Reflecting the state’s strengths in biosciences, 86 percent of the awards went to businesses in this industry. The majority of these companies were in biotechnology segments, followed by pharmaceuticals, general medical, medical software and hardware, and advanced materials.
Clairvoyant Technology LLC, a current recipient, is developing new wireless and sensor technology to track objects in areas such as agriculture and manufacturing. “The One NC Small Business matching program has allowed us to expand our research and development capabilities through the addition of sophisticated test and measurement equipment, further allowing us to develop our products,” said Dr. Thomas Frederick, president of Clairvoyant. The Durham company currently has seven employees.
The Office of Science, Technology & Innovation, part of North Carolina Commerce, is still accepting grant applications for the 2017 fiscal year. Eligible applicants must receive a federal SBIR/STTR grant between July 1, 2016 to June 30, 2017. The program awards funds on a first-come, first-serve basis until funds are exhausted. For additional information, see the current solicitation here.
One North Carolina Small Business Awards, July 1, 2016 - October 30, 2016:
