Each company received an initial competitive federal grant to accelerate innovation
NASHVILLE, TN – October 5, 2022 – Launch Tennessee (LaunchTN) today unveiled the full list of this year’s SBIR/STTR Matching Fund grant recipients. Developed and administered by LaunchTN, the SBIR/STTR Matching Fund is a strategic initiative to advance the commercialization of technology innovation and job creation across the state. The grant program, now in its sixth year, has been a significant catalyst for the growth of many Tennessee early stage, high-tech, high-wage companies. To date, 56% of companies receiving SBIR/STTR matching funds have achieved post revenue status, a significant indicator of success for startup companies. Collectively, these companies have generated more than $100M in annual revenue.
To date, Tennessee companies awarded SBIR/STTR Matching Funds have created over 650 direct jobs and have leveraged matching funds to raise over $127M in follow-on investment capital while securing an additional $169M in federal contracts.
“We are thrilled to award this match funding to some of our most exciting Tennessee entrepreneurs and innovators” said Charles Layne, Innovation Manager, LaunchTN. “We thank Governor Lee and the Tennessee General Assembly for their continued investment in this vital program and look forward to the innovation and new technologies these companies will bring to our state that will benefit all Tennesseans.”
Launch Tennessee received more than 60 applications to the SBIR/STTR Matching Fund this year, accounting for over $12M in program demand. Applications were prioritized if the company was a first time SBIR/STTR awardee or applicant to the SBIR/STTR Matching Fund as well as if the company was commercializing technology in one of LaunchTN’s priority industries including biotech, advanced energy, agtech, or automotive. In addition, priority was given to companies located in Tier 3 and 4 counties or Opportunity Zones, and if the company was either female-owned, minority-owned, veteran-owned, or owned by those with disabilities as per FY22 SBIR Matching Fund Guidelines.
SBIR/STTR Grant Recipients (confirmed companies receiving the award so far this year):
DayLyte, Inc. (dba DayLyte Batteries)
For questions about our SBIR/STTR programs or how to get involved in the efforts LaunchTN is leading within Tennessee’s innovation ecosystem, please contact [email protected] or visit https://launchtn.org/commercialization/.
About Launch Tennessee
Launch Tennessee (LaunchTN) is a public-private partnership uniquely positioned to cultivate and support collaboration among founders, investors, the private sector, institutions, and government. We support Tennessee’s entrepreneurial ecosystem by coordinating resources, advancing capital access, and empowering our Network Partners and multiple stakeholders throughout the state to activate inclusive and sustainable economic growth in Tennessee.