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Scott Launches Vermont's First Technology-Based Economic Development Program

Elevate Vermont program will provide $800,000 to startups and growing technology companies, available for technical assistance, matching grants and innovation research

Vermont Business Magazine Governor Phil Scott and the Department of Commerce and Community Development Agency today announced the launch of the state’s first technical announced the launch of a base economic development program.coined word elevate vermontthe goal of the multi-pronged program is to accelerate early-stage technology companies and enable established SMEs to remain relevant in global markets.

“Supporting businesses in every part of the state to preserve and create jobs remains a top priority of my administration,” said Governor Scott. “

H.439 (Act 74) allocated $800,000 for the program in Congress in 2021. An extensive request for proposal (RFP) process has resulted in the availability of outside experts who can help Vermont businesses successfully apply for federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. Elected.

Each year, the federal government provides over $3 billion in grants to small businesses through the SBIR/STTR program.

Elevate Vermont supports companies seeking this non-dilutive (no loss of equity) funding through one-on-one SBIR/STTR application support with expert advisors from North Carolina-based Eva Garland Consulting, LLC.

Applications for this technical assistance are now open and will be accepted on a rolling basis until funding is exhausted.

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

In the coming months, two additional applications will be available under the name Elevate Vermont to provide more support to companies involved in SBIR/STTR. Eligible participants may qualify for matching grants to offset costs, such as sales and marketing expenses, that cannot be supported by SBIR/STTR funding to accelerate commercialization of the technology.

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

Subscribe to the Department of Economic Development newsletter to be notified when more information about the Elevate Vermont program becomes available.

Governor. Montpellier August 10, 2022.