Overwatch Imaging among Oregon innovators to receive tech grants
July 5, 2022 Press Release from Business Oregon:
Business Oregon and the Oregon Innovation Council (Oregon InC) are thrilled to announce the twelve recipients of state grants that will help these innovative small businesses leverage their federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grant awards. The SBIR and STTR grant programs are federal programs designed to stimulate technological innovation and provide opportunities for small businesses to conduct research and development with commercialization potential.
Full article here: https://development.oregon4biz.com/acton/rif/14786/s-05c3-2207/-/l-0007:7c1/q-0094/showPreparedMessage?sid=TV2:4nrrHa8Bk
The U.S. Small Business Administration (SBA) administers the SBIR and STTR programs, which are often referred to as "America's largest seed fund." In 2020, Oregon companies were awarded nearly $45 million in SBIR/STTR awards. SBIR/STTR provides funding that doesn’t dilute ownership, preserving control and flexibility for entrepreneurs.
However, the SBIR funding alone leaves gaps in areas critical to getting early-stage companies to the point of producing revenue and becoming viable businesses. The federal funding helps develop the product but can’t be used for many critical elements to create and scale a business. To address these gaps and increase the business’s chances of success, Business Oregon offers a matching grant program that complements the federal program, to help Oregon companies that received these federal grants.
Business Oregon’s funds also help position the companies for future fundraising and growth after the federal grants are completed. The state funds can be applied to expenses that help a company stay and grow in Oregon, such as business plan development, facilities, testing equipment, production equipment, intellectual property protection, product marketing, business consulting, and more. These funds are awarded in several phases to support the changing needs of companies as they take steps forward in building their businesses and products.
Business Oregon’s Phase I matching grants provide up to $50,000 to help very early-stage companies do feasibility studies on new technologies. Phase II grants build on Phase I work to help companies develop commercially ready prototypes to test with customers. The Phase II matching grants provide up to $100,000.
Full list of recipeients here: https://development.oregon4biz.com/acton/rif/14786/s-05c3-2207/-/l-0007:7c1/q-0094/showPreparedMessage?sid=TV2:4nrrHa8Bk
Overwatch Imaging designs and manufactures imaging systems with custom onboard AI software for both piloted and unmanned aircraft. By helping organizations of all kinds move to autonomous aerial detection, Overwatch Imaging assists in improving efficiencies, reducing costs, and enhancing safety. The grant award will be used to design, build, and test upgraded search and rescue technology for maritime environments.