How can a Small Business Fast-Track Innovation? The Small Business Administration (SBA) and other federal agencies provide assistance for startups. If you have an idea that is financially feasible but doesn’t yet meet the government’s requirements for a “secure” start-up, you can apply to the SBA for a seed investment. You will need to demonstrate a “pathway to profit.” Typically, this involves completing a prototype or demonstrating an existing technology that is in use in a commercial enterprise.
How can a Small Business Fast-Track Innovation? Commercial investors are increasingly recognizing the value of new technologies and are increasingly welcoming new ventures with an entrepreneurial bent. In addition to securing seed financing from investors, you can apply for an accelerated commercial financing program from your local university’s engineering department. This program will allow you to fund your project based upon your ability to demonstrate the viability of your product or service. Engineering students are typically granted this funding based on their self-funded projects. (Note: this is not considered a loan.)
So, How Can a Small Business Fast-Track Innovation? It’s important that you, as an innovator / entrepreneur, have a vision of what your company can be. You also need the motivation and determination to see those ideas through all of the hurdles that are part of being a small business with a “startup” mentality. However, there is a way to accelerate your company’s growth at a lower cost while still demonstrating this entrepreneurial spirit. Start by consulting a commercial finance expert who can help you find the best path for your business development.