WASHINGTON – United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, today announced that Louisiana State University and A&M (LSU) College will receive $100,000 through the Small Business Administration’s Federal and State Technology (FAST) Partnership Program. The FAST Program provides matching funds to states or areas in order to strengthen the technological competitiveness of small business concerns, particularly by increasing their success in securing SBIR and STTR awards and contracts and transitioning SBIR and STTR technologies.
“It is important for Louisiana to keep building high-technology firms, whether they are working on alternative energy or innovative agricultural processes,” said Senator Landrieu. “The FAST funding makes it possible for the Louisiana Technology Transfer Office(LTTO) to raise awareness of and help small businesses win Federal research and development contracts.
“We need to target not only existing high-tech firms but also the scientists and engineers at LSU and other colleges and universities, spurring the start up of new high-tech firms and helping existing ones move innovative ideas out of the lab and into the marketplace. The LTTO has proven that with FAST funding Louisiana can compete globally and also grow quality jobs locally. I’m proud that we worked together to restore FAST funding and help local high-tech firms.”
The U.S. Small Business Administration has granted $100,000 awards to 20 colleges and universities, business development centers, and state and local economic development agencies.
FAST funding awardees demonstrated how they will help support areas such as:
- small business research and development assistance,
- technology transfer from universities to small businesses,
- technological diffusion of innovation benefiting small businesses,
- proposal development and mentoring for small businesses applying for SBIR and STTR projects; and,
- commercializing technology developed through SBIR and STTR projects.
The SBA, the Department of Defense and the National Science Foundation jointly made awards based on proposal merit. Varying levels of matching funds are required from each participating state and territory. The Louisiana Technology Transfer Office will have a $50,000 match.