Science and technology startups in Arkansas will now have a new resource when applying for federal grant funding.
Partnering with Innovate Arkansas and the Northwest Arkansas Council, Startup Junkie Foundation has launched Science Venture Studio (SVS) to help Arkansas startups apply for and secure federal grant monies. SVS will concentrate on companies in the early stages of commercialization.
Rooted Startups founder and CEO Katie Thompson will be heading up SVS. Thompson will be leading a team that includes a grant specialist, University of Arkansas Communications Felllows, science and technology mentors and more. These experts will help startups and small businesses to prepare Small Business Innovation Research (SBIR) or Small Business Technology Transfer Research (STTR) proposalsand will provide support in other aspects of business development.
“It’s an exciting time to be a part of the entrepreneurial ecosystem in Arkansas,” Thompson said in a statement. “Through helping early stage technology companies access federal research grant funding, SVS will help to retain highly skilled and entrepreneurial people in our communities, grow technologies that can have a global impact and ultimately boost the high-tech economy within our state.”
As the newest division of Startup Junkie Foundation, SVS will help “identify, recruit and vet companies and technology eligible for federal funding,” according to a company news release. It will also host quarterly networking events designed to build community and share research developments in Arkansas.
“Arkansas underperforms our peer regions in accessing funding for commercialization of promising high-risk high-reward technologies,” said Doug Hutchings, entrepreneur in residence at Innovate Arkansas and senior SVS advisor. “At the same time, angel capital is limited which makes it especially important to expand access to these programs. The potential impact is outsized with over $8M a year in additional startup funding possible if we can execute on the opportunity.”
The Walton Family Foundation provided approximately $500,000 for the project, which Startup Junkie will administer.