Nicholasville-based Hummingbird Nano has utilized the federal Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) program, and Kentucky’s matching funds, to advance a revolutionary method for molding small plastic parts that are primarily used as components in medical devices and systems.
The company innovated on its previous process that used a stationary smart liquid mold to form a curable plastic product. It’s advancement uses a flowing liquid during the molding process – which Dr. L. Scott Stephens, founder and CEO of Hummingbird Nano, believes could position it for much broader applications.
“One of our greatest challenges has been expanding focus beyond Research and Development to effectively execute the commercialization of our technology,” Stephens said. “Progress against this challenge has been made by keeping the final goal in view, listening to the wisdom of advisors, and consistently working to improve execution in the new focus area.”
Stephens also has advice for other entrepreneurs looking to take advantage of SBIR/STTR funds.
“Make a point, invest the time to understand the resources and support services that are available to help with your project,” he said. “Often there are answers there waiting for you, ready to go.”
Stephens could have developed this technology anywhere in the nation, but says Kentucky demonstrates a strong commitment to providing expertise and financial support for innovation – making it a great place to pursue SBIR.
“There are several strong Angel [investment] groups that have been very helpful, not just with funding, but with advice and resource support,” he continued.
Kentucky offers beginning-to-end support when applying for SBIR/STTR funds, so what are you waiting for? Reach out to KY Innovation and let’s get started today!
The Small Business Innovation Research (SBIR) | Small Business Technology Transfer (STTR) programs are known as America’s Seed Fund. They provide vital non-dilutive capital in the form of grants and contracts for promising technologies, while allowing founders to maintain their intellectual property.
Kentucky is a national leader in maximizing SBIR/STTR, both supporting entrepreneurs through the application process and providing matching funds through its SBIR|STTR Match Program. To learn more about SBIR|STTR, click here; to learn more about Kentucky’s matching funds, click here; to view KY Innovation’s SBIR|STTR 101 Series, click here; to get in touch with KY Innovation, email us at SBIR@KYInnovation.com.