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Office of Investment and Innovation

About our office

SBA’s Office of Investment and Innovation (OII) lead programs to support U.S. growth-oriented small businesses and startups. These programs provide access to financial capital, assistance, and networks for the success of innovation-driven small businesses. Our work is bolstered by public-private partnerships that drive small business growth from idea to IPO. OII delivers its core programs through two divisions:

  • Investment enables strategic investment capital access for small businesses
  • Innovation drives technological innovation through federal research and development (R&D) funding while building national networks that support the growth and success of small businesses and startups.

SBA’s Office of Investment and Innovation (OII) lead programs to support U.S. growth-oriented small businesses and startups. These programs provide access to financial capital, assistance, and networks for the success of innovation-driven small businesses. Our work is bolstered by public-private partnerships that drive small business growth from idea to IPO.

Leadership

OII programs

Since 1958, the mission of the Small Business Investment Company (SBIC) program has been to stimulate and supplement the flow of private equity capital and long-term debt financing that American small businesses need to operate, expand and modernize their businesses.

SBA does this by licensing and providing capital to professionally managed equity and debt investment funds as SBICs. SBA capital comes in the form of a government-guaranteed loan to the fund to match privately raised capital. The SBA-guaranteed loan, paired with private capital, increases access to financing for qualifying U.S. small businesses and startups while potentially improving risk-adjusted returns for private investors.

Established in 1982, the mission of the SBIR program is to stimulate technological innovation in the U.S. economy through the investment of federal research and development (R&D) funds into innovative high-tech US small businesses.  The SBIR statute requires federal agencies with extramural R&D budgets over $100 million to set aside a percentage of their annual extramural R&D budget for small businesses.

Established ten years after SBIR, the STTR program is similar, except that STTR awards require small businesses to partner with non-profit scientific and educational research institutions to pursue technological innovation through cooperative research and development.  STTR requires federal agencies with extramural budgets exceeding $1 billion to set aside an additional percentage of their annual extramural R&D budget for this work.

The Federal And State Technology (FAST) Partnership Program strengthens the technological competitiveness of small businesses across the country, particularly in states that are undercapitalized, through SBIR/STTR assistance.

The Regional Innovation Cluster (RIC) Program supports the development of industry-specific clusters to accelerate small business-led technology development. RICs are located across the country and deliver industry-specific programming directly to small businesses to further develop their technologies and grow their business.

The Regional Innovation Cluster (RIC) Program supports the development of industry-specific clusters to accelerate small business-led technology development. RICs are located across the country and deliver industry-specific programming directly to small businesses to further develop their technologies and grow their business.

Program features

  • RICs have prioritized a variety of industries, such as:
    • Advanced manufacturing
    • Ag tech
    • Biomedical and health
    • Photonics
    • Unmanned aerial systems
    • Critical materials
    • Cybersecurity
    • Defense
  • RICs deliver a wide range of small business support services, including
    • Technology commercialization consulting
    • Market research
    • Capital access
    • Government and commercial contracting assistance
  • RICs are leaders in developing regional innovation networks that connect academia, research institutions, capital providers, local and state governments, foundations and philanthropy, and entrepreneur support organizations. This creates a robust network of support for entrepreneurs and small businesses.  

If you are a small business seeking services from a RIC or are interested in partnering with a RIC, you can learn more about the individual organizations.    Email RICs@sba.gov for more information on Regional Innovation Clusters.

SBA launched the Growth Accelerator Fund Competition (GAFC) in 2014 to stimulate innovation and entrepreneurship nationwide. Since then, over 500 GAFC prize awards have been made to ESOs in all 50 states and three U.S. territories. These awards have funded a wide range of programs in different organizations. They provided support to entrepreneurs, particularly in the STEM/R&D innovation network. Each competition varies in total prize dollars and communities of focus to respond to the current state of the entrepreneurship ecosystem.

Visit America’s Seed Fund for more information.

Contact us

Office of Investment and Innovation
409 3rd St. SW, Suite 6300
Washington, DC 20416