Protect Your Innovation and Your Business With Team 80
Small businesses with great, innovative ideas that could potentially be turned into marketable products and services may be eligible to use federal funding to support their research and development under the (SBIR) Small Business Innovation Research and (STTR) Small Business Technology Transfer programs.
At Team 80 we understand the daunting challenges that awardees face when it comes to the SBIR/STTR programs. Doing business with the federal government can be confusing and potentially unprofitable if you don’t understand all of the unique accounting rules required by Federal Accounting Regulations (FAR.)
More importantly, between Phase I and Phase II, the federal government has higher expectations, and an approved, knowledgeable accounting system is required.
Having an accountant that is experienced with governmental rules and the SBIR/STTR programs, in particular, is not just a smart decision, it is a must. At Team 80, we offer two plans depending on your needs in the first two phases.
Table of contents:
- What is SBIR and STTR?
- Who is Eligible to Receive SBIR and STTR Awards?
- How Do I Apply for SBIR and STTR Awards?
- Why You Should Choose Team 80 for SBIR and STTR Accounting
- What Services Does Team 80 Offer?
What is SBIR and STTR?
SBIR stands for The Small Business Innovation Research program. It is a United States government program that awards funds to small businesses to conduct early-stage research and development.
STTR stands for Small Business Technology TRansfer. This is a program fairly similar to SBIR however it requires that the small business partner or collaborate with a U.S. non-profit research institution.
Both are highly competitive programs that encourage domestic small businesses to engage in Federal Research/Research and Development that has the potential for commercialization. Funding for both takes the form of grants and or contracts. Both programs help small businesses compete with larger enterprises that have more resources to pursue research and development efforts.
There are three phases to the SBIR/STTR program:
- Phase I. The objective of Phase I is to establish the technical merit, feasibility, and commercial potential of the proposed R&D efforts. Awards are generally $50,000 – $250,000 for 6 months or 1 year.
- Phase II. The objective of Phase II is to continue the R/R&D efforts initiated in Phase I. Funding is based on the results achieved in Phase I and the scientific and technical merit and commercial potential of the project proposed in Phase II. Typically, only Phase I awardees are eligible for a Phase II award. SBIR/STTR Phase II awards are generally $750,000 for 2 years.
- Phase III. The objective of Phase III, where appropriate, is for the small business to pursue commercialization objectives resulting from the Phase I/II R/R&D activities. The SBIR/STTR programs do not fund Phase III. At some Federal agencies, Phase III may involve follow-on non-SBIR/STTR funded R&D or production contracts for products, processes or services intended for use by the U.S. Government
Who is Eligible to Receive SBIR and STTR Awards?
A small business must meet the following eligibility requirements at the time of Phase I and Phase II awards:
- Organized for profit, with a place of business located in the United States
- More than 50% owned and controlled by one or more individuals who are citizens or permanent resident aliens of the United States, or by other small business concerns that are each more than 50% owned and controlled by one or more individuals who are citizens or permanent resident aliens of the United States; and
- No more than 500 employees, including affiliates
How Do I Apply for SBIR and STTR Awards
- Identify Opportunity – Find the opportunity (Solicitation) on SBIR.Gov for which the company is interested
- Match Opportunity
- Under Open/Future Topics, select a research topic
- Find Details of the Topic such as – specific requirements, points of contact and submission timeline
- The company qualifies as a Small Business Concern (SBC)
- Minimum Research Requirements are met
- Phase I – minimum 1/3 of research effort performed in house
- Phase II – minimum ½ of research performed in house
- Primary employment of principal investigator must be with the SBC
- R&D work must be performed in the United States
- Proposal/Application General Guidelines
- Register company on SBIR.gov
- Submit a pre-submission inquiry if applicable
- Submit a Proposal, which may include a business plan, executive summary, cost proposal, and technical proposal
Why You Should Choose Team 80 for SBIR or STTR Accounting
We specialize in “back-office accounting” providing an all-in-one solution for all of your accounting needs so that you don’t need to hire internally. We promise to save you money and time, and we utilize cloud-based accounting solutions, giving our expert help to set you up and keep you running smoothly with your specific accounting needs. We here at Team 80 are knowledgeable of the nuances of government accounting and have over 20 years of extensive experience working with agencies that participate in the SBIR/STTR programs.
Team 80’s mission is to end small business failure. Most small businesses have no idea what story their financials are telling them. We’re here to bridge that gap. We understand that small businesses don’t have access to the resources that larger corporations do. We bring the same level of service to small businesses that a big company has, and we bring it to a level that is scalable to them. Here at Team 80, we focus on the relationships between Team 80 members and the owners and employees of the business and become more than an outsourced solution; we become teammates.
What Services Does Team 80 Offer?
Using cloud-hosted applications such as Xero, QuickBooks, Bill.com, Gusto, Expensify, and Unanet, our cloud-based accounting is an indispensable tool that empowers business owners with the ability to run their business from anywhere on the planet at any time.
Our turn-key solution is one where we have done all the hard work of bundling these software applications into a complete accounting system so that business owners don’t have to worry about putting together an accounting system themselves.
We also understand that many people are currently working from home right now which is why we offer remote accounting services.
Essentially Team 80 functions as a small business’ accounting department to provide the following:
- Payroll setup and processing
- Accounts Payable (managing and paying bills)
- Account Receivable (managing and invoicing customers)
- Cash Management (making sure they understand where they are spending their money and if there are any issues to be concerned about)
- Financial Statement Prep (providing the client with the reports that show the financial results on a monthly basis)
- Dedicated Chief Accounting Officer (a degreed accountant who is a Controller level team member. Most small businesses can’t afford this level of expertise and they are stuck using a “bookkeeper”)
- Sales Tax (we can help with compliance with complicated sales tax laws as well as filing monthly sales tax returns)
- Employee Expense Reports
The last accounting system decision you will have to make is to sign up with Team 80. Once you’ve done that, we’ll take the wheel and make sure that all systems are set up so that you have the information you need to run your business and meet all of the timekeeping and accounting requirements for Government Contractors.
Ready to simplify your accounting and level up?