Decision Support System: A Systematic Approach to Evaluating Trends and Opportunities of SBIR Grants
Open Access DepositedThe Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs and US federally mandated grant programs that provide opportunities for small businesses to conduct research and development (R&D) of new technologies with a mission of commercialization. The opportunity provided by these programs provides small business with the fiscal resources and guidance to develop new technologies and promotes rapid expansion of technological development and US economic growth. The SBIR and STTR grants are highly competitive. Engineering managers and business leaders need to make systematic and informed decisions about which grant proposals are worth the time and resources to compete for. This praxis proposes a decision support methodology and Decision Support System (DSS) for engineering managers to use when evaluating which grants are worth their resources to compete for. The DSS provides a framework to systematically evaluate the historical metrics and return on investment (ROI) based on business and proposed grant type. Systematically evaluating the data has led to the development of a robust Decision Support System that analyzes and visualizes historical grant information, enabling engineering managers to make data-driven decisions. By leveraging this methodology, small businesses can optimize resource allocation and focus on grant opportunities with the highest potential ROI in markets that align with their company strengths. Ultimately, this tool enhances strategic decision-making, increases the likelihood of securing funding, and contributes to small business innovation and economic growth.
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