LaunchTN’s Virtual Workshop: SBIR/STTR Accounting

Congratulations! Your company has received a Phase I SBIR/STTR award. Now what? RSVP here

In this webinar, we will cover the basics required to establish a sound accounting system in Phase I, along with some basic finance rules to follow as you complete your work and draw down funding from the awarding agency. We’ll also help prepare you for a Phase II award, where indirect rates can be negotiated and more stringent rules and an audit are the norm.

The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) program is a highly competitive federal program that encourages domestic small businesses to engage in research and development that has the potential for commercialization. Through a competitive awards-based program, SBIR/STTR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization.

This workshop is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.

TAEBC wants your feedback, highlights resources for small businesses during COVID-19 pandemic

During this time of crisis, TAEBC is continuing to champion advanced energy as an economic development and job creation strategy for the state and provide businesses and entrepreneurs with the resources they need to weather this storm. 

To start, TAEBC wants your feedback about what the industry needs to remain solvent and thrive. What could your business use or need in a second round of federal stimulus? Please send your feedback to TAEBC here by email.

“Even in these challenging times, TAEBC continues to champion advanced energy as an economic development and job creation strategy for the state,” said Cortney Piper, Executive Director of TAEBC. “We are committed to our members and stakeholders in fostering the growth of Tennessee’s advanced energy technologies and startups.”

As one of TAEBC’s missions is to foster the growth of Tennessee’s advanced energy technologies and startups, we want to provide resources small businesses and entrepreneurs can use during this crisis. See the resources from Launch Tennessee (LaunchTN) and the U.S. Small Business Administration (SBA) below:

LaunchTN’s COVID-19 Updates, Resources and Tennessee Innovation Crowdsource Platform
LaunchTN has created a special webpage which includes guidance from health officials, updates from statewide network partners, resources to support small businesses and startups, webinars and other virtual learning opportunities, and other information as needed. Browse the list of resources here.

LaunchTN is also partnering with Governor Bill Lee’s COVID-19 Unified Command to invite proposed solutions to the critical challenges the state now faces. Companies, including entrepreneurs and startups, are encouraged to submit proposals via the Tennessee Innovation Crowdsource Platform, which will allow them to evaluate, perform due diligence and recommend selected solutions to state procurement specialists for fast-track treatment.

All innovators are invited to participate, regardless of whether they’re able to scale at the level needed right now. This long-term project will address immediate needs and continue to serve the state far into the future.

SBA Disaster Assistance
Tennessee small businesses are now eligible for disaster assistance from SBA. Businesses impacted by the COVID-19 pandemic may apply for up to $2 million in federal assistance to help overcome the temporary loss of revenue. To learn more about the application process and loan parameters, click here. To apply, follow this link.

The Small Business Owner’s Guide to the CARES Act
The programs and initiatives found in the Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed by Congress are intended to assist business owners with whatever needs they have right now. There are many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that are available from the SBA to address these needs, as well as some additional tax provisions that are outside the scope of SBA.

Innovation Week on the Hill

Join us for a celebration of Tennessee’s thriving entrepreneurial community.

You’ll meet startup founders, ecosystem builders, and other constituents working to make Tennessee the most startup-friendly state in the nation.

RSVP by email to Tia@launchtn.org

 

When: Tuesday, February 25, 2020

5:30PM – 8:00PM

 

Where: Musicians Hall of Fame

401 Gay Street

Nashville, TN

Note: The venue is directly across from Cordell Hull

 

Launch Tennessee adopts updated strategic plan, emphasizes capital formation, market building, and resource deployment

Launch Tennessee’s (LaunchTN) Board of Directors recently adopted an updated version of its strategic plan at its latest quarterly meeting. The updated plan emphasizes three key strategies: capital formation, market building, and systemic resource deployment. 

Capital Formation
According to the plan, one of LaunchTN’s strategies is to “expand capital resources and expedite their availability to TN businesses so that they can grow, be sustainable, create jobs, and build accessible economic prosperity for our state.” To achieve this strategy, LaunchTN’s objectives are to increase access to available LaunchTN capital and proactively engage with investors across the state, country, and world to improve access to non-LaunchTN capital. The organization will also develop outbound marketing initiatives to target other investors. 

Market Building
Building upon capital formation, LaunchTN intends to “identify and recruit recognized leaders in relevant markets to drive a systemic solution for stakeholders to engage, connect, and achieve mutually beneficial results by working together.” To adhere to this strategy, LaunchTN has three main objectives: build an accountable environment of systemic teamwork, collaboration, and communication with market and ecosystem builders; optimize corporate/big company engagement with startups; and develop outbound marketing initiatives targeting market and ecosystem builders. 

Systemic Resource Deployment
LaunchTN wrote that it aims to “streamline the connection of our statewide Network Partners and other stakeholders to resources that enable a high-functioning ecosystem in Tennessee for entrepreneurship.” LaunchTN has outlined four objectives in order to work toward this strategy: enhance and drive connectivity and convening; establish competitive policy influence; implement and optimize information systems; and develop and execute an outbound marketing strategy. 

In addition to other changes, CEO Margaret Dolan highlighted the organization’s new mission and vision statement to include the words “empowering a network of resources.” 

One of TAEBC’s commitments to our members and stakeholders is to foster the growth of Tennessee’s advanced energy technologies and startups. TAEBC works to fulfill this goal through our Energy Mentor Network that serves as one of LaunchTN’s Statewide Network Partners and pairs knowledgeable mentors with promising new companies and entrepreneurs in the region. 

Currently, the Energy Mentor Network has six participating startups who are working through the structured program, which involves panel presentations and mentoring sessions. The purpose of the program is to help develop and support quality advanced energy startups. Four startups have graduated from the program to date. To learn more about Energy Mentor Network startups or become a mentor, click here.

TAEBC wishes you a Happy Thanksgiving!

As Thanksgiving approaches, the Tennessee Advanced Energy Business Council has been reflecting on what we’re thankful for as Tennessee’s advanced energy sector continues to grow, creating jobs and economic development opportunities for the state.

Advanced energy is technology neutral. Any technology that makes energy cleaner, safer, more secure or more efficient is welcome at our table.

Our footprint expands to every corner of the state, and Tennessee’s advanced energy industry is well-positioned to strengthen at a robust pace. Other than our members, here’s what we’re thankful for this holiday season:

#1 Launch Tennessee & The Energy Mentor Network

We’re grateful for the opportunity to collaborate alongside Launch Tennessee, a public-private partnership that supports entrepreneurs from ideation to exit, to form the Energy Mentor Network.

The Energy Mentor Network’s goal is to foster the growth of Tennessee advanced energy technologies and startups by connecting entrepreneurs with mentors and industry specific expertise.

In broad strokes, the Energy Mentor Network pairs mentors with promising new companies and entrepreneurs through a structured program involving panel presentations and mentoring sessions.

The purpose of the program is to develop quality startups. After completing the program, startups will have an investable pitch deck, a rock solid business model and a plan to establish more traction. These tools will position Tennessee’s entrepreneurs to raise capital, request other funds like SBIR grants, and scale their company.

We’re pleased to say four energy companies, Stone Mountain Technologies, Solar Site Design, Active Energy Systems and SkyNano have graduated from the program with several more on track.

(Interested in becoming a mentor for the next energy innovator? Click here. Are you a Tennessee energy startup and want to apply to the Energy Mentor Network program? Click here.)

#2 The Tennessee Department of Economic and Community Development

TAEBC is committed to help Tennessee become the #1 location in the Southeast for high-quality jobs, in line with state leadership goals.

TNECD is working hard to make Tennessee a business friendly environment that not only attracts new companies to our state but also promotes growth for our existing businesses that call Tennessee home.

TAEBC has met with TNECD leaders outlining how our advanced energy sector employs nearly 360,000 Tennesseans in more than 18,000 businesses that contribute almost $40 billion to the state’s GDP. Advanced energy is a job-creation engine for Tennessee, and Tennessee’s advanced energy sector is growing faster than the overall state economy by a significant margin. 

#3 Increased federal support for energy research and development investments

Congress has continued to see the value in providing record funding for the Office of Science, one of the most important Department of Energy programs that support the work of our country’s 17 national laboratories, including Oak Ridge National Laboratory in Tennessee.

The Office of Science supports basic science and energy research and is the nation’s largest supporter of research in the physical sciences. For years, Congress has known and understood more comprehensive energy R&D funding means more economic development opportunities and high-quality jobs for Americans and Tennesseans. 

Happy Thanksgiving from the Tennessee Advanced Energy Business Council!