Aug. 16, 2021

This paid piece is sponsored by South Dakota Biotech.

South Dakota Biotech will be able to reach more businesses and underserved communities with support for innovation-related activities thanks to a recently awarded grant.

The organization’s nonprofit council is one four regional organizations to be awarded up to $125,000 from the U.S. Small Business Administration under the Federal and State Technology Partnership Program, or FAST.

It’s directed toward specialized training, mentoring and technology assistance for small businesses focused on research and development.

“We are thrilled to announce that South Dakota Biotech Council is the South Dakota recipient of an SBA FAST grant this year,” said Jaime Wood, SBA South Dakota district director.  “Our small businesses are producing cutting-edge technology, and the FAST grant provides an additional boost in preparing these businesses to bring their innovation to the commercial market space.”

Multiple opportunities will be available to businesses and communities because of the grant, said Joni Ekstrum, executive director of South Dakota Biotech, the state affiliate of the international BIO organization.

“We’ll be holding regional summits throughout the state later this year to make communities and businesses more aware of the resources available to them,” she said. “One of our goals is to increase participation in the annual Giant Vision competition, in partnership with the state of South Dakota and the South Dakota Chamber of Commerce, so we’ll help aspiring businesses both with initial funding and coaching in preparation for the competition.”

That includes a series of boot camps to be held later this year focusing on elements of business such as legal, regulatory and communications needs.

“We want to help position these companies not just to compete for additional funds through Giant Vision but to scale their businesses in South Dakota and in communities that are trying to grow their bioscience sectors,” Ekstrum said.

The FAST program also seeks to improve outcomes in the Small Business Innovation Research and Small Business Technology Transfer programs for underserved communities by increasing participation from women-owned, rural-based and socially or economically disadvantaged small businesses.

“This is key for economic development in our state and for continuing to grow our biotech industry,” Ekstrum said. “This funding amplifies our capacity to connect with communities that we may not have reached before, through training and mentorship programs focused on supporting women and minority entrepreneurs to launch new products and grow a business.”

To connect with Joni Ekstrum, email [email protected].