San Antonio is putting more than half a million in grants to local bioscience and tech companies with eyes on innovation and growth. Nine contenders, all with federal backing, have made the cut. “While small, [the grant] is meaningful in that it’s an endorsement that the city really wants to support companies that are doing innovative things here,” Bob Hutchens, CEO of StemBioSys, told the San Antonio Report.
The city’s grand gesture, amounts ranging from $50,000 to $75,000, is seen as a thumbs-up for businesses that have managed to secure federal SBIR/STTR grants – a badge of approval from Uncle Sam indicating solid science or a business idea behind these ventures. It's a strategy, not just a handout, with the city using these grants to say ‘stick around’ to startups like StemBioSys, which has outfoxed the odds to bag three SBIR/STTR grants for stem cell technologies. SygnaMap and Irys Technologies are also on the receiving end, the former aiming to streamline pharmaceutical practices and the latter to tighten communication protocols for the U.S. Air Force.
Over at the federal level, similar support is extended to minority entrepreneurs, who according to U.S. Census Bureau data, account for 21% of all businesses. Yet, the financing scene for these startups is not as rosy. "There is an estimated $40 billion annually of unmet financing demand from BIPOC-owned employers,” Elizabeth Gore, president and co-founder of Hello Alice, divulged to CNN. A mix of conscious, and unconscious bias and systemic blockades like limited access to networks and education contribute to this gap.
To combat these disparities, 24 business grant opportunities – a combo of private and federal handouts – are stepping into the ring to empower minority-owned businesses. It's a leveling act aimed at equipping those at the starting line with a fair shot at growth and success in the competitive world of startups
