The city of Richardson announced on Jan. 9, 2024, the launch of the Research Award Match Program (RAMP.) The initiative will provide matching grants of up to $150,000 per fiscal year to qualifying businesses to complement existing financial resources for research and development projects.
“Backing local businesses in their pursuit of groundbreaking ideas is a strategic investment in the future success of our community and builds on our reputation as a place for big ideas and successful enterprise,” said Richardson Mayor Bob Dubey in a statement.
In hopes of drawing research and development to the city, the RAMP program will supplement two federal initiatives: the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. According to Mayor Dubey, the economic development initiative underscores the role of Richardson in turning the DFW area into a hub of innovation.
“While RAMP funds are available to all research-focused, for-profit, privately owned small businesses located throughout the city,” said Don Magner, Richardson’s city manager. “By providing additional financial assistance to startups that have proven strong potential for commercialization of R&D (research and development) projects, we will continue to strengthen the IQ’s mission of being the premier tech hub in Texas.”
To be eligible for the program, in addition to being research-focused, for-profit, privately owned small businesses located in Richardson, applicants must also be beneficiaries of the federal SBIR or STTR Phase I or Phase II grants. Businesses are also eligible if the recipients commit to relocating and operating in Richardson for a minimum of five years after receiving the funds.
Phase I qualified applicants would get up to $50,000 in program funding and Phase II may qualify for up to $100,000, with a total program award cap of $150,000 per fiscal year per business (Phase I and II.)
Qualifications will be assessed at the end of the first year and adapted as needed. The city will prioritize projects that demonstrate innovative solutions and use cutting-edge technology that contribute to the economic development of the city.
Businesses interested in applying for the program will find more information here: www.telecomcorridor.com.