Several government grants exist to sponsor inventive ideas. Eligible programs include those that boost hiring and develop innovative technology. Funding is also available for inventions that solve human issues such as cures for illness. Invention grants are usually issued to principles of organizations for the purpose of conducting research and for development projects.
Funded by the Department of Health and Human Services, the Small Business Technology Transfer, or SBTT grant is in place to stimulate innovations in science and technology. The program fosters technological advances through small businesses and research institutions. Grant funds are issued in three phases. Each grant phase emphasis a separate area in the project development process. Phase I feasibility studies last one year and awards roughly $100,000. Phase II involves the instituting of initiatives identified in the previous stage; it lasts about 2 years and awards $750,000. Phase III is the commercialization stage and does not allow any distribution of funds. Grant eligibility is reserved for principle directors employed by research institutions.
The Small Business Innovative Research, or SBIR grant is in place to stimulate technical innovation in the private sector. The grant seeks to achieve it's aim by funding research and development projects for for-profit institutions. Eligibility is limited to project directors and principle investigators of private firms. Grants funds are issued in three phases. Phase I feasibility studies last one year and awards roughly $100,000. Phase II involves the instituting of initiatives identified in the previous stage, last for 2 years and awards $750,000. Phase III is the commercialization stage and does not allow any distribution of funds. Grant eligibility is limited to principle directors employed by research institutions.
Funded by the Department of Energy, the Office of Naval Research provides funding for inventions that innovatively save energy in a way that can be commercialized. The department provides both financial and technical assistance toward projects that may save energy significantly in the future. Areas of funding interest include energy efficiency, renewable energy and technology development. There are no eligibility restrictions for this grant. Funding amount varies according to each undertaking.
Sponsored by the Department of Commerce, The Public Works and Economic Development program provides grant funding for innovations that attract and retain jobs from the private sector. Ideas that promote entrepreneurial competitiveness within a particular region are also eligible for funding through the program. Funding may be used for public infrastructure projects. Municipalities, tribal governments, nonprofit organizations and universities are also eligible.