Biden awards $5M to small businesses to bring chips tech to commercial market

By Ovunc Kutlu

ISTANBUL (AA) - The US President Joe Biden administration awarded nearly $5 million to small businesses to bring new chips technology to the commercial market.

The award included 17 small businesses across nine US states under the Small Business Innovation Research (SBIR) program, the Commerce Department said Thursday in a statement.

The SBIR and Small Business Technology Transfer (STTR) programs provide funding to develop technology and plan a path toward commercialization for small businesses.

"The SBIR Phase I awards will fund research projects to explore the technical merit or feasibility of an innovative idea or technology for developing a viable product or service for introduction in the commercial microelectronics marketplace," it said.

"As we grow the U.S. semiconductor industry, the Biden-Harris Administration is committed to building opportunities for small businesses to prosper," said Commerce Secretary Gina Raimondo. "With today’s awards, these 17 businesses will support CHIPS for America’s efforts to grow the U.S. semiconductor ecosystem and support our national and economic security."