South Dakota FAST Launch

The Federal and State Technology (FAST) Partnership Program

The South Dakota FAST Launch program is designed to assist South Dakota entrepreneurs with beginning their businesses through workshops and business training and potential market research funding or seed capital. Businesses may also compete in the Governor's Giant Vision Competition or for SBIR/STTR funding. This funding program is supported through the Small Business Association and America's Seed Fund (SBIR/STTR) program which supports startups through business coaching that will lead to more successful businesses in under represented areas. All businesses are eligible to access business coaching which will support stronger applications for additional funding.

Start your journey today by using the contact button below, where you will be connected with South Dakota Biotech's business coach Katherine Cota. Wherever you are on your business journey, our business coach will tailor training specifically to your needs and work with your schedule. Any entrepreneur or existing company can register for the business training all businesses that are supported must be in good standing with all state and federal regulations.

STEP 1: Business Training

INTAKE FORM

Tung Nguyen

South Dakota Biotech’s FAST Launch Business Coach

To strengthen your FAST Launch application, Tung Nguyen can provide one-on-one consulting. His services are provided by SD Biotech. In the last three years, he’s supported 47+ startups, securing over $296,000 in non-dilutive funding and guiding clients to top 3 finishes in the Governor’s Giant Vision competition. As a State Consultant, he collaborates with universities to promote entrepreneurship and tech innovation. Furthermore, he aims to help startups tackle funding, regulations, operations, intellectual property, and tech commercialization. Holding a B.S. in Mechanical Engineering from SD Mines and an MBA from USD, Tung started his career in Colorado’s Oil & Gas industry before founding Thel Consulting in Sioux Falls. He has special interests in highly regulated products such as medical devices and crafting marketing strategies for innovation-based organizations.

FAST Launch Testimonial

"Fast Track has been the conduit for multiple connections across the state. They have helped foster a community which has sparked what I believe to be the next great innovation coming out of South Dakota above and beyond the one we applied for. The group is kind, caring and compassionate. They have helped us think outside the box and pushed us to a space where we were able to give out $20,000 worth of SD focused grants to people wanting to become a peer specialist (a person in recovery who helps others on their recovery path.) We are so grateful.” 

- Past FAST Launch Program Attendee

MORE TESTIMONIALS

Applications for funding consideration must meet the following requirements:

A tech-based, scalable company, or a company pursuing additional funding which enables the business to move forward, such as the Giant Vision Competition, SBIR/STTR or capital investments.

Great Plains I-Corps graduate teams can omit Steps 1 and 2 and apply for Business Plan Implementation without attending additional Business Training and Completed Customer Discovery. However connection with South Dakota Biotech's Business Coach is recommended and can be helpful in building a strong application.

STEP 2: Developing a Business Model: Customer Discovery

Participants of the business training are eligible to apply for up to $1,500 to support a customer validation process.

During the business training participants will learn about customer discovery and can apply for funding to support their proposed efforts. Only participants in the business training are eligible to apply. The FAST Launch management team will review and approve applications for funding. If approved the business will receive 80% of the award amount, after completing documentation. The awardee will need to submit a report summarizing the results to receive payment from South Dakota Biotech for the final 20% of the approved amount.
NOTE: Applicants Must Attend Business Training to Apply And Complete Customer Discovery. Applicant Is Then Eligible to Apply For Business Plan Implementation Funds.

Customer Discovery Application

STEP 3: Write a Business Plan

If customer interest is validated, a participant can apply for up to $10,000 to support further development and implementation of their business plan.

To be eligible to apply the applicant must have participated in the business training and completed customer discovery (this could be done with or without FAST financial support). The application would be a draft business plan along with a proposed budget and budget narrative detailing how they plan to spend the funds and how the results will enhance their chances to receive additional funding through programs such as the Giant Vision Award and/or SBIR/STTR application. Applicants need to propose steps that can be taken rather quickly such as purchase supplies to make a prototype, contract for a prototype to be built, testing, etc.

Business Plan Application
 

Additional Resources

South Dakota Governor's Giant Vision Competition

South Dakota FAST Launch encourages and supports entrepreneurs to participate in the South Dakota Governor's Giant Vision Competition, which has a winning business award of $20,000. The South Dakota Governor's Giant Vision Competition allows participants to compete for cash awards, present to investors and connect with potential customers. The South Dakota Chamber of Commerce and Industry hosts this competition.

SBIR/STTR Support

Participants should apply for SBIR/STTR funding to grow and advance their business. The Small Business Innovation Research (SBIR) program and Small Business Technology Transfer (STTR) programs, coordinated by the U.S. Small Business Administration (SBA), are known as America's Seed Fund. SBIR is the largest source of early-stage funding for American small businesses to advance promising technologies that address national problems in the fields of advanced manufacturing, health care, food production and safety, cybersecurity and more.
Additional small business counseling and programs can be found through the South Dakota Small Business Development Center.

South Dakota FAST Launch is funded through a Cooperative Agreement with the U.S. Small Business Administration.

*As part of the grant process, those who submit an application for the FAST Launch Grant will be asked to sign a confidentiality agreement. The Federal and State Technology (FAST) Partnership Program provides funding through the U.S. Small Business Administration to organizations to execute state/regional programs that increase the number of SBIR/STTR proposals leading to an increase in the number of SBIR/STTR awards. FAST awards build the SBIR/STTR ecosystem through outreach, technical and business assistance, and financial support.

FAST Launch Flyer

FAQ's