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9/18/2003

Restrictions on VC Ownership of SBIR/STTR Recipient Firms
by Mildred Holley, Technology Programs Manager

We alerted you in July that the National Institutes of Health tightened its interpretation of the small business ownership eligibility requirements for SBIR/STTR programs to disqualify small businesses that are majority-owned by venture capital firms. We now hear that the U.S. Small Business Administration is extending this interpretation across all of the participating agencies. SBA maintains that SBIR/STTR recipients can have venture capital investment but cannot be majority-owned by the VC investors.

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Arkansas Small Business and Technology Development Center
University of Arkansas at Little Rock - College of Business
Donald W. Reynolds Center for Business and Economic Development
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