Lottery funds help Overwatch Imaging match federal grant

Founded in 2016, Overwatch Imaging designs and manufactures imaging systems with custom onboard artificial intelligence software for both piloted and unmanned aircraft. By helping organizations of all kinds move to autonomous aerial detection, Overwatch Imaging assists in improving efficiencies, reducing costs and enhancing safety, said a press release.

The $45,590 grant was awarded by Business Oregon and the Oregon Innovation Council as part of a larger state grant program to help innovative small businesses leverage the federal grants. The SBIR and STTR federal grant programs are designed to stimulate technological innovation and provide opportunities for small business to conduct research and development with commercialization potential. These grants are backed by Oregon Lottery dollars. Voters approved the creation of the Oregon Lottery in 1984 to support economic development across the state.

The U.S. Small Business Administration (SBA) administers the SBIR and STTR programs, which are often referred to as “America’s largest seed fund.” In 2020, Oregon companies were awarded nearly $45 million in SBIR/STTR awards. SBIR/STTR provides funding that doesn’t dilute ownership, preserving control and flexibility for entrepreneurs.

However, the SBIR funding alone leaves gaps in areas critical to getting early-stage companies to the point of producing revenue and becoming viable businesses, said a press release. The federal funding helps develop the product but can’t be used for many critical elements to create and scale a business. To address these gaps and increase the business’s chances of success, Business Oregon, using Oregon Lottery funding, offers a matching grant program that complements the federal program.

Business Oregon’s grants also help position the companies for future fundraising and growth after the federal grants are completed. The state funds can be applied to expenses that help a company stay and grow in Oregon, such as business plan development, facilities, testing equipment, production equipment, intellectual property protection, product marketing, business consulting, and more, said a press release. These funds are awarded in several phases to support the changing needs of companies as they take steps forward in building their businesses and products.

Business Oregon’s Phase I matching grants provide up to $50,000 to help very early-stage companies do feasibility studies on new technologies. Phase II grants build on Phase I work to help companies develop commercially ready prototypes to test with customers. The Phase II matching grants provide up to $100,000.

For more information about Overwatch Imaging, visit www.overwatchimaging.com.