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Funding is awarded competitively, but the process is more streamlined and easier.
Thus far, over 90 percent of projects qualifying for the Fast Track have received interim funding and been selected for Phase II award. This discussion only summarizes the most important requirements. Toward the end of a small company's Phase I SBIR or STTR project, the company and its investor must submit a Fast Track application stating, among other things, that the investor will match both interim and Phase II SBIR or STTR funding, in cash, contingent on the company's selection for Phase II award. For small companies that have never before received a Phase II SBIR or STTR award from DoD or any other federal agency, the matching rate is 25 cents for every SBIR or STTR dollar. DoD will notify each Fast Track company, no later than 10 weeks after the end of Phase I, whether it has been selected for Phase II award.