Akin to raising a child, building a business around a commercializable technology is a long, stressful, although mostly exhilarating process. The day you start your business may be of your most memorable experiences. The horizon appears limitless and your dreams abound. Challenges, however, arise. The first money into the business, often SBIR and STTR Phase 1, acts to soothe the business and get it on track to direct the technology to the next milestone. Often the first submission of a Phase 1 proposal does not lead to funding. The sleepless nights continue, until after two or three resubmissions, the project is finally funded.
The results of the phase 1 research prove that your technology, once just a glimmer in your eye, has great potential. The next major hurdle becomes turning the technology into a commercializable product.