FIGURE 3-7 Sources of investment prior to Phase II award.

SOURCE: NRC Phase II Survey.

borrowed money. Approximately 13 percent of respondents had received prior non-SBIR Federal funds for related R&D. The remaining sources—such as venture capital, other companies, private investors, non-federal governments, and educational institutions—contributed in total to about 25 percent of reported cases concerning previous related R&D. However, these data do not indicate how much funding was provided by each of these sources.

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