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Was looking into it recently. It’s tough if that’s your only funding source but can be enough to develop a prototype to get the product through to the second phase of SBIR grants.
Pro: No dilution in equity for the company
Cons: highly competitive, small dollar amounts.
I recommend looking through past successful grants to help position yours for success. Helps to have people in the departments that you’re looking to support be advocates for your project.
Looked through it briefly during grad school. I’m also interested in startups so would love to learn about your idea! Context: did a PhD in the life sciences.
Mentor
Really designed for specific types of startup (last I checked, ones that must get funding to succeed because they can't presell, go into some sort of human need or political agenda like agriculture or military application.)
It may be harder than you expect to get it and if you have creativity and a low COGS physical product or a software product you may want to pursue kickstarter type funding instead. Knew a startup with a few hundred thousand in pitch competition winnings/local angel investment and they didn't get past the first round.
I looked at it once and thought that I need to quit my job before applying- did I miss something?
If you are PI then you need to quit, you can quit once you get the funds.