Bringing technology to market: National Heart, Lung, and Blood Institute SBIR Phase IIB projects.

This article examines the commercialization outcomes of Phase IIB projects funded by the National Heart, Lung, and Blood Institute’s (NHLBI) Small Business Innovation Research (SBIR) program, which supports small businesses in advancing biomedical technologies toward market readiness. An empirical analysis of 61 Phase IIB projects found that growth in human capital—measured by employee growth since the award—is the most significant factor positively associated with successful commercialization, while the size of the award and the number of previous SBIR/STTR awards showed no significant positive correlation. The study highlights the unique characteristics of the Phase IIB program, including its requirement for matching funds and focus on technologies needing regulatory approval, and suggests cautious interpretation due to sample size and scope limitations. The findings contribute to policy discussions on SBIR program effectiveness and may inform similar evaluations of publicly funded R&D commercialization efforts internationally.