SBIR/STTR: Is the Seed Money Worth the Effort for Small Tech Firms?

DoD SBIR/STTR offers non-dilutive R&D funding with a path to sole-source Phase III awards — no competition required. The catch: long timelines, topic-matching discipline, and the valley of death between Phase II and real procurement. SBIR veterans: what's your hit rate, and what separates winning topics from lottery tickets?