Geographically-related outcomes of U.S. funding for small business research and development: Results of the research grant programs of a component of the National Institutes of Health.

•NIGMS SBIR/STTR funding is highly concentrated in a few states.•Each state’s funding is correlated with its number of small R&D businesses.•R&D and innovation occurs in geographic regions where knowledge can be shared.•Affiliations with research universities drive innovation and firm success.