During an entrepreneurship class for final year students, one of the students had presented on a bio-diesel technology that may bring down the cost of a manufacturing firm by half. You feel that this student, if he had the funding, could propose his idea to the government and other private agencies, as it has potential to be developed into a successful product.

Being his lecturer, advise him on the SBIR Program, the three phases, along with the amount of funding available for each phase.