I worked for such a firm. Basically almost nobody gets to a Phase III which is the commercialization stage. If anyone does get to that stage, they are not usu

I worked for such a firm. Basically almost nobody gets to a Phase III which is the commercialization stage. If anyone does get to that stage, they are not usually set up to make a commercial product and generally require some kind of licensing or partnership to make commercialization possibile. This is typically because these businesses are set up to satisfy the bureaucracy of the SBIR award process and not to actually produce a product (in most cases). In another case I worked at a VC funded company that had some government contracts to try to help self fund R&D activities. These activities proved to be orthogonal to our main product focus and became paperwork exercises. I had to fill in a time sheet for years where I put zero hours on it.