Phase III is the ultimate goal of small businesses, Federal agencies and service providers participating in the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. Although Phase III is the common goal, confusion abounds regarding its definition. What exactly is Phase III? Does the definition vary depending upon the Agency with which you work? How do you know if you have achieved Phase III status? How do you get there and how do you measure the impact of assistance programs de-signed to facilitate Phase III success? Phase III Commercialization is dedicated to addressing these questions. Our approach cuts across agencies, industries and disciplines, focusing on three broadly defined content areas—medical, energy and defense—as well as highlighting Phase III issues and financing options. Our goal is to provide insight and information to those who are intent on being successful in transitioning, commercializing or infusing their technology into the marketplace.