In the midst of the mad rush for cash, Phoenix has assembled a “strike force” to nab its share of the federal stimulus money.

The city has put together an executive team to determine which projects to pursue, lobbyists in Washington to press for discretionary monies and a group of grant writers at the ready.

Tech companies might do well to take a similar tack, despite all the officials saying, “We don’t know yet,” to so many of their questions.

Michael Hicks, director of the Center for Business and Economic Research at Ball State University, explains that the $780 billion will be distributed in four different packages: tax cuts, competitive grants, direct formulary payments through states, and grants based on population that also go through states. And remember, “local” is a key word in it all.

“Unlike the Great Depression stimulus package that created a lot of new programs like the CCC [Civilian Conservation Corps] and the WPA [Works Progress Administration], that’s not what this package does. We’re throwing money into existing programs that have a well-structured program for financing, so it’s just a lot more money than anyone’s ever seen,” he says.

IDC predicts the federal stimulus package will spur $101.2 billion in technology spending over the next five years, but although it includes specific funding for tech projects such as broadband, electronic health records and “smart grid” development, many tech opportunities won’t be so easy to find  -- and will require some new ways to land that business.

There’s much to be done now, according to Meredith Whalen, IDC's vice president for Vertical Market Business Units,  who says, “If you’re waiting around for the RFP [request for proposal] to come out, you’re probably going to be behind.”

These points should help you get started:

1. Develop your business strategy.

Scott Deatherage, a Dallas attorney who leads a climate change and renewable energy practice group at Thompson & Knight, says so much of it is doing your homework. He’s helping clients shake the bushes for opportunities.

“[Tech companies] need to address what is their true business model? What is the true value of their technology? And not only where does it fit within the marketplace, but where might it sit within these various incentive programs? Does it fit within energy efficiency? Does it go in smart grid? Are they coming up with some new way of producing electricity?” he said.

“You’ve got to figure out where your niche is, what your market is and then how do you use the federal or state system to augment your business plan and your rate of return.”

And yes, he says it can mean checking not only with the federal agency that’s dispersing the money – in his case the Department of Energy -- but every state, local government and private entity that could be getting funds. This recovery.gov site should make it easier, as well as this alert system.

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