The purpose of the Rapid Innovation Fund (RIF) is to give small businesses a means to transition their technologies to the Department of Defense for rapid inserted into acquisition programs.
Rapid Innovation funds provide up to 24 months and $3 Million in funding. From 2011 to 2014 there were 13 solicitations via BAAs from 19 defense components. There were 10,800+ white papers and proposals submitted that resulted in a request for 600+ full proposals. From these proposals there were 367 contract awards resulting in over $1 Billion in funding.
For an overview of the Rapid Innovation Fund, see this RIF briefing.