Hi Shoba,
I completely agree with Nitesh. Just to add that for the SBIR/STTR Phase I proposals, other than the research strategy, NSF requires the applicants to spend a significant amount of effort on the commercial opportunity, including the impact, market, business model, commercialization risk, commercialization approach, and resources. You will be able to see the detailed requirements in the solicitation: https://www.nsf.gov/pubs/2020/nsf20527/nsf20527.htm#. Feel free to reach out if you have additional questions.