Increased Funding and Security Measures for Small Business Innovation Programs
This Act reauthorizes and expands the SBIR/STTR programs, providing more funding and opportunities for small technology businesses, potentially accelerating the introduction of innovative products and services to the market. It mandates increased agency expenditures for these programs over the next decade. Crucially, it introduces new national security safeguards, barring companies majority-owned or controlled by covered foreign entities from participating.
Key points
Funding Increase: Federal agencies must gradually increase the percentage of their budgets allocated to SBIR/STTR programs, reaching 7% by fiscal year 2032.
Commercialization Support: New Technology Commercialization Officials will be designated within agencies to guide small businesses in transitioning research results into commercial products.
Security Safeguards: The Act codifies rules making small businesses ineligible for SBIR awards if they are majority-owned or controlled by covered foreign entities.
Streamlined Process: The National Institutes of Health (NIH) will establish a pilot program to accelerate the award process, aiming to reduce the time between notification and funding release to near 90 days.
Enhanced Transparency: Agencies must now report information about research institutions subcontracted for Phase I, II, and III awards, including minority-serving and Hispanic-serving institutions.
Introduced
Citizen Poll