Congress approves reauthorization of the Small Business Innovation Research (SBIR) program
The important initiative is focused on developing scientific and technological innovation.
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Through a statement on the SBA website, its Administrator, Isabel Casillas Guzmán, recently announced the strengthening of this White House commitment to the scientific development program focused on small businesses.
After the House voted to reactivate the funds for the SBIR program, Casillas Guzmán highlighted:
Today’s Congressional vote demonstrates strong bipartisan support for the Small Business Innovation Research program, which is vital to our nation’s capacity to innovate and improve the lives of all Americans.
What is the SBIR Program?
The SBIR and Small Business Technology Transfer (STTR) programs are highly competitive programs that encourage small domestic businesses to participate in Federal Research/Research and Development (R/R&D) with commercial potential.
Through a competitive award-based program, SBIR and STTR allow small businesses to explore their technology potential and provide the incentive to profit from commercialization.
Innovators, inventors, and entrepreneurs! Learn how to advance your game-changing tech with help from @SBIRgov (America's Seed Fund), the nation's largest source of early-stage R&D funding: https://t.co/2V30CHcuso #SeedTheFuture 🌱 pic.twitter.com/iZI9fYXWoS— SBA (@SBAgov) September 30, 2022
“When President Biden signs this bill, America’s innovators, scientists, and entrepreneurs will have another three years of certainty as they continue to create opportunities that lead to jobs and equity in our nation’s innovation economy. If past performance of the SBIR program is any guide, new generations of entrepreneurs will be breaking barriers in science, medicine, and technology, while ensuring that the United States maintains its position as an innovation leader at the forefront of science and technology in a rapidly evolving global market,” added Casillas Guzmán.
The Administrator highlighted that the reauthorization will be extended for a period of three years, indicating that this is a "significant victory for our nation's small businesses and the American jobs they support."