Legislation introduced by U.S. Sens. John Curtis (R-UT) and Chris Coons (D-DE) would help small businesses commercialize their technology innovations.
The law makers, both members of the Senate Small Business Committee, said the “Research Advancing to Market Production (RAMP) for Innovators Act, would enhance programs designed to support research and development by small businesses. Companion legislation was introduced in the House by U.S. Reps. Troy Balderson (R-OH) and Chrissy Houlahan (D-PA).
“Utah’s small businesses are the backbone of our state’s economy, representing over 99% of all companies,” Curtis said. “To sustain our economic strength and preserve Utah’s exceptional quality of life, it’s crucial that we empower these businesses to succeed. By improving programs that foster innovation and commercialization, our bipartisan legislation helps entrepreneurs develop new technologies and bring them to market—strengthening our economy and our competitiveness on the world stage.”
Officials said the RAMP for Innovators Act would build on the success of two programs developed for small businesses – the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (SBTT) program, collectively known as “America’s Seed Fund.” The proposed legislation would streamline and acceleration the application and award processes for those programs, provide agencies with a fast-track option for granting awards, provide awardees with technical assistance and provide awardees with access to I-Corps training to help bring their technology products to market.
The legislation is supported by the Information Technology and Innovation Foundation (ITIF), the University City Science Center, BPC Action, and the Delaware Small Business Development Center.
“ITIF supports RAMP for Innovators, the Research Advancing to Market Production for Innovators Act, which will further bolster the commercialization potential of SBIR/STTR programs through improvements such as making commercialization potential a stronger consideration in project selection, clarifying that all awardees may use a share of Phase I and II funds for commercially oriented activities, and supporting the ability of innovators to secure intellectual property rights underpinning their inventions through stronger linkages with the PTO,” Dr. Rob Atkinson, president of ITIF, said.