U.S. Rep. Roger Williams (R-TX) introduced the House version of the Investing in National Next-Generation Opportunities for Venture Acceleration and Technological Excellence (INNOVATE) Act.
The INNOVATE Act reauthorizes and improves the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Through this effort, the programs would be focused on advancing the development of critical technologies, fostering American manufacturing, and driving small business growth.
“We must pass the INNOVATE Act and reauthorize SBIR and STTR to provide small businesses with the resources to develop cutting-edge technologies, many of which are vital to our national security,” Williams, chair of the House Committee on Small Business, said. “This legislation will prevent China and other foreign adversaries from infiltrating these programs, create opportunities for private investments to bolster R&D, and ensure that Main Street continues to lead the way for economic growth.”
The senate version was introduced on March 5 by U.S. Sen. Joni Ernst (R-IA), chair of the Senate Committee on Small Business and Entrepreneurship.
“I am thrilled to partner with Chairman Williams and work together to advance this important legislation to catalyze a Golden Age of innovation and safeguard vital intellectual property from Chinese espionage,” Ernst said. “The INNOVATE Act ensures that the SBIR-STTR programs invest in the best and brightest who are developing the technology that drives our nation forward. Protecting and advancing American innovation is critical to deterring our adversaries and ensuring the U.S. stays at the forefront of technological breakthroughs.”
The bill seeks to reorient SBIR-STTR to its original purpose as merit-based seed funding for innovators; accelerate innovation among new SBIR awardees; promote transition for battle-ready SBIR-STTR technologies; closes loophole and strengthen due diligence assessment of foreign risks; and streamline SBIR-STTR program operations.