U.S. Sens. Catherine Cortez Masto (D-NV) and Todd Young (R-IN) introduced a bill that seeks to help small businesses compete in the 21st century economy.
The Small Business Innovation Voucher Act would create a voucher program at the Small Business Administration (SBA) to provide grants for small businesses to partner with higher education institutions to conduct research and development.
“Nevada’s entrepreneurs are at the forefront of job creation and economic growth in the Silver State,” Cortez Masto said. “Unfortunately, not every small business owner has the tools and resources to turn a great idea into a technological innovation. This bipartisan legislation would match trailblazing Nevadans with the cutting-edge laboratories and academic expertise our universities are known for.”
The bill would allow small businesses to work with any institution of higher education to compete for grants to facilitate cooperation on research and development and commercialization of new technologies. Specifically, it would:
- Provide grants of between $15,000 and $75,000 for projects with a high likelihood of creating a novel technology or that would not be completed without the grant money;
- Require reports from the grant recipients on use of funds and reports to Congress from the SBA on program effectiveness; and
- Authorize $10 million per year for the voucher program.
“Our Small Business Innovation Voucher program will build on Indiana’s existing voucher program to facilitate public-private partnerships between small businesses and our world-renowned research institutions. Giving Hoosier entrepreneurs expanded access to world-class lab space and scientists will help drive innovation and enhance economic opportunity across Indiana,” Young said.