Crow Introduces the Small Business Innovation Voucher Act to Ensure Small Businesses Stay Competitive with R&D Efforts
Statement
Today, Rep. Jason Crow (CO-06) introduced the Small Business Innovation Voucher Act alongside Rep. Tim Burchett (TN-02). The bill would establish an innovation voucher program at the Small Business Administration (SBA) which would allow small businesses to partner with an institution of higher education or research lab for resources so they can better compete for federal funding grants on research and development and commercialization of new technologies. Specifically, the bill authorizes $10 million per year for five years to establish an innovation voucher program at the Small Business Administration.
With American innovation increasingly reliant on complex, scientific knowledge, federal funding now supports approximately 30% of all new U.S. patents each year. In the last decade alone, the number of patents that rely on federally supported research has nearly doubled. Unfortunately, at the same time, the vast majority of patents are in the hands of the largest firm resulting in a decline of business dynamism in recent decades. Currently, there are similar innovation voucher programs in place in five U.S. states that have shown great promise helping reduce time to market and have focused on new projects that otherwise would not have been pursued.
"Small businesses and start-ups make up the backbone of Colorado's economy and we need to make sure they stay competitive. I'm proud to be introducing the Small Business Innovation Voucher Act to promote and protect the valuable role that small businesses play in innovation," said Congressman Crow. "Ensuring a dynamic marketplace of ideas begins with a diversity of businesses working together to build the next generation of technology."
"Innovation waivers are one of many tools available to small businesses looking to grow," said Congressman Burchett. "Small businesses have continued access to these essential resources under this legislation, and I am proud to work with Representative Crow on introducing this bill."
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