SantaFeToday.com Santa Fe’s Hometown News
[WASHINGTON, DC] – Congressman Ben Ray Luján (D-NM), along with U.S. Rep. Brad Schneider (D-IL) and U.S. Rep. Daniel Lipinski (D-IL), today introduced legislation to assist small startup businesses secure funding for early-stage innovation and development. The bill makes a number of improvements to the Small Business Innovation Research (or SBIR) program, an existing federal program specifically intended to help startups.
Those improvements include:
• increasing overall funding to help startups take their ideas from concept to commercialization;
• creating more flexibility in funding guidelines for technical and business assistance grants;
• expanding the number of local vendors eligible to provide services to awardees.
In introducing their bill, the three lawmakers noted the rate of startup creation in the United States has fluctuated greatly in the past 30 years. The United States now ranks 12th among developed nations in terms of business startup activity.
“Job creation is critical to our economy and startups are the engine of job creation. According to economic studies, new businesses account for the vast majority of new job creation and nearly 2 million jobs per year over the past 25 years,” said Congressman Luján. “Our bill helps the innovative small businesses that are so vital to our economy get the funding they need to establish and expand their operations.”
“This bill makes it easier for innovative small businesses to access the resources they need to bring their research to market,” said Congressman Schneider. “When these small businesses develop and grow, it advances not just technological innovation, but also boosts our economy and creates jobs. I’m very pleased to join with my colleagues to introduce this legislation targeted at helping dynamic start-ups succeed.”
“Every small business is different and every new product presents unique challenges,” Congressman Lipinski said. “The companies that win small federal business grants are already on the cutting edge of innovation; this legislation gives them the flexibility to use their funds where they’re needed most to make sure their products are successful, and that the firm can continue to thrive and hire.”
The program targeted by the legislation, SBIR, is a federal assistance initiative, coordinated by the Small Business Administration, created to support scientific excellence and technological innovation and intended to help small startup businesses conduct research and development; take products from concept to commercialization; and build a strong national network of small startup businesses.
