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Washington, D.C. – Congressman Pete Visclosky today voted to create new jobs and boost the economy by supporting small business innovation in research and technology. The Small Business Research and Innovation Act, which passed the House of Representatives by a bipartisan vote of 386 - 41, would spur job creation by encouraging entrepreneurs to conduct innovative research and work toward breakthrough technological advancements.
“With small businesses creating a large majority of new jobs, programs that invest in novel research and development and support new business ventures can play an important role in getting Northwest Indiana’s economy back on track,” said Visclosky. “By encouraging innovation and entrepreneurship we will diversify our local economy and bring new, good-paying jobs to the region.”
The Small Business Research and Innovation Act would modernize the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program, two key research and development programs administered by the U.S. Small Business Administration (SBA), to meet today’s challenges. Specifically, the bill’s provisions would do the following:
- Expand commercialization efforts to get small businesses’ technologies and products to market;
- Make it easier for small businesses to find capital to fund innovative breakthroughs, which is critical in today’s tight credit market;
- Broaden the pool of small businesses that participate in the programs through outreach to small businesses owned by women, minorities, veterans, and rural entrepreneurs; and
- Streamline the programs to operate more efficiently, meet clear performance standards, and put taxpayer dollars to the best use.
Since 1992, 65,000 grants have gone to small companies engaged in cutting edge research to cure diseases, strengthen our national defense, and reduce our dependence on foreign oil. Every year, they result in a $2.2 billion investment in small businesses, helping 1,500 new firms get off the ground. Such start-ups have job growth rates nearly four times that of bigger firms. |
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