H.R. 10407: SBIR/STTR Reauthorization Act of 2024
Summary
The SBIR/STTR Reauthorization Act of 2024 (H.R. 10407) is a bill that reauthorizes and amends the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs through fiscal year 2033. The bill aims to strengthen the programs, support small business innovation, and promote economic growth.
Background
The SBIR and STTR programs are government-funded initiatives designed to stimulate technological innovation and entrepreneurship among small businesses. SBIR supports research and development (R&D) performed by small businesses in partnership with federal agencies. STTR extends the SBIR model to include partnerships between small businesses and nonprofit research institutions.
Key Provisions
The bill includes several key provisions to enhance the SBIR and STTR programs:
- Increased Funding: Authorizes increased funding for SBIR and STTR programs, with an additional $2 billion per year for SBIR and $1 billion per year for STTR through fiscal year 2033.
- Expanded Eligibility: Expands the definition of “small business concern” to include businesses with up to 1,500 employees (from the current limit of 500 employees).
- Phase III Extension: Extends the maximum duration of Phase III SBIR/STTR awards from 2 to 3 years. This allows small businesses to further develop and commercialize their technologies.
- Commercialization Support: Provides additional support for small businesses to commercialize their SBIR/STTR-funded technologies, such as mentoring, training, and access to funding.
- Diversity and Inclusion: Establishes new initiatives to encourage participation from underserved communities, including women, minorities, and veterans.
Significance
The SBIR/STTR Reauthorization Act of 2024 is significant for several reasons:
- Supports Innovation: The increased funding and expanded eligibility will provide greater opportunities for small businesses to engage in R&D and develop cutting-edge technologies.
- Spurs Economic Growth: The commercialization support provided by the bill will help small businesses translate their innovations into successful products and services, contributing to economic growth.
- Fosters Diversity: The focus on diversity and inclusion will broaden participation in the SBIR/STTR programs, ensuring that all entrepreneurs have the opportunity to contribute to innovation.
Current Status
The SBIR/STTR Reauthorization Act of 2024 was introduced in the House of Representatives on January 17, 2023, and referred to the Committee on Small Business. The bill is currently in the early stages of the legislative process.
Expected Impact
If enacted, the SBIR/STTR Reauthorization Act of 2024 is expected to have a significant positive impact on small business innovation, economic growth, and technology development. By providing increased funding, expanding eligibility, and enhancing commercialization support, the bill will empower small businesses to drive scientific advancements and contribute to the nation’s prosperity.
H.R. 10407 (IH) – SBIR/STTR Reauthorization Act of 2024
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