"Innovation has been the key to all of our previous economic recoveries and, with this legislation, we will invest in promising small businesses that produce technological breakthroughs and new jobs," said Rep. Nydia M. Velázquez (D-NY), the Chairwoman of the House Committee on Small Business. "At its core, this bill is about creating new jobs by supporting the innovation of
"The SBIR and STTR programs spur technological innovation and job creation in the private sector," said Altmire, who chairs the House Small Business Subcommittee on Investigations and Oversight. "By strengthening these programs, we are enhancing American entrepreneurs' ability to research and develop new projects and reinvigorate our economy."
H.R. 2965, "the Enhancing Small Business Research and Innovation Act of 2009," would expand the pool of businesses that participate in the SBIR and STTR programs through a new outreach grant program that will help engage in the initiatives rural entrepreneurs, and businesses owned by women, minorities and veterans. Importantly, the legislation makes it easier for small businesses that participate in the SBIR program to access capital and allows participating businesses, not
"While the early stage research funded by SBIR and STTR is important, the real payoff comes when these programs result in a new product that can be sold in the commercial marketplace or used by a government agency," Velázquez said. "When that happens, we have the opportunity to open new markets and create more good paying jobs for Americans."
H.R. 2965 passed the House by a vote of 386 to 41 following an extensive four month review by the House Small Business Committee and the House Science Committee. In the 110th Congress, the House passed legislation to reauthorize SBIR and STTR by a closer margin. The legislation that passed the House today must now be considered by the Senate. The measure enjoys the support of the Biotechnology Industry Organization, the Advanced Medical Technology Association, the National Venture Capital Association, the U.S. Women's Chamber of Commerce, and the Medical Device Manufacturers Association. Sixty patients groups like the Cystic Fibrosis Foundation, the ALS Association and the Muscular Dystrophy Association have also voiced support for the measure.