Support Startup Businesses Act Passes House

Source: Ben R. Lujan (D-NM, 3rd)

Washington, D.C. - October 16, 2017 - (The Ponder News) -- Legislation authored by Congressman Ben Ray Luján (D-NM) designed to assist small startup businesses secure funding for early-stage innovation and development was approved today by the U.S. House of Representatives. Luján introduced the bill, H.R.2789 - the Support Startup Businesses Act, earlier this summer along with U.S. Reps. Brad Schneider (D-IL) and Daniel Lipinski (D-IL). The bill makes a number of improvements to the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, existing federal programs specifically intended to help startups.

Improvements in the bill 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.

Luján 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.

“One of my top priorities in Congress is creating good jobs in our state, and there is no doubt that innovative small businesses are key to our economic growth,” said Luján. “This bill will make it easier for local businesses to access the resources they need to bring their research to market, and I also hope it will foster stronger partnerships between our those businesses and our national labs, who play a critical role in developing advanced technologies. I’m very pleased that the House has approved this legislation targeted at helping start-ups succeed.”

The two programs central to Luján’s legislation, Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program are federal assistance initiatives, 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.