H.R. 4777: Investing in National Next-Generation Opportunities for Venture Acceleration and Technological Excellence

The bill, known as the "INNOVATE Act," aims to strengthen the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These programs are designed to support small businesses that are focused on technology and innovation. The legislation addresses several key areas including diversity, funding access, and the reduction of administrative obstacles for small businesses.

Enhancements to SBIR and STTR Programs

The bill proposes amendments to the Small Business Act, which govern the SBIR and STTR programs, with the goal of:

• Improving support for technology-driven small businesses.
• Increasing participation in these programs by more diverse and underrepresented groups.
• Streamlining processes to reduce the bureaucratic burden on small business applicants.

Focus on Rural Communities

One of the significant provisions in the bill requires federal agencies that participate in the SBIR and STTR programs to enhance their outreach efforts specifically to rural communities. This must be accomplished within 90 days of the bill's enactment. The intent is to:

• Encourage and facilitate greater involvement of rural small businesses in federal funding opportunities.

Overall Objectives

The INNOVATE Act seeks to foster innovation by creating a more inclusive and accessible environment for small businesses, particularly those focused on cutting-edge technologies. By promoting participation from diverse communities and streamlining funding processes, the bill aims to bolster the overall landscape of small business innovation in the United States.

Relevant Companies

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