To amend the Small Business Act to reauthorize and modify the Small Business Innovation Research and Small Business Technology Transfer Research programs, and for other purposes.
If passed, HB 10407 would make significant changes to current federal assistance frameworks for small businesses, particularly in the realms of technology transfer and innovation commercialization. It would extend the authorization of both the SBIR and STTR programs through 2030, providing a longer period of funding certainty for small businesses reliant on these programs. Additionally, the bill proposes the introduction of various initiatives, such as fellowships aimed at increasing participation from underrepresented groups, thus expanding access to funding opportunities in the high-tech sector.
House Bill 10407, titled the 'SBIR/STTR Reauthorization Act of 2024', aims to amend the Small Business Act by reauthorizing and modifying the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The bill seeks to enhance support for small businesses in federal research and development, particularly focusing on fostering innovation, increasing commercialization of new technologies, and ensuring diverse participation, including from socially and economically disadvantaged groups. It introduces several new provisions to both extend these programs and simplify the process for small businesses accessing federal funds.
While supporters of HB 10407 argue that the changes will bolster the innovative capabilities of small businesses and promote economic development, there may be concerns regarding the effectiveness of new outreach requirements and how well they will be implemented. Critics could argue that merely extending funding is not sufficient to address the existing barriers that small businesses face when trying to engage with federal research grants or navigate the complexities of the SBIR/STTR application processes. Key points of contention may also arise surrounding the details and management of the proposed fellowship programs, as well as the mechanisms put in place for increased participation from diverse groups.