Without competition, there would not be businesses. However, this competition needs to be fair in order for small businesses to embrace new opportunities that arise. A U.S. bill that allows for both of these goals has passed in the House of Representatives and will be voted on in the Senate.
Bill 2763, or the Small Business Innovation Research and Small Business Technology Transfer Improvements Act, establishes the requirement for the Small Business Administration to provide Congress with reports of their programs as well as mandates that the Department of Defense utilize more technology from small businesses.
Authored by Steve Knight, representative of California’s 25th congressional district, the bill “would give the opportunity for America’s small businesses to participate in the national security needs for innovation in our country,” as Knight put it. Knight also said that programs like these improve safety and economic stability.
Representative Lamar Smith, chairman of the House Science, Space and Technology Committee, voiced his support in a statement of his own.
“The SBIR [Small Business Innovation Research] and STTR [Small Business Technology Transfer] programs, through their $3 billion in annual awards to small businesses, spur many innovations and create thousands of jobs,” Smith said. “This legislation updates these crucial programs.”
Knight seems to agree.
“These programs sponsor developments that allow us to compete in the international marketplace and provide innovative tools supported and created by local entrepreneurs that contribute to American security.”
At Final Source, we feel the same way about what we do for businesses like yours. For help implementing the tools you need for success, reach out at (901) 737-6140.