East Arapahoe News

WASHINGTON — On May 23, 2023, Congressman Jason Crow (D-CO-06) reintroduced the Small Business Innovation Voucher Act with Congressman Tim Burchett (R-TN-02), bipartisan legislation that would establish an innovation voucher program at the Small Business Administration (SBA). First introduced in July 2021, this legislation would allow small businesses to partner with institutions of higher learning or research labs for resources so that they can better compete for federal grant funding on research and development and commercialization of new technologies.

American innovation is increasingly reliant on complex, scientific knowledge. Federal funding now supports approximately 30% of all new U.S. patents each year, with the number of patents that rely on federally-supported research nearly doubling in the last decade. However, the vast majority of patents are in the hands of the largest firms, decreasing business dynamism and preventing small businesses from capitalizing on innovation opportunities.

“Colorado’s small businesses drive our economy. They should be lifted up and given every opportunity to grow and thrive,” said Congressman Crow. “I’m reintroducing this bipartisan legislation to expand access to federally-supported research and development funding for our small businesses, so we can increase competition and keep America on the leading edge of innovation.” 

"Small businesses play a huge role in our economy and drive technological advances that help our society thrive," said Congressman Burchett. "I'm proud to help them get the resources they need to boost innovation."

As a former member of the House Small Business Committee, Congressman Crow has been an ongoing champion for Colorado’s small businesses and entrepreneurs to start a business, create jobs, and bolster our economy. Last Congress, Crow’s bipartisan SBA Cyber Awareness Act was signed into law. In the 118th Congress, Crow introduced bipartisan legislation to help small businesses offer on-the-job learning opportunities to combat the labor shortage, and increase the maximum loan amount available to businesses to improve energy efficiency. 

According to the Small Business Administration, Colorado is home to more than 691,000 small businesses, accounting for 99.5% of all businesses in the state.   

Read the full text of the legislation here.

Original source can be found here.