Without much fanfare, Congress recently passed legislation reauthorizing the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs and President Biden quickly signed it into law. The reauthorization of this critical program builds off of important pieces of recent economic legislation like the Inflation Reduction Act, the Bipartisan Infrastructure Law, and the American Rescue Plan. While many Americans, including small business owners and entrepreneurs, may not be aware of either of these U.S. Small Business Administration (SBA) efforts, their reauthorization is a big deal for innovation.
Image: 1982: President Ronald Reagan, surrounded by Rep. John LaFalce, D-N.Y., and Sen. Warren Rudman, R-N.H., after signing the Small Business Innovation Development Act into law in the Rose Garden. – BETTMANN ARCHIVE