The legislative compromise on a short-term payroll tax extension dominated headlines in late December, but few journalists heralded a provision that was included in the bill that will help small businesses and boost America’s economy: the six-year reauthorization of the Small Business Innovation Research (SBIR) program.
The SBIR program helps empower our nation’s small entrepreneurs by funding a major federal Research & Development endeavor, creating new jobs and growing our economy. As a member of the Senate Small Business and Entrepreneurship Committee, I have been a long-time supporter of this highly successful program.
Small businesses – which are often underrepresented in government R&D programs -- employ 41 percent of our nation’s high-tech workers and generate 13 to 14 times more patents per employee than large firms. By harnessing the entrepreneurial spirit of small businesses and giving them the funding they need to be innovative, the SBIR program has spurred job growth and the development of advanced technology, like clean energy and life-saving therapies and devices. Because of the SBIR program, every federal department with an R&D budget of $100 million or more is required to award SBIR funding to small businesses.
To read the full, original article click on this link: Federal Program Helps Small Businesses Become More Innovative - Southern Maryland News, Charles County, Calvert County and St. Mary's County News
