President Biden on September 30 signed into law the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Extension Act of 2022, which extends the programs for another three years. They had been scheduled to expire on September 30.
The programs allow small businesses to partner with the Federal government to innovate in the realm of science and technology, while allowing the businesses to profit from commercialization of their technologies.
“America’s innovators, scientists and entrepreneurs will have another three years of certainty as they continue to create opportunities which lead to jobs and equity in our nation’s innovation economy,” stated Isabella Casillas Guzman, who heads the Small Business Administration (SBA).
“If past performance of the SBIR program is any guide, new generations of entrepreneurs will be breaking barriers in science, medicine, and technology, while ensuring that the United States maintains its position as an innovation leader at the forefront of science and technology in a rapidly evolving global market,” stated Guzman.
The program will continue to have many of the same key items which have helped fund research conducted by small businesses. Added into the program extensions are some new measures that will help deter potential risks from foreign actors.
The program “requires agencies with an SBIR or STTR program to establish a due diligence program to assess the potential risk posed by program applicants’ foreign ties; [and] requires certain departments and agencies to report on national security risks within their SBIR/STTR programs,” the White House said.