SBIR Improvements -- Allowing Majority Investor Participation and More

On December 31, 2011, President Obama signed the National Defense Authorization Act for 2012, which included the SBIR/STTR Reauthorization Act of 2011 (the "Act"). H.R. 1540-526, Division E. Many changes, large and small, were made to the Small Business Innovation Research Program ("SBIR") and the Small Business Technology Transfer Program ("STTR"). The Small Business Administration ("SBA") is required to issue proposed regulations implementing the Act generally by April 30, 2012 and regarding fraud, waste, and abuse prevention by March 30, 2012.

For basic information about the SBIR/STTR programs, see theSBA's website.

Generally:

SBIR targets the entrepreneurial sector because that is where most innovation and innovators thrive. However, the risk and expense of conducting serious R&D efforts are often beyond the means of many small businesses. By reserving a specific percentage of federal R&D funds for small business, SBIR protects the small business and enables it to compete on the same level as larger businesses. SBIR funds the critical startup and development stages and it encourages the commercialization of the technology, product, or service, which, in turn, stimulates the U.S. economy.

STTR is a highly competitive program that reserves a specific percentage of federal R&D funding for award to small business and nonprofit research institution partners. Small business has long been where innovation and innovators thrive. But the risk and expense of conducting serious R&D efforts can be beyond the means of many small businesses.

Please see full alert below for more information.

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Published In: Administrative Agency Updates, Business Organization Updates, Finance & Banking Updates, Government Contracting Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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