By: Jake Clabaugh, WIPP Government Relations
WIPP’s access to capital platform, Breaking the Bank, continues to gain traction in Congress as two more priorities cleared the House Small Business Committee during this morning’s markup. The Commercializing on Small Business Innovation Act provides much needed improvements to the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These programs provide funding for small businesses to innovate through research and development partnerships with federal agencies. WIPP’s platform advocates for a public-private partnership to accelerate the commercialization of technologies developed through the SBIR & STTR programs and the bill passed today does just that. The Commercialization Assistance Pilot Program will allow small businesses to receive additional funding to assist entrepreneurs with bringing their products to market after completing the program.
Women’s Business Centers (WBCs) are an invaluable resource for the 10 million women entrepreneurs in the country who annually contribute $1.4 trillion to the nation’s economy. Legislation to reauthorize this program, the Women’s Small Business Ownership Act of 2015, was cleared by the Senate Committee on Small Business last fall and now the House Committee has followed suit. The Developing the Next Generation of Small Businesses Act of 2016 provides much needed updates to the WBC program including expanding annual authorized funding to $21.75 million and increasing the grants available to centers that provide training and counseling to entrepreneurs.
We would like to thank Chair Steve Chabot (R-OH), Ranking Member Nydia Velazquez (D-NY), and Representative Judy Chu (D-CA) for prioritizing women entrepreneurs and passing both pieces legislation with bipartisan, unanimous votes.