There are lots of federal programs designed to help traditional small businesses — retail stores, service providers, restaurants and others — grow from employing one person to employing 10 people. They’re great, and deserve our continued support.
Especially in this economy, though, we need to think bigger. How do we help the innovative small companies doing cutting-edge research and development reach their potential and grow from employing five people to employing 50? Or 500? Or 5,000? Delaware is home to dozens of these types of companies, and for these innovators to grow and create jobs, we have to support them in their critical early stages. That’s why this week I introduced an idea to level the playing field and help our innovative small businesses grow. The federal government would award qualifying new companies an “innovation credit” that it could sell to a larger, more established company for a cash infusion. It’s a new approach that I’m working on with my colleagues on both sides of the aisle and leaders in the business community. Our economy was built on out-of-the-box thinking, and right now, that’s exactly what our economy needs.
What are your out-of-the-box ideas for helping our innovative small businesses grow? I want to hear what you think, so please click here to share your thoughts.
Innovation is the spark that powers job creation. Behind nearly every innovation are two of my favorite words: research and development. After all, it’s through R&D that ideas become innovations, innovations become products, and products transform industries.
As our economy continues to recover, we have to put the transformative power of innovation to work creating high quality jobs in Delaware. Large businesses already have access to an R&D tax credit to help them develop new products, but as it stands now, small businesses and start-ups – which have much higher job creation potential – don’t have the same opportunity.
The tax code is a powerful tool in the government’s toolbox, but tax credits can’t help emerging companies that don’t yet have tax liabilities. A “small business innovation credit,” or “tradable R&D tax credit,” is a way to help small businesses with great potential for job growth to fulfill that potential.
Will you share your ideas for supporting innovative Delaware small businesses? Take a minute and let me know how you think we can help small companies grow and create jobs.
We can’t let tough economic times slow down the power of American ingenuity, especially when history has taught us that now is exactly the time we need to be investing in our innovators. That’s why supporting our local businesses so they can grow and create good jobs continues to be my top priority.
I look forward to hearing from you, and to continuing to work together.