Helping innovative small businesses

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.

The Senator’s week ahead schedule: February 13 to February 19

Monday, February 13 at 7:30 a.m. – The Senator will speak at an Associated of Builders and Contractors, Inc. legislative breakfast. The Senator’s remarks will focus on Congressional job creation initiatives, including the AGREE Act that he introduced in November with Republican Senator Marco Rubio.  Christiana Hilton, 100 Continental Drive, Newark, DE – Open to press

Monday, February 13, 2012 at 2:00 p.m. — The Senator will preside over the Senate.  Washington, D.C. – Open to press who wish to sit in the Senate Gallery.

Tuesday, February 14, 2012 at 10:00 a.m. — The Senator will preside over the Senate.  Washington, D.C. – Open to press who wish to sit in the Senate Gallery.

Tuesday, February 14 at 2:15 p.m. — The Senator will attend a Senate Foreign Relations Committee business meeting. The business meeting agenda includes ambassadorial nominations and resolutions regarding Syria and Egypt, among other items.  Room S- 116, U.S. Capitol Building, Washington, D.C. – Open to press.

Wednesday, February 15, 2012 at 2:30 p.m. — The Senator will chair a Senate Judiciary Committee nominations hearing. 226 Dirksen Senate Office Building, Washington, D.C. – Open to press.

Wednesday, February 15 at 4:00 p.m. — The Senator will speak at the National Association of Manufacturers Tax Forum. This informal roundtable discussion will allow for an off-the-record dialogue between the Senator and the National Association of Manufactures on tax issues. 385 Russell Senate Office Building, Washington, D.C. – Closed to press.

Thursday, February 16 at 9:30 a.m. — The Senator will attend an Energy and Natural Resources Committee hearing on the Department of Energy’s budget for fiscal year 2013. 366 Dirksen Senate Office Building, Washington, D.C. – Open to press.

Thursday, February 16 at 10:00 a.m. — The Senator will attend a Senate Judiciary Committee business meeting. 226 Dirksen Senate Office Building, Washington, D.C. – Open to press.

Friday, February 17 at 9:30 a.m. — The Senator will preside over the Senate if in session.  Washington, D.C. – Open to press who wish to sit in the Senate Gallery.

Note: Schedule is subject to change

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Senator Coons calls for new R&D tax credit for innovative small businesses

From Roll Call: Senator Chris Coons, a member of the Senate Budget Committee and Congressional Manufacturing Caucus, authored an op-ed that appeared in Tuesday’s edition of Roll Call on the need for an R&D tax credit for innovative start-up businesses.

Over the past three decades, the research and development tax credit has helped tens of thousands of successful American companies create jobs by incentivizing investment in innovation. There is little doubt that it has strengthened our economy and deserves to be made permanent. But with America’s global manufacturing competitiveness at stake, it’s time Congress shows the same type of support for entrepreneurs and young companies.

Small and startup businesses are driving our nation’s economic recovery and creating jobs by taking risks to turn their ideas into marketable products. Over the past few decades, firms that were younger than five years old were responsible for the overwhelming majority of new jobs in this country.

There are plenty 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, but how do we help the “gazelle” companies reach their potential and grow from employing five people to employing 50? Or 500? Or 5,000?

For these innovators to grow and create jobs, we have to support them in their critical early stages.

Click here to read the op-ed in Roll Call.

Click her to learn more about Chris’ work to support job creation.

Senator Coons speaks to Chemistry Council on energy efficiency

This morning, Senator Coons spoke at the American Chemistry Council’s bipartisan event highlighting how chemistry contributes to a national energy strategy. As a member of the Energy and Natural Resources Committee, he is especially interested in putting science to work to further develop clean, affordable, alternative energy while also creating and sustaining jobs in Delaware.

This morning’s event also featured Gary Spitzer, President of Chemicals & Fluoroproducts at Delaware’s own DuPont, who said “At DuPont, we are intensely focused on using science to address major challenges, including the need for abundant, affordable and increasingly clean energy.”

Chris’ remarks focused on the importance of this connection, describing chemistry as the bridge that brings the innovations of our nation’s laboratories to the conveyor belts of our manufacturing plans. Energy efficiency was among the issues that Chris pointed out as a bipartisan, common sense solution. Chemistry is fundamental to energy efficiency and is one of the smartest ways we can address our energy challenges. 

Chris believes chemistry can create energy solutions with a sustainable future, including clean, renewable and efficient energy technologies. These scientific breakthroughs will also create high-paying jobs in Delaware, a state that has always been on the cutting edge of innovation.

This morning, Chris called for a renewed focus on science – especially chemistry – in order to deliver a consistent, common-sense national energy policy that delivers the fuels to power the next generation of American innovation.

Senator Coons hails court ruling as step towards equality

Today, the California-based 9th U.S. Circuit Court of Appeals ruled 2-1 that the state’s Proposition 8, which stripped the right to marry from gay and lesbian citizens of California, is a violation of citizens’ civil rights that cannot stand.

As a member of the Senate Judiciary Committee, an original cosponsor of the Respect for Marriage Act and an ardent support of equal rights, Senator Coons hailed the decision as a positive step toward equality.

“Today’s ruling by the 9th Circuit represents an important step forward in the struggle for equality for all Americans, regardless of sexual orientation,” Chris said. “In reaching its decision, the three-judge panel recognized that the government has no legitimate role in taking away the rights of gays and lesbians to marry the person they love. I agree. It simply should not be the policy of government to discriminate against any of its citizens.”

Next, the decision may be reviewed by the U.S. Supreme Court, where Chris hopes the California court’s ruling will be affirmed.

Click here to read Chris’ statement on today’s ruling.

Click here to read more about his work on equality.

What We’re Reading: LGBT persecution in Africa

From Agence France Presse: Writing on Sunday, AFP shines a spotlight on the discrimination and violence members of the LGBT community face in certain African countries. As a strong advocate of equality and chair of the Senate Foreign Relations Subcommittee on African Affairs, Senator Coons believes LGBT rights are human rights. He has repeatedly called on African leaders to abandon efforts to criminalize homosexuality.

Until a new anti-homosexuality bill caused a wave of homophobia in Uganda, John and Paul could hold hands in the streets of the capital Kampala and kiss in night clubs.

Then the nightmare started — people began insulting and then assaulting them, and then they had to run away to Kenya. The couple have been in Nairobi since May of last year.

Like other lesbian, gay, bisexual and transgender (LGBT) people, they came to this urban jungle seeking anonymity, explained the official running a programme that looks after these refugees.

His organisation, which last year alone looked after 67 LGBT cases in Kenya, did not want to be named for fear of endangering its refugees.

President Obama and Secretary of State Clinton have both stressed that fighting discrimination should be at the forefront of American diplomacy, a policy Chris strongly supports.

Click here to read the full article from AFP.

Click here to learn more about Chris’ work to advance civil rights. 

Click here to learn more about Chris’ work on the Senate Foreign Relations Committee.

Senator Coons’ environmental scorecard

The League of Conservations Voters (LCV) released its 2011 National Environmental Scorecard on Tuesday, providing new insight into how members of Congress voted on a wide range of environmental issues.  During a year when the LCV saw an unparallel assault on our environmental wellbeing, Senator Coons remained committed to protecting our environment for future generations and received a perfect score on the LCV’s 2011 Scorecard.

The 2011 Scorecard includes 11 Senate and a record 35 House votes on issues ranging from public health protections to clean energy to land and wildlife conservation. Chris was one of 31 senators to earn a perfect 100% score.

For over 40 years, the National Environmental Scorecard issued by LCV has been the nationally accepted yardstick used to rate members of Congress on environmental, public health and energy issues.

Click here to learn more about Chris’ work to help preserve the environment.

Click here to learn more about Chris’ work to increase investments in clean energy.

Senator Coons floats idea to help innovative small businesses

Senator Coons went to the Senate floor this afternoon to lay out an idea he’s been working on to help entrepreneurs and the leaders of young businesses to grow their companies by investing in research and development.

The Research and Development Tax Credit has helped incentivize innovation at established businesses for 30 years, which is why Chris is such an ardent supporter of the credit and has twice introduced legislation to make it permanent. The problem is, young companies that aren’t yet profitable can’t benefit from the tax credit.

So how can the federal government help those businesses grow and create jobs?

Chris’ idea would create a tradable version of the R&D Tax Credit. Innovative young companies looking to expand their research and development efforts would be eligible for this “innovation credit,” which they would then be able to sell to a bigger, more established company. The bigger company gets the tax credit, while the young company gets a cash infusion.

It’s win-win.

In his remarks Monday afternoon, Chris talked about two innovative Delaware companies that might be able to utilize such a tradable credit like this — Elcriton in New Castle and Evozym in Newark. You can watch the speech above or click here to read the full transcript.

The Senator is eager for feedback on the idea, and invited other legislators and business leaders to weigh-in and help shape the idea before he introduces it as legislation. You can share your own opinion on the idea by clicking here.

The Senator’s week ahead schedule: February 6 to February 12

Monday, February 6, 2012 at 4:00 p.m. — The Senator will preside over the Senate.  Washington, D.C. – Open to press who wish to sit in the Senate Gallery.

Tuesday, February 7, 2012 at 9:30 a.m. — The Senator will speak at the American Chemistry Council’s “From Chemistry to Energy” Campaign Launch. The launch will feature policy recommendations for energy efficiency, energy recovery, and shale gas development. Job growth and the overall positive contribution of the chemical industry will be emphasized as a part of the Council’s advocacy and awareness campaign. Room H-137, U.S. Capitol Building, Washington, D.C. – Open to press.

 Thursday, February 9, at 10:00 p.m. — The Senator will attend a Senate Judiciary Committee business meeting. 226 Dirksen Senate Office Building, Washington, D.C. – Open to press.  

Friday, February 10 at 1:00 p.m. — The Senator will attend a Citibank Ribbon-Cutting Ceremony. In honor of Citibank’s new Wilmington branch, the event will include tours of the facility and remarks by state and local officials. Brandywine Building, 1000 N. West Street, Wilmington, DE  – Open to press.  

Friday, February 10, at 2:30 p.m. — The Senator will speak at the investiture ceremony of Richard G. Andrews for U.S. District Court Judge for Delaware. Senator Coons was an outspoken supporter of Richard Andrews’ Senate confirmation to the Delaware bench. Andrews was confirmed by the Senate in November. Federal Building, 844 North King, Wilmington, DE – Open to press.

Saturday, February 11, at 8:00 a.m. — The Senator will attend a Delaware National Guard Homecoming Ceremony for the 126th General Support Aviation Battalion Delaware Element. Clarion Hotel, 1612 North DuPont Hwy, New Castle, DE – Open to press.  

Note: Schedule is subject to change

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Senator Coons calls on Komen Foundation to restore Planned Parenthood funding

Senator Coons joined 25 of his Senate colleagues on Thursday in penning a letter to Nancy Brinker, Founder and CEO of Susan G. Komen for the Cure, urging her to reconsider her organization’s decision to stop funding cancer screenings at Planned Parenthood, a trusted provider of health care for women and men.

Twenty percent of all women in the U.S. have visited a Planned Parenthood health center, where more than 90 percent of the services provided are primary and preventative including wellness exams and cancers screenings.

“It would be tragic if any woman — let alone thousands of women — lost access to these potentially life-saving screenings because of a politically motivated attack,” the Senators wrote. 

Susan G. Komen for the Cure Foundation funds have saved countless lives. In 2011 alone, grants from the foundation provided Planned Parenthood with roughly $650,000 in funding for breast cancer prevention, screening, and education. Komen funding for Planned Parenthood has provided nearly 170,000 clinical breast exams and resulted in 6,400 referrals for mammograms.

The letter is below: