WILMINGTON, Del. – Participating in a panel discussion hosted by the Delaware State Chamber of Commerce in Wilmington on Monday morning, U.S. Senator Chris Coons (D-Del.) highlighted the Small Business Innovation Research Program being considered by the Senate this week as another important part of the strategy for restoring our economy and making America more competitive.
“Our nation’s 30 million small businesses are incubators of creativity and job creation,” Senator Coons said. “They drive innovation and make America more competitive. Small businesses are essential to the economic growth of our nation, employing more than half of the private sector workforce.”
The Small Business Innovation Research and Small Business Technology Transfer programs have been reauthorized eight times since being established by President Reagan in 1982. Set to expire in May 2011, Senator Coons supports the long-term reauthorization of those programs to help small businesses succeed by providing continuity in encouraging these high-technology firms to grow and expand.
“SBIR and SBTT have been successful programs and ought to be part of our strategy for creating jobs and promoting innovation over the long-term,” Senator Coons said. “Creating jobs has been my top priority since coming to the Senate. Renewing these two programs will have an immediate and direct impact on American innovation and creating jobs in Delaware.”
Since 1983, the Small Business Innovation Research (SBIR) program has made 354 investments in Delaware businesses, totaling $101 million.
This week the Senate is expected to vote on S. 493, which would reauthorize SBIR/STTR for eight years. The bill is supported by the U.S. Chamber of Commerce, the National Federation of Independent Business, the National Small Business Association, the Biotechnology Industry Organization, and the National Venture Capital Association.
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