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April 23, 2009

Subcommittee Examines Programs Encouraging Innovation, Economic Growth at Small High-Tech Firms

(Washington, DC) – Today, the House Committee on Science and Technology’s Subcommittee on Technology and Innovation held a hearing on the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs.  Both of these programs were created over 25 years ago to support and encourage small high-tech entrepreneurial firms.

“Today we are looking to small high-tech firms to develop the new products and technologies that can rejuvenate our economy.  When SBIR and STTR were created we didn’t fully appreciate the power of small high-tech firms to create economic growth,” stated Subcommittee Chairman David Wu (D-OR).  “We need to ensure that we structure these programs to reflect the current economy and the globalization of R&D.”
 
The authorization for SBIR and STTR expires at the end of July.  The Committee is working toward a reauthorization that will structure these programs to reflect not only the cost of research today, but also the international competitive market American high-tech firms face.
 
“We can’t afford to think we’re the only country with first-class science and engineering talent,” said Wu.  “We need to foster the innovation that creates economic growth jobs and new products and services here at home. We must always keep in mind that it’s the American taxpayer who pays for these programs.  In these difficult economic times we need to ensure they receive the highest return on their investment.”
 
For more information on the Committee’s work on SBIR/STTR, please visit the Committee’s website.
 
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