Small Business Innovation Voucher Act of 2023

Small Business Innovation Voucher Act of 2023

This bill requires the Small Business Administration to establish the Innovation Voucher Grant Program to aid small businesses in carrying out research, development, or commercialization of new or innovative products and services.

Bill 118 hr 3603, also known as the Small Business Innovation Voucher Act of 2023, aims to support small businesses in their efforts to innovate and grow. The bill proposes the establishment of a voucher program that would provide financial assistance to small businesses seeking to collaborate with research institutions or universities to develop new technologies or products.

Under the proposed program, small businesses would be able to apply for vouchers that could be used to cover a portion of the costs associated with research and development projects. These vouchers would help small businesses access the expertise and resources of research institutions, enabling them to bring new ideas to market more quickly and effectively.

The bill also includes provisions to ensure that the voucher program is accessible to a diverse range of small businesses, including those owned by women, minorities, and veterans. Additionally, the bill outlines reporting requirements to track the impact of the program and ensure that funds are being used effectively. Overall, the Small Business Innovation Voucher Act of 2023 aims to support small businesses in their efforts to innovate and compete in the global marketplace, ultimately driving economic growth and job creation.