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 s 1739, 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 develop new technologies or products.

Under the proposed program, small businesses would be able to apply for vouchers that could be used to cover the costs of research and development, testing, and other expenses related to innovation. The bill sets forth eligibility criteria for businesses seeking to participate in the program, including requirements related to size, revenue, and previous innovation efforts.

The bill also outlines the process for applying for and receiving vouchers, as well as the responsibilities of both the small businesses and the government agencies administering the program. Additionally, the bill includes provisions for monitoring and evaluating the effectiveness of the program, with the goal of ensuring that taxpayer funds are being used efficiently and effectively. Overall, the Small Business Innovation Voucher Act of 2023 seeks to provide small businesses with the support they need to innovate and compete in the global marketplace, ultimately helping to drive economic growth and job creation.