House Proceeding 07-08-09 on Jul 8th, 2009 :: 0:09:20 to 0:13:00
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0:09:18 to 0:09:39( Edit History Discussion )

Sam Graves: whether it is a new development in the fight for cancer, a new computer system designed to protect our soldiers, more and more good ideas are coming from america's small businesses. the small business innovative research, the sbir, and the small business technology transport, sttr, programs help to take ideas and turn them into practical products. by all accounts, the sbir and

0:09:20 to 0:13:00( Edit History Discussion )
Speech By: Sam Graves

0:09:40 to 0:10:01( Edit History Discussion )

Sam Graves: sttr programs are highly successful federal initiatives designed to encourage economic growth and innovation within the small business community. created in 1982, the sbir program offers competition-based awards to stimulate technological innovation among small private sector businesses while providing government agencies with new cost effective solutions to meet their needs. this program is not only

0:10:02 to 0:10:22( Edit History Discussion )

Sam Graves: critical to the unique needs that each of the participating federal agencies but also to our national economy. small businesses invigorate the u.s. economy by introducing new products and lower cost methods of doing business. sometimes with substantial economic benefits. they play a key role in introducing new technologies to the market, often responding

0:10:23 to 0:10:43( Edit History Discussion )

Sam Graves: quickly to new market opportunities. our committee worked in a bipartisan manner to produce this legislation. we held several hearings on this topic over the last few months, inviting the small business administration, sbir and sttr program managers from federal agencies, various small businesses, academics, to discuss this program's successes and consider amendments to

0:10:44 to 0:11:04( Edit History Discussion )

Sam Graves: improve them. i'm happy to say that many of the ideas that were presented to the committee have found their way into this legislation. for example, the topic that dominated much of the discussion at our heangs was the appropriate level of venture capital involvement in the sbir program. unfortunately there have been several misconceptions stated about this provision in the bill.

0:11:05 to 0:11:27( Edit History Discussion )

Sam Graves: in 2003, the small business administration reversed a 20-year-old policy by ruling the small businesses that are majority owned by venture capital companies can no longer compete for grants under the sbir program regardless of how few employees the companies have. as a result, this has jeopardized the development of innovative treatments, therapies and technologies. the goal of our proposal is to

0:11:28 to 0:11:49( Edit History Discussion )

Sam Graves: billses continue to be the world's leader in innovative research and development and to provide the best small companies with the greatest commercialization potential access to sbir and sttr programs. in addition, access to capital is a real concerfor small businesses across all industries and our provision provides small businesses another path to acquire the capital they need to be successful. it is also important to keep in

0:11:50 to 0:12:11( Edit History Discussion )

Sam Graves: mind that these programs are -- remain open for competition among all small businesses and federal agencies will choose the best small bus award. h.r. 2965 contains significant and dedicated safeguards to ensure that the sbir program remains a small business program. it with one venture capital firm

0:12:12 to 0:12:32( Edit History Discussion )

Sam Graves: for having over 50% ownership from qualifying for that small business award. that prohibit large companies from taking control of a small business and receiving small business grants. the legislation also bans a business whose board's majority is from a capital firm, it prevents them from participation in the program. finally, because venture capital

0:12:33 to 0:12:54( Edit History Discussion )

Sam Graves: investments are often done as a group to reduce risk, the bill strictly limits the amount of participation of venture capital firms that they are themselves owned by a business of over 500 employees. a comprehensive bill also takes significant strides to bring the programs into the 21st century by increasing the award sizes, enhancing data collection and reporting requirements for

0:12:55 to 0:13:00( Edit History Discussion )

Sam Graves: better oversight and providing federal agencies with a mechanism by which they can meet and share best practices.