House Proceeding 07-08-09 on Jul 8th, 2009 :: 0:13:05 to 0:17:00
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0:13:01 to 0:13:23( Edit History Discussion )

David Wu: mr. speaker, i urge my co bipartisan legislation and i would reserve the balance of my time. the chair: the gentleman from missouri reserves the balance of his time. the gentlewoman from new york. the gentleman from oregon. >> thank you, mr. chairman, i yield myself such time as i may consume.

0:13:05 to 0:17:00( Edit History Discussion )
Speech By: David Wu

0:13:24 to 0:13:45( Edit History Discussion )

David Wu: in today's economy, small business is where innovation happens. the science and technology committee intends to promote science and technology research that drives an innovation economy. that is why i rise in support of h.r. 2965, the business research and innovation act. at more than $2.3 billion per year, the small business

0:13:46 to 0:14:07( Edit History Discussion )

David Wu: innovation research and small business technology transfer programs comprise the largest source of federal support for technological innovation in the private sector. given the current economic climate, we need robust sbir and sttr programs to create the next generation of companies that will provide high paying jobs

0:14:08 to 0:14:29( Edit History Discussion )

David Wu: and grow our economy. however, these programs originated more than 25 years ago. given the economic changes we have seen during the past two decades, we need to update these programs to reflect the current economic realities of our increasingly competitive innovation economy. the committees on small business

0:14:30 to 0:14:51( Edit History Discussion )

David Wu: and the committee on science and technology have held numerous hearings on sbir and sttr over the past several years. witnesses shared many recommendations about how sbir and sttr can be strengthened. recently both committees overwhelmingly supported h.r.

0:14:52 to 0:15:12( Edit History Discussion )

David Wu: 2965 with each committee voting favorably to re-authorize sbir and sttr through 2011 with som much needed modernization and changes. the legislation has been endorsed by more than 100 organizations, including the american association of universities, bio, the national

0:15:13 to 0:15:33( Edit History Discussion )

David Wu: energy sciences coalition and the cystic fibrosis foundation. the bill increases the award sizes for phase one and phase two to reflect the actual cost of doing high-tech research today. it also increases the flexibility of sbiry allowing

0:15:34 to 0:15:55( Edit History Discussion )

David Wu: cross agency awards and allowing applicants to apply directly for phase two funding. h.r. 2965 allows venture capital-backed small businesses to once again apply for awards and specifically defines their eligibility requirements. this temporary ban on venture capital majority ownership was

0:15:56 to 0:16:17( Edit History Discussion )

David Wu: the result of a ruling in 2003 by administrative law judge in -- by an administrative law judge in boston. for 20 years since the inception of the program venture capital-funded companies could freely participate in these programs. there is no evidence, there is no evidence anywhere that during that time there was any crowdout

0:16:18 to 0:16:38( Edit History Discussion )

David Wu: of other businesses by v.c.-backed businesses. there has been a lot of debate over the role of venture capital participation, but the national academy studies recently released states that venture-backed companies are important, they contribute greatly to technological development and they do not, emphatically, do not crowd out other small businesses.

0:16:39 to 0:16:59( Edit History Discussion )

David Wu: the goal of sbir is to encourage innovation. it is time that we fix the administrative ruling of a single judge and support more innovative small businesses and the best technology that we can help bring to market. today we recognize our leadership by re-authorizing sbir and sttr and i want to

0:17:00 to 0:17:00( Edit History Discussion )

David Wu: commend chairwoman have a