Bipartisan Bill to Encourage Innovation and Create Jobs Passes House
Washington, DC – Tonight, the bipartisan Innovators to Entrepreneurs Act of 2019 (H.R. 539) passed the U.S. House of Representatives. Florida Congressman Daniel Webster co-introduced this bill with Rep. Dan Lipsinksi (D-IL) and others last month to expand the successful National Science Foundation Innovation Corps (I-Corps) program and provide additional training for innovators to learn how to turn their research into new products and businesses. The legislation creates a new course that focuses on the essential skills of starting a successful and scalable business.
“We know small-businesses are the backbone of our economy and our chief job creators,” said Rep. Webster. “With the assistance of this course, the next creative mind is better equipped to open a small business and achieve success.”
“I’m pleased my colleagues and I were able to get this important bill through the House with bipartisan support,” said Lipinski. “Increasing the accessibility of I-Corps is something I’ve long supported because it allows us to ensure the money we invest in research and development will spur job growth and boost our return on investment. This bill has been endorsed by a wide range of technology, venture capital, and academic stakeholders, and we’re optimistic it will become law.”
The Innovators to Entrepreneurs Act of 2019 will help scientists, engineers and others that develop innovative products be more successful in getting their products to the market. It also allows participation of aspiring entrepreneurs who have already demonstrated their merit by being awarded Small Business Innovation Research or Small Business Technology Transfer grants from a federal agency.
The Innovators to Entrepreneurs Act has been endorsed by the Information Technology and Innovation Foundation, I-Corps Curriculum Developer and Stanford University Professor Steve Blank, I-Corps founding program officer and M34 Capital CEO Dr. Errol Arkilic, the National Venture Capital Association, the Council on Government Relations, and the Association of Public and Land-Grant Universities.
Companion legislation, S.118, has been introduced in the Senate by Sens. Chris Coons (D-DE) and Todd Young (R-IN).
About Innovation Corps
I-Corps connects scientists and engineers with the technological, entrepreneurial, and business communities necessary to move discoveries from the laboratory to the market. As the most successful federal program of its kind, since 2012 I-Corps has trained over 1,300 teams, led to the formation of 644 startup companies, and secured over $300 million in follow-on funding raised.