S.853 - This Act may be cited as the; Investing in National Next-Generation Opportunities for Venture Acceleration and Technological Excellence; INNOVATE Act (119th Congress)
Summary
The INNOVATE Act aims to improve the SBIR and STTR programs, which support small businesses in research and development. It focuses on promoting technological advancements, encouraging innovation across the US, streamlining program participation, protecting American innovation from foreign influence, and simplifying commercialization standards. The Act includes provisions for increased funding percentages, strategic breakthrough funding for the Department of Defense, and measures to combat discriminatory practices.
Expected Effects
The Act is likely to increase the success rate of small businesses participating in the SBIR and STTR programs. It will also enhance national security by protecting American innovation from adversarial influence. Furthermore, it will streamline program administration and improve data collection.
Potential Benefits
- Increased funding and support for small businesses in R&D.
- Enhanced national security through protection against foreign influence.
- Streamlined program administration, reducing bureaucratic burdens.
- Encouragement of innovation in emerging states and rural areas.
- Promotion of transition for battle-ready technologies.
Potential Disadvantages
- Potential for increased administrative overhead due to new regulations and reporting requirements.
- Risk of unintended consequences from limitations on proposal submissions.
- Possible delays in funding due to enhanced due diligence processes.
- Could create barriers for small businesses that have already received significant SBIR/STTR funding.
- May disproportionately benefit certain sectors (e.g., defense) over others.
Constitutional Alignment
The INNOVATE Act primarily aligns with the Constitution's mandate to "promote the general Welfare" (Preamble) by fostering economic growth and technological advancement. Congress's power to regulate commerce (Article I, Section 8) provides a basis for the Act's provisions related to small business innovation and technology transfer. The Act's focus on national security also aligns with the Constitution's objective to "provide for the common defence" (Preamble).
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).