Sen. Coons’ startup-supporting bill heads to full Senate for vote

We’ve got an update on the Support Startup Businesses Act that was first proposed, in part, by U.S. Sen. Chris Coons (D-Del.) in April: The U.S. Senate Small Business Committee passed the bill Wednesday, so it’s now headed to the full Senate for a vote.
Here’s a refresher on the legislation: It would authorize entrepreneurs who have received money through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs to use up to $35,000 of their funds toward things like market validation, intellectual property protection, market research and business model development, according to a release. Currently, SBIR offers little financial support for commercialization efforts.
SBIR is a federally-funded program dedicated to helping small businesses develop cutting-edge technology-based products. STTR is also a federally funded program for research and development with a particular focus on joint venture opportunities between small businesses and nonprofit research institutions.
In a release, Coons said he’s happy about the passage of the bill from the Senate committee. “This bill helps startup companies hit the ground running by providing entrepreneurs the support and flexibility they need to translate their cutting-edge research into marketable products and services,” he said.