Sen. Coons introduces Support Startup Businesses Act - Technical.ly Delaware

Civic

Apr. 6, 2016 12:44 pm

Sen. Coons introduces Support Startup Businesses Act

The bill would allow SBIR funding to go toward building your business (and not just research).
The Capitol.

The Capitol.

(Photo by Flickr user Adam Fagen, used under a Creative Commons license)

The time is ripe, it seems, for legislation aimed at helping startups: Sen. Chris Coons (D-Del.) announced Wednesday morning that he, along with Senators Cory Gardner (R-Colo.) and Kirsten Gillibrand (D-N.Y.), have introduced a bill called the Support Startup Businesses Act.

The announcement comes on the heels of earlier news that the Delaware General Assembly and Gov. Jack Markell will be introducing legislation next week that allows Delaware residents to invest in local startups and small businesses through equity crowdfunding.

Sen. Coons’ new bill would authorize entrepreneurs who have received money through the Small Business Innovation Research (SBIR) program to use up to 5 percent of those 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. Just last week, Ruth Shuman, the National Science Foundation SBIR program manager, spoke at an event hosted by the Delaware Small Business Development Center about how to snag SBIR funding for technical and scientific research.

The new legislation targets scientists and engineers and could be helpful for ex-DuPonters starting their own businesses in Delaware. “Startups are the engine of job creation in the U.S., but the rate of startup creation is well below historical norms,” Coons said in a statement.

Advertisement

So far, the bill has been endorsed by several organizations, including the Delaware Small Business Development Center, the University of Delaware, UD’s Office of Economic Innovation and Partnerships and the Delaware BioScience Association.

Keep it comin’, lawmakers.

People: Chris Coons
-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Newly launched Tech552 aims to be the workout instructor of coding

Watch: ‘Today in Tech’ pilot with 360VR on DETV

Meet the newest Swim with the Sharks winners at Startup Grind Wilmington

SPONSORED

Delaware

These hiring companies want to meet you at NET/WORK Suburbs

Philadelphia, PA - Center City

Odessa

Business Architect

Apply Now

Malvern, PA

Vanguard

Senior Java UI Developer

Apply Now

Malvern, PA

Vanguard

AWS Technical Lead

Apply Now

Newark-based 360VR Technology wins $50K at Maryland startup competition

This entrepreneur aims to boost fintech startups in Delaware

VC report: Delaware deals fall to $6M in Q3

SPONSORED

Delaware

Mastering the ‘halo effect’ in tech recruiting

Malvern, PA

Vanguard

Senior Java Full-Stack Engineer

Apply Now

Malvern, PA

Vanguard

Mobility & UEM Engineer – Workspace ONE

Apply Now

Malvern, PA

Vanguard

Senior Cloud Operations Engineer – AWS

Apply Now

Sign-up for daily news updates from Technical.ly Delaware

Do NOT follow this link or you will be banned from the site!