Small Business Innovation Development Act - Explained
What is the Small Business Innovation Research Program?
Written by Jason Gordon
Updated at April 13th, 2022
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Table of Contents
What is the Small Business Innovation Development Act?Academic Research on the Small Business Innovation Development ActWhat is the Small Business Innovation Development Act?
The Small Business Innovation Development Act was enacted in 1982. It established the Small Business Innovation research (SBIR) program. SBIR's purpose is to empower small business with federal funding to conduct Research and Development (R&D).
SBIR strengthens the role of small innovative firms and motivates them to utilize R&D for the creation of technical innovation that would help the growth of nations economy.
The criteria for the Phase I and II of the SBIR awards are:
- The small business must be owned by citizens or permanent residents of the United states.
- The business must be a organized-for-profit business with its location in the United States.
- The employee strength of the firm must not exceed 500.
- The awardee must meet basic requirements in terms of its progress.
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