Coleman Moves to Create Small Business Innovation Program for College Students

Press Release

COLEMAN MOVES TO CREATE SMALL BUSINESS INNOVATION PROGRAM FOR COLLEGE STUDENTS

Coleman provision would match innovative small businesses with college students studying science, technology, engineering, and math

Senator Coleman applauded the Senate Small Business Committee's passage yesterday of Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) reauthorization legislation, which included a provision authored by Coleman establishing a workforce development grant pilot program. Coleman's provision seeks to encourage small business that participate in the SBIR program to provide workforce development opportunities for college students majoring in science, technology, engineering and math. The bill was unanimously approved by the Senate Small Business Committee and now awaits consideration by the full Senate.

"America's ability to remain an economic leader greatly depends on the success of America's small businesses. And thanks to the SBIR program, small businesses are able to lead the way in critical technological research and development work that is essential to keeping our competitive edge," said Coleman. "In today's global economy, it is of critical importance to ensure that America's small businesses have the skilled workforce necessary to compete. My provision will incentivize SBIR firms to provide short-term workforce development opportunities for the next generation of science, technology, engineering and math workers. This provision is a win-win-win for college students, small businesses and the U.S. economy."

Specifically, Coleman's proposal would provide a 10% bonus grant (10% of either Phase I or Phase II grant) to SBIR businesses that provide workforce development opportunities for college students. Total bonus awards would be capped at $10,000 per year.

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