Rubio Report Highlights Small Business InnovationFebruary 13, 2019
NSBA and it’s high-tech arm, the Small Business Technology Council (SBTC) applaud a new report from Senate Small Business and Entrepreneurship Committee Chair Marco Rubio (R- Fla.) underscoring the importance of protecting U.S. innovation. Focusing on Chinese efforts to dominate global innovation and manufacturing, Chair Rubio’s report, “Made in China 2025 and the Future of American Industry,” singles out the role programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs can play in bolstering U.S. innovation.
“SBTC has warned Congress over the past few years that the U.S. is rapidly losing its technological edge to China, and that more funding in small business R&D is required to counteract the enormous amount of money China is spending on its own innovative economy,” stated SBTC Executive Director Jere Glover. “I am proud to stand with Chairman Rubio as we seek solutions to this growing imbalance.”
The report details the industrial plan issued by China in 2015 that targets 10 industrial sectors in which China intends to dramatically increase its global share. In response, Chair Rubio stated that, “U.S. policy should respond to the practical and political economy challenges of the ‘Made in China 2025’ plan … It also means prioritizing new economic development, including encouraging physical investment and discouraging un-productive arbitrage through the tax code, and utilizing development assistance like the Small Business Investment Company and Small Business Investment Research programs.”
“Small business is the nexus of American innovation, and programs like SBIR and STTR are of critical importance—not only in the U.S. marketplace, but around the world,” stated NSBA President and CEO Todd McCracken. “I am grateful for Chair Rubio’s dedication to the small businesses that are being most harmed by unfair trade policies.”
High-tech small businesses are the most efficient, nimble, and effective drivers of technological innovation and the SBIR/STTR programs are at the forefront of government R&D investment. SBTC and NSBA strongly believe any effort to counteract China’s efforts to dominate global innovation should begin with dramatically increasing the size and scope of the SBIR/STTR program, which would help unleash the full potential of America’s innovative small businesses.
Please click here to read Chair Rubio’s report.
Celebrating more than 80 years, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA’s 65,000 members represent every state and every industry in the U.S. SBTC is NSBA’s hi-tech industry association of companies dedicated to promoting the creation and growth of research-intensive, technology-based U.S. small business. Please visit www.nsba.biz or follow us @NSBAAdvocate.