Innovators To Entrepreneurs Act Of 2018
Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 5086, the Innovators to Entrepreneurs Act of 2018, a bill that I introduced to spur entrepreneurship and turn American innovation into jobs. I…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of H.R. 5086, the Innovators to Entrepreneurs Act of 2018, a bill that I introduced to spur entrepreneurship and turn American innovation into jobs.
I want to thank the gentleman from Florida (Mr. Webster) for being a lead cosponsor of this legislation.
This bill expands the National Science Foundation's highly successful Innovation Corps, or I-Corps, program, which, as my Science, Space, and Technology Committee colleagues know, I have been a major champion of since it was first created by NSF in 2011.
In 2016, I led the effort that officially authorized I-Corps. I-Corps teaches scientists and engineers how to turn their federally funded laboratory research into successful products and services. The program has educated more than 1,100 teams, including many women and underrepresented minorities, and has been linked to over 400 startup companies.
Since it was authorized in the last Congress, NSF has helped spread I-Corps to other agencies, including the National Institutes of Health, NASA, and the Department of Energy.
The Federal Government invests billions of dollars in research and development annually, both at government facilities like National Labs and at universities and research institutions. I-Corps is a modest investment that leads to a much higher return on our federally funded research by significantly increasing rates of commercialization and job creation.
Our economy is driven by the ingenuity of our scientists and engineers, developing innovations today that become tomorrow's great products; and yet, still only a minority of federally funded research with commercial potential ever makes it to the marketplace. The I-Corps program helps change that.
But we can do even more, and this bill helps to do that. First, it helps more people participate in the program. Right now, unless you are a grantee of the NSF or another agency with an I-Corps program, the training can be difficult to access. This bill will give recipients of small business grants from any Federal agency the flexibility to pay for I-Corps with their grant funds. It will also let private citizens apply and pay out of pocket to participate.
Second, the bill directs NSF to establish a new course as part of the I-Corps program to teach scientist entrepreneurs how to start and grow a company. While the current I-Corps course does a great job of helping scientists develop innovation and determine whether or not it is suitable for commercialization, it offers only limited guidance for what to do after the decision is made to become an entrepreneur.
Skills such as how to write a business plan, hire a team, and attract investment are taught in business schools, but not in Ph.D. programs. NSF recognizes that need and has already begun a pilot program to test curricula for this new course. This bill will make sure the new course is fully developed and made available around the country.
Finally, this bill requires a GAO assessment of the I-Corps program, its first comprehensive, independent evaluation since it was created. Although the program's success to date speaks for itself, it is important to continuously improve it by developing metrics to measure its performance and to ensure that Federal funds are well spent.
This bill has been endorsed by a wide range of stakeholders, including the former NSF program officer who founded the program, Dr. Errol Arkilic; Silicon Valley serial entrepreneur who developed the curriculum that I-Corps is based on, Steve Blank; and directors of I- Corps Nodes around the country.
The bill is also endorsed by the Information Technology and Innovation Foundation, the National Venture Capital Association, the Council on Governmental Relations, and the Association of Public and Land-grant Universities.
Mr. Speaker, I want to thank Chairman Smith and Ranking Member Johnson for their support of this legislation, and again I want to thank the lead cosponsor, Mr. Webster of Florida. I also want to thank Senator Coons, who is leading the Senate companion bill.
I ask my colleagues to support this commonsense legislation which will help spur greater American innovation and create more jobs, and I reserve the balance of my time.
Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, I thank Chairman Smith again for his support of this legislation.
We all know that helping our scientists, engineers, and academics not only advances our knowledge and understanding of the world, but it also creates jobs and products that fuel our economy, which is a goal that all of us can agree upon.
As a former university professor, I know that it is not something that we teach in Ph.D. programs. We have the greatest researchers in the world here in the United States. We invest so much in Federal dollars for research. This is a simple program, low cost, that helps get the biggest bang for our buck, helps create jobs, and keeps
America on the leading edge of innovation in the world. It is something that we need for today and for our future.
Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.