Lipinski Bill Supporting American Entrepreneurs and Innovation Introduced in Senate

Statement

Congressman Dan Lipinski's (D-IL) Innovators to Entrepreneurs Act of 2018, a job-creating bill boosting American innovation and aiding entrepreneurs, has been introduced in the Senate by a bipartisan pair of senators, Chris Coons (D-DE) and Todd Young (R-IN). The bipartisan bill, which Lipinski introduced in the House along with Rep. Daniel Webster (R-FL), expands the highly successful National Science Foundation Innovation Corps (I-Corps) program that educates scientists and engineers about how to turn their laboratory research into new products and services. The bill was passed in the House earlier this year.

"I want to thank Senators Coons and Young for their leadership in introducing this bill in the Senate," said Lipinski. "Increasing the accessibility of I-Corps allows us to ensure the money we invest in research and development will spur job growth and boost our return on investment. This bill has been endorsed by a wide range of technology, venture capital, and academic stakeholders, and we're optimistic it will become law with overwhelming bipartisan support."

The Innovators to Entrepreneurs Act of 2018 expands I-Corps to meet several pressing needs: it expands eligibility to those who are not grantees of the National Science Foundation (NSF) or other I-Corps agencies, it lets interested private citizens and companies apply to participate and cover their own costs, and it directs the NSF to establish a new course to teach scientist-entrepreneurs how to start and grow a company. Finally, the legislation requires a Government Accountability Office assessment of the I-Corps program -- its first comprehensive, independent evaluation since it was created.

Rep. Webster said the I-Corps program will bridge the divide between the academic world and commercialization sphere, playing a critical role in the efforts to increase innovation for all Americans.

"I am pleased to see the Senate introduction of S. 9, the Innovation to Entrepreneurs Act," said Webster. "This bill mirrors our bipartisan efforts in the House to expand upon the time-tested I-Corps program through adding a course for commercialization-ready participants. This course will focus on the essential skills of starting a successful and scalable business. A special thank you to Senators Coons and Young for leading the charge in the Senate and making this a bicameral effort."

Sens. Coons and Young said the bill will assist scientists-turned-entrepreneurs with skills like business development and company formation that are taught in business schools but not in Ph.D. programs.

"Training our most promising entrepreneurs to navigate the transition from the laboratory to the marketplace supports U.S.-grown startups and small businesses and increases our competitiveness on the global stage," said Coons. "We wisely invest billions of taxpayer dollars every year into scientific research and development, and this legislation builds a bridge for our best research to directly benefit society."

Added Young, "Entrepreneurs fuel Indiana's small business community and have the power to transform our lives. This legislation will support Hoosier entrepreneurs by investing in research and innovation, and empowering individuals to turn their ideas into products and businesses."

The bill, S.9, awaits further action in the Senate.