Bill > S2551

This bill, also known as the TRANSFER Act, amends the Small Business Act to establish an "Innovative Approaches to Technology Transfer Grant Program." This program aims to help federal agencies, referred to as "covered agencies," provide grants to eligible institutions, which include universities, technology transfer organizations, federal laboratories, non-profits, or consortia of these entities. The grants are intended to accelerate the commercialization of federally funded research and technology by small businesses. Funds can be used for various purposes, such as providing early-stage research funding, supporting technology development and testing, conducting market research, offering business advice and training to innovators, and reaching out to small businesses that could license this technology. To receive a grant, eligible institutions must apply with a plan detailing their innovative approaches to technology transfer, their contribution to local economic development, their sustainability plan, and a plan to form an oversight board. This oversight board, composed of individuals with relevant technical and business expertise, will evaluate project applications, set milestones, and reallocate funds if projects are not progressing. The bill also outlines reporting requirements for covered agencies to evaluate the program's effectiveness, track outcomes like follow-on funding, licenses, patents, and job creation, and disseminate this data publicly.