Small Business Innovation Voucher Act of 2021
This bill requires the Small Business Administration to establish the Innovation Voucher Grant Program to aid small businesses in carrying out research, development, or commercialization of new or innovative products and services.
To require the Administrator of the Small Business Administration to 
             establish an Innovation Voucher Grant Program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Innovation Voucher 
Act of 2021''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of the Small Business Administration.
            (2) Eligible entity.--The term ``eligible entity'' means--
                    (A) an institution of higher education, as defined 
                in section 101 of the Higher Education Act of 1965 (20 
                U.S.C. 1001); or
                    (B) a nonprofit research lab, institution, or other 
                similar organization in the United States associated 
                with educational or research activities.
            (3) Program.--The term ``Program'' means the Innovation 
        Voucher Grant Program established under section 3.
            (4) Small business concern; small business concern owned 
        and controlled by veterans; small business concern owned and 
        controlled by women.--The terms ``small business concern'', 
        ``small business concern owned and controlled by veterans'', 
        and ``small business concern owned and controlled by women'' 
        have the meanings given those terms in section 3 of the Small 
        Business Act (15 U.S.C. 632).
            (5) Small business concern owned and controlled by socially 
        and economically disadvantaged individuals.--The term ``small 
        business concern owned and controlled by socially and 
        economically disadvantaged individuals'' has the meaning given 
        the term in section 8(d)(3)(C) of the Small Business Act (15 
        U.S.C. 637(d)(3)(C)).

SEC. 3. INNOVATION VOUCHER GRANT PROGRAM.

    (a) Establishment.--Not later than 180 days after the date of 
enactment of this Act, the Administrator shall establish a program to 
be known as the ``Innovation Voucher Grant Program'' under which the 
Administrator shall, on a competitive basis and in accordance with 
subsection (f), award to small business concerns grants for the Federal 
share of the cost of purchasing from eligible entities technical 
assistance and services necessary to carry out projects to advance 
research, development, or commercialization of new or innovative 
products and services.
    (b) Application.--A small business concern desiring a grant under 
the Program shall submit to the Administrator an application with the 
eligible entity from which the small business concern will purchase 
technical assistance and services using funds awarded under the grant.
    (c) Evaluation.--In evaluating an application for a grant under the 
Program, the Administrator shall take into consideration--
            (1) the likelihood that funds awarded under the grant will 
        be used to create or advance a novel product or service;
            (2) the feasibility of creating or advancing a novel 
        product or service proposed to be created or advanced using 
        funds awarded under the grant; and
            (3) whether creating or advancing a product or service 
        proposed to be created or advanced using funds awarded under 
        the grant could be accomplished without a grant awarded under 
        the Program.
    (d) Priority.--In making grants under the Program, the 
Administrator shall give priority to an application submitted by--
            (1) a small business concern owned and controlled by 
        socially and economically disadvantaged individuals;
            (2) a small business concern owned and controlled by women;
            (3) a small business concern owned and controlled by 
        veterans;
            (4) a small business concern that is located in a rural 
        area; or
            (5) a small business concern located in a region or State 
        that has historically been underserved by Federal research and 
        development funds.
    (e) Amount.--A grant made under the Program shall be made in an 
amount of not less than $25,000 and not more than $100,000.
    (f) Federal Share.--The Federal share of the cost of purchasing 
technical assistance and services described in subsection (a) using 
funds awarded under a grant made under the Program shall be not more 
than 75 percent.
    (g) Reports.--
            (1) Reports from grant recipients.--Not later than 180 days 
        after the date on which a project carried out under a grant 
        awarded under the Program is completed, the recipient of the 
        grant shall submit to the Administrator a report on the 
        project, including--
                    (A) whether and how the project met the original 
                expectations for the project;
                    (B) how the results of the project were 
                incorporated in the business of the grant recipient; 
                and
                    (C) whether and how the project improved innovation 
                practices of the grant recipient.
            (2) Report of the administrator.--Not later than 3 years 
        after the date on which the Administrator establishes the 
        Program, and every 2 years thereafter, the Administrator shall 
        submit to the Committee on Small Business and Entrepreneurship 
        of the Senate and the Committee on Small Business of the House 
        of Representatives a report on grants awarded under the 
        Program, including--
                    (A) a description of the grants awarded;
                    (B) the estimated number of products or services 
                created or advanced under grants awarded under the 
                Program that could have been created or advanced 
                without grants awarded under the Program; and
                    (C) a description of the impact of the Program on 
                knowledge transfer and commercialization.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated to the Administrator to 
carry out the Program $10,000,000 for each of fiscal years 2022 through 
2026, to remain available until expended.
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Small Business Innovation Voucher Act of 2021
To require the Administrator of the Small Business Administration to establish an Innovation Voucher Grant Program.
Small Business Innovation Voucher Act of 2021
Rep. Crow, Jason