This bill makes changes to two federal programs that help small businesses develop and commercialize innovative technologies: the Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program. Right now, these programs fund early-stage research, but many promising technologies never make it to the marketplace. This bill aims to fix that by making it easier and more rewarding for small companies to turn their research into actual products and services that customers can buy.

The bill does this in several practical ways. First, it requires federal agencies to include commercialization experts when reviewing grant applications, so they're not just looking at whether the science is sound, but whether the technology can actually be sold. Second, it creates a new role called the Technology Commercialization Official at each federal agency to help small businesses navigate the path from research to market and to connect them with government contracts. Third, it gives small businesses more money and flexibility to get business training and help—up to $6,500 for early-stage projects and $50,000 for more advanced ones. The bill also connects these programs to the Innovation Corps (I-Corps), a training program that teaches entrepreneurs how to validate and launch their ideas. Finally, it requires the government to track and report on how successful these programs are at creating jobs, generating revenue, and attracting private investment.