“To amend the Stevenson-Wydler Technology Innovation Act of 1980 to reauthorize the regional innovation program, and for other purposes.”
No CRS summary available for this bill.
This section reauthorizes the regional innovation program under 15 U.S.C. 3722 and requires the Secretary to award grants for regional innovation initiatives, subject to appropriations. It expands initiative purposes to include increasing access to capital for innovation-based ventures, redefines venture development organizations to require direct financing and entrepreneurial support with a geographically defined economic development mission, caps the federal cost share at 50 percent plus up to 40 percent based on area needs, mandates outreach to rural, trade-impacted, and economically distressed communities and those partnering with workforce boards, and authorizes $50 million annually for FY2026 through FY2030 while permitting use of prior unobligated funds.