Statement on Signing the Small Business Research and Development Enhancement Act of 1992

Today I have signed into law S. 2941, the "Small Business Research and Development Enhancement Act of 1992." This measure recognizes the unique contribution of America's small businesses in performing innovative research and thereby creating high skill jobs. It is these entrepreneurs who are leading our private sector into the high technology global markets of the 21st century.

The Act will ensure the continuation of the highly successful Small Business Innovation Research (SBIR) program for another 7 years. Indeed, it will more than double the program's size over the next 5 years to approximately $1 billion annually.

The SBIR program, which is celebrating its 10th anniversary, is coordinated by the Small Business Administration. The program helps small businesses bring cost-effective research and development expertise to Federal agencies. It encourages entrepreneurs to find new commercial uses for Federal technology. The innovative goods and services that these small businesses develop are sold in the domestic and international markets.

Over the history of the program, small businesses have received $2.8 billion in funding from 11 Federal agencies for over 21,000 projects. At least one in four SBIR award winners has achieved commercial sales or expects that commercial sales will occur. SBIR firms have produced new innovations in all areas of high technology, including superconductors and biotechnology. Perhaps the most gratifying are the many new products and services developed in the biological, medical, and educational fields.

S. 2941 will provide expanded opportunities for this Nation's vital asset, its small business entrepreneurs. It will foster their pioneering spirit in inventing, producing, and selling high technology products and services here at home and around the world.

George Bush

The White House,

October 28, 1992.