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New SBA Committees to Expand Innovation, Patient Capital Access Across Industry

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The Small Business Administration has established two new advisory committees that will provide the agency with insights on how to increase access to long-term capital and expand innovation and entrepreneurship across the U.S.

The Invention, Innovation and Entrepreneurship Advisory Committee will focus on the transition of new technologies from the laboratory to the marketplace while the Investment Capital Advisory Committee will be tasked with creating a more diverse and inclusive investment landscape for small businesses, SBA said Saturday.

Committee members will provide advice and recommendations to agency officials on policy and program development and execution.

“These new advisory committees will help us gain valuable insights into not only how the SBA can improve programs and policies to strengthen the innovation ecosystem across the nation, but also how the agency can better serve our customers while accelerating the flow of patient private and public capital to innovative startups and small businesses,” said SBA Administrator Isabella Casillas Guzman.

Bailey DeVries, the associate administrator of the SBA Office of Investment and Innovation, said the agency’s support for innovation builds on the Small Business Innovation Research program, which has been providing funding to start-ups for the past four decades.

SBA is calling for nominations to the committees from members of the public.