The U.S. Department of Commerce's Office of Innovation and Entrepreneurship and Economic Development Administration (EDA) recently announced a new $12 million innovation competition program to be run in conjunction with the National Institutes of Health (NIH) and the National Science Foundation (NSF). EDA will award up to $1 million to each of six teams around the country with the most innovative ideas to drive technology commercialization and entrepreneurship. NIH and NSF will award a total of up to $6 million in additional funding to NIH or NSF Small Business Innovation Research (SBIR) grantees associated with winning teams.

Dubbed the “i6 Challenge,” interested parties must apply no later than July 15, 2010. The overall goal of the new program is to turn ideas into new products and businesses which will then contribute to U.S. global competitiveness. The critical role small business plays in this program was highlighted throughout the announcement with particular emphasis placed on SBIR and Small Business Technology Transfer (STTR) companies.

Programs such as the i6 Challenge can offer small businesses just the help they need to take the next step with their innovations. A welcome announcement, NSBA is hopeful that the energy and enthusiasm for this program will spill-over into a fair and long-term reauthorization for the SBIR program. Currently operating in its 7th Continuing Resolution, now is the time to put politics aside and move forward with a fair and reasonable compromise.