Reauthorization of regional innovation program

(a)

In general

Section 27 of the Stevenson-Wydler Technology Innovation Act of 1980 (15 U.S.C. 3722) is amended—(1)in subsection (a)—(A)in paragraph (2)—(i)in subparagraph (E), by striking and;(ii)in subparagraph (F), by striking the period and inserting ; and; and(iii)by adding at the end the following new subparagraph:

(G)increase access to capital to invest in innovation-based business ventures in the geographic region.

; and

(B)by amending paragraph (4) to read as follows:

(4)

Venture development organization

The term venture development organization means a State or nonprofit organization that has a measured, geographically defined, economic development purpose within its core mission and contributes to regional or sector-based economic prosperity by providing the following:(A)Direct financing to private innovation-centered businesses.(B)Services to accelerate the commercialization of research.(C)Entrepreneurial support tailored to innovation-centered founders, start-ups, and businesses within the geographic areas of service of such founders, start-ups, and businesses, as the case may be.

;

(2)in subsection (b), by striking strategies and inserting initiatives;(3)in subsection (c)—(A)in paragraph (1)—(i)by inserting and subject to the availability of appropriations after pursuant to subsection (b); and(ii)by striking may and inserting shall;(B)by striking paragraph (4)(D);(C)by amending paragraph (5) to read as follows:

(5)

Cost share

The Federal share of the cost of any activity funded under this subsection shall not exceed 50 percent, plus an additional amount that—(A)shall not exceed 40 percent; and(B)is based on the relative needs of the area in which the activity at issue will be funded, as determined in accordance with regulations promulgated by the Secretary.

; and

(D)by amending paragraph (6) to read as follows:

(6)

Outreach

The Secretary shall conduct outreach to encourage participation in regional innovative initiatives under this subsection by public and private sector entities—(A)in—(i)rural communities;(ii)communities negatively impacted by trade;(iii)areas with persistent economic distress; or(B)that agree to collaborate with local workforce investment area boards to carry out workforce or training related activities.

;

(4)in subsection (d)(4)—(A)by amending the heading to read as follows:

Data sources

; and(B)by inserting and the Regional Technology and Innovation Hub Program under section 28 after subsection (c);(5)in subsection (e)—(A)in paragraph (1), by striking or at and inserting , the Department of Energy, the National Science Foundation, and; and(B)in paragraph (2)(A), by striking strategies and inserting initiatives and activities carried out pursuant to subsection (d); and(6)by amending subsection (h) to read as follows:

(h)

Funding

(1)

Use of unobligated funds

Notwithstanding any other provision of law relating to the availability of funds to carry out this section, the Secretary may obligate and expend any amounts appropriated or otherwise available to carry out this section for any previous fiscal year that remains unobligated as of the date of the enactment of this subsection.(2)

Future authority

There is authorized to be appropriated to the Secretary to carry out this section $50,000,000 for each of fiscal years 2026 through 2030.

(b)

Notice of funding opportunity

Not later than 90 days after the date of the enactment of this Act, the Secretary of Commerce shall issue a notice of funding opportunity with respect to the regional innovation program established under section 27(b) of the Stevenson-Wydler Technology Innovation Act of 1980 (15 U.S.C. 3722(b)), as amended by subsection (a).