[Congressional Record Volume 155, Number 44 (Thursday, March 12, 2009)]
[Senate]
[Pages S3077-S3078]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. PRYOR (for himself, Ms. Snowe, Mr. Johnson, Mr. Alexander, 
        and Mr. Durbin):
  S. 583. A bill to provide grants and loan guarantees for the 
development and construction of science parks to promote the clustering 
of innovation through high technology activities; to the Committee on 
Commerce, Science, and Transportation.
  Ms. SNOWE. Mr. President, I rise today to introduce, with my 
colleague, Senator Pryor, the Building a Stronger America Act. This 
bipartisan legislation is a vital step toward recognizing the value of 
``science parks''--which are concentrated high-tech, science, and 
research-related businesses--in strengthening America's global 
competitiveness. Through the development of new innovative 
technologies, competing and complementary companies working within 
close quarters are able to build upon each other's ideas when entering 
the national and global marketplace. Unlike well known industrial 
parks, science parks focus primarily on innovation and product 
advancement. These parks are a vital part of the Nation's economy, 
creating 2.57 jobs for each core job in a science park.
  As ranking member of the Senate Committee on Small Business and 
Entrepreneurship and a senior member of the Senate Commerce Committee, 
I adamantly encourage increased investment in new and existing science, 
research, and technology parks throughout the United States as it is 
vital in the creation of new jobs. Our legislation would allow the 
Secretary of Commerce to guarantee up to 80 percent of loans exceeding 
$10 million for the construction of science parks. Additionally, the 
bill would provide grants for the development of feasibility studies 
and plans for the construction or expansion of science parks. This 
bipartisan measure would drive innovation and regional entrepreneurship 
by enabling science parks to renovate or build, while also encouraging 
rural and urban States to undertake studies on developing their own 
successful clusters.
  On August 9, 2007, the President signed into law, the America 
Competes Act legislation authorizing $43 billion of new funding over 
the next three fiscal years that will boost Federal investment in math 
and science education programs. The bill we are introducing today would 
help to ensure that this workforce is provided with avenues in which to 
operate, building on the efforts of the America Competes Act by 
increasing research funding and education for our innovative workforce.
  In my home State of Maine, we simply do not have the population 
density in any given area to support traditional science parks. 
However, Maine is a national leader in providing business 
``incubation'' services. Incubators are critical to the success of new 
companies. To help startup entrepreneurs in Maine, incubation centers 
around the State provide business support tailored to companies in 
their region. The benefit of business incubators in Maine has been 
nothing short of monumental, with 87 percent of all businesses that 
graduate from incubators remaining in business, surviving, and creating 
new jobs. The seven technology centers located throughout Maine play a 
pivotal role in promoting technology-led economic development by 
advancing their own regional competitive advantages. Under the Building 
a Stronger America Act, both science parks and business incubators will 
be eligible for its vital assistance.
  Residency in science parks provides businesses with numerous 
advantages, including access to a range of management, marketing, and 
financial services. At its heart, a science park provides an organized 
link to local research centers or universities, providing resident 
companies with the constant access to the expertise, knowledge, and 
technology they need to grow. These innovation centers are specifically 
geared toward the needs of new and small companies, providing a 
controlled environment for the incubation of firms and the achievement 
of high growth.
  It is also vital to point out that the jobs science parks reflect the 
needs of a high-tech, innovative, and global marketplace. Science parks 
have helped lead the technological revolution and have created more 
than 300,000 high-paying science and technology jobs, along with 
another 450,000 indirect jobs, for a total of 750,000 jobs in North 
America.
  Our Nation's capacity to innovate is a key reason why our economy 
continues to grow and remains the envy of the world. Through America's 
investments in science and technology, we continually change our 
country for the better. Ideas by innovative Americans in the private 
and public sector have paid enormous dividends, improving the lives of 
millions throughout the world. We must continue to encourage all 
avenues for advancing this vital sector if America is to compete at the 
forefront of innovation, and I urge my colleagues to support this 
legislation.

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