[Public Papers of the Presidents of the United States: George H. W. Bush (1992-1993, Book II)]
[October 28, 1992]
[Pages 2058-2059]
[From the U.S. Government Publishing Office www.gpo.gov]



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

October 28, 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

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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.

                    Note: S. 2941, approved October 28, was assigned 
                        Public Law No. 102-564.