Congress on December 18 passed the the “Consolidated Approriations Act of 2016“, the omnibus spending bill agreed to by Congressional leaders that will keep the government funded through September 2017. Included in it was a provision to allocate the “Rapid Innovation Fund” (RIF) a total of $250 million, an increase from last year’s $170 million. (The RIF Provision can be found under the “Investing in Innovation to Maintain our Technological Edge” section).
The RIF program, passed in 2011 with SBTC’s help and support, provides funding to small businesses to transition their promising technologies to the marketplace more quickly. In spite of surveys and preliminary studies showing remarkable successes, the program had been gradually reduced in size from its original $500 million to $170 million last year. The SBTC is happy to see an increase in allocation towards this program, and we hope its continued success can encourage even more funds allocated next year.