America’s Seed Fund Week 2023 | Welcome and Opening Remarks

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Welcome to the start of the 2023America Siege Fund Week. My name is Eric Page. Little forward and I am the Acting Director of the Small Business Innovation, Research and Technology Transfer office at the U.S. small Business Administration. Our office focuses on expanding access to federal research and development funding and capital for innovative high tech small businesses. Now, as we kick off this exciting week, it is my great pleasure and honor to welcome Associate Administrator for Investment and innovation of the U.S. small Business Administration, Belly DeVries, a true champion for America's high growth small businesses and innovative startups. As the head of the SBA's Office of Investment Innovation, Belly has been leading the Agency's portfolio of private investment partnerships and innovation funding programs for the last two years. These programs include the Small Business Investment Company Program, the SBIC Program, the Small Business Innovation Research and Technology transfer programs, the SBIR STTR programs, and SBA's innovation ecosystem support Organization development programs including our Growth Accelerator Fund Competition and the Federal and State Technology Partnership Program. I'm happy to note that Belly will also now be serving in an acting role as the head of of the SBA's Office of Capital Access, which oversees SBA's loan products, so she can assure that SBA is provided the full spectrum of support to entrepreneurs through our capital provider partners. Belli brings expertise to SBA from her privacy career in the asset management and defense industries. She served in leadership and executive roles while at T. Rowe Price, Greenspring Associates, Trail Mix Ventures and Cetera Defense. Join me in welcoming our Associate administrator, Billy DeVries. Billy.

Thank you so much Eric. And thank you to each and every one of the American innovators and entrepreneurs joining us today for sharing your talents and drive with the world. As the head of the U.S. small Business Administration's Office of Investment and Innovation, it is my great honor and pleasure to welcome you to the 2023America's Seed Fund Week. I'm thrilled to be here with you today to kick off this celebration of America's Seed Fund, the Small Business Innovation Research and Small Business Technology Transfer Programs. This is truly a celebration of you, the innovators, dreamers, entrepreneurs driving our economy and creating a better and brighter future for us all. Small businesses and startups are the backbone of our economy, creating two thirds of all net new jobs and 40% of the country's economic output. And the SBA is the federal agency solely focused on supporting and enabling entrepreneurship. Since day one of the Biden Harris Administration, entrepreneurship and small businesses have been at the center of the agenda. President Biden worked with Congress to rescue small businesses, startups, families and the American economy as a whole from a once in a generation pandemic in the President's first year, the SBA helped fuel the strongest job recovery on record by ensuring small businesses received the support assistance necessary to remain open for business. The Biden Harris Administration's Investing in America agenda through the bipartisan Infrastructure Law, the Chips and Science act and the Inflation Reduction act have paved the way for historic innovation, investments and economic progress. Over 12.7 million jobs were created and over 10.5 million small business startup applications were filed in 2021 and 2022 alone. That is an 80 increase than any two years on record. And the private sector has invested more than 300 billion in new manufacturing capabilities here in America, including multi billion dollar semiconductor industry and electric battery manufacturing investments. Increasing equity and access to capital is a core pillar of our agenda as well to support small businesses and startups because we cannot continue to build a reimagined economy if a lack of capital keeps entrepreneurs on the sidelines, particularly in underserved and under capitalized communities which are often the most entrepreneurial. With women and people of color leading small business startup rates for the past 10 years in a row. With the recent stresses in the global banking system, liquidity issues and tightening of credit to businesses, it is more important than ever that we unlock capital for the small businesses and startups that we need to innovate to maintain one of our most precious competitive advantages globally, our Capital Markets. The U.S. small Business Administration holds as its core value being equitable, customer centric and technology. First Administrator Isabella Casillas Guzman has empowered every member of our team at the U.S. small Business Administration to be as entrepreneurial as the small businesses we serve to meet them where they are and meet their needs. While all companies start as small businesses, many grow to be giants of industry and our Office of Investment and Innovation focuses on you, the entrepreneurs who are driven to achieve innovative big ideas with outsized impact. Our team is working with partners across sectors and industries and around the country to build a thriving national innovation ecosystem that promotes investments in all small business startup communities. We are here to support your potential to achieve incredible things and foster unity which can come from scientific innovation. America's Seed Fund has been supporting cutting edge innovators for over 40 years and is still doing so right now in every state across the country, helping build a pathway from ideas in a laboratory to products in the marketplace to impact our lives. Powered by a network of federal agencies, entrepreneur support organizations and the SBA America's Seed Fund advances federal missions and drives innovation across the United States. Since its inception in 1982, the program has invested in over 200,000 awards with over $50 billion in funding to small businesses and startups through the 11 participating federal agencies in the program, it boasts one of the highest returns on taxpayer investments in terms of follow on federal funding and broader economic impact. We've helped businesses pioneer technologies in everything from advanced manufacturing, 3D printing to clean energy and virtual reality. Mars rovers have components made by multiple different small businesses and startups, and Nobel Prize winning researchers have made use of America's Seed Fund to keep their companies alive. During early years when venture funding wasn't forthcoming, this critical small business and startup R and D set aside program see seeds funds where the market is not ready to see around corners into the future. We help the Federal government invest in them and connect these companies to resources and opportunities. SBIR STTR's early stage public investments also signal opportunity to private sector investors. And unlike many institutions that are driven to maximize profit, the government's bottom line is different. We invest public funds in SBIR and STTR for economic growth as it helps drive innovation and advances long term American competitiveness, sparking new industries, creating great American jobs and opening doors of opportunity across the country and in all communities and demographics. The ROI we received from America's Seed Fund is remarkable. The Department of Defense has found that for every $1 invested in their SBIR and STTR programs, there is a $22 return to the economy. These programs have helped propel our nation's small business and startup innovation advantage. While you're While you're going to hear more all week about America's Seed Fund, I'd like to also just take a moment to tell you about our other flagship program in our office that is so interrelated to America's Seed Fund. Our other program helps to crowd capital into small businesses and startups through public private investment partnerships. This program, the small business investment company or SBIC program, has throughout its 65 plus year history provided matching capital against private investment to private funds to support the long term equity and debt investments in American small businesses and startups that we need to see them grow. In just the past year, over 308 SBIC licensed private funds invested roughly $8 billion in over 1,200 companies which created and sustained over 129,000 US jobs. SBIC licensed private funds across the country manage over $40 billion in SBA, federal and private capital providing the long term debt and equity investment to small businesses in a wide range of industries, including critical industries that our nation relies on security and economic growth. SBIC licensed private funds promote more equitable allocation of capital that is more geographically dispersed than investments, often from traditional private funds. Nearly two thirds of our 2022 licensed SBIC funds were managed by general partnerships that were inclusive of a veteran, woman or minority principal as well as first time SBIC license funds. Yet, despite the program's impact and progress, we still face underinvestment in many communities across America and the SBIC program is working to fill these capital gaps. Keep your eyes and ears open to hear more about the changes that we are making to modernize our regulations to reduce barriers and increase investment through our diversification and growth capital regulatory rules. Stay tuned. I'll also hope you stick around today for our second America's Seed Fund Startup Expo where I'll be joined by the Director of the Department of Defense's Office of Strategic Capital, Jason Rachi, to talk about SBA and DoD's partnership to help bring more private investment into supporting the development of critical technologies for national security. We're in an exciting time for the whole country to come together and build a better America and world. I hope our conversations this week will inspire you to take that next step to advance your own innovative vision, your creative skills and connections, and work with us to launch or grow a transformative and resilient business. You are a vital part of the innovation engine that drives our economy. My job and the SBA's job as a whole is to create an environment that keeps innovation moving and supports you at every step as you take your idea, your research, your prototype, and transition it to a product and a service that is addressing a critical market need. So I encourage you to take full advantage of all the connections and collaborations that this event has to offer. SBA is here to be your partner as you take your ideas to the world, know what resources are available, reach out and be intentional. SBA has incredible services and relationships, but also tap into your networks, build partnerships and seek out support. Together we will unite and forge a path forward to a brighter future. Thank you so much for joining us today. And now I'll turn the stage back over to Eric Paige Littlefort, the Acting Director of the Small Business Innovation, Research and Technology Transfer Office. Eric, thank you for everything that you do. I am so incredibly, incredibly thankful and grateful for your leadership. It's been an amazing partnership with you the past two years and I look forward to all the great things that will come in the future under your leadership. So thank you and I wish you the best and we'll let you take it from here.

Thank you so much, Billy. I really do appreciate all the leadership you brought over the last two years and thank you, the audience, for taking the time to be here. Our goal this week is to expose more tech entrepreneurs and startups like yourselves to the 4 billion in annual funding for the Small Business Innovation Research, also known as sbir, and the Small Business Technology Transfer Program, also known as sttr. These programs, we refer to them as America's Seed Fund. These programs were designed to make sure the federal government and our nation leverages the ingenuity and innovativeness of small businesses within our research and development ecosystem. America's Seed Fund is focused on attracting the best and the brightest across the nation, regardless of their race, gender preference, economic standing, or where they live. America's Seed Fund is a doorway to transition your research into products and services that create commercial market successes, address societal challenges, and address critical federal agency mission needs, including our national defense. But don't just take my word for it. Stick around for the Startup Expo beginning at 2:30pm Eastern Time today and you will hear from some of the companies who have benefited from America's Seed Fund and learn how these innovators are utilizing America's Seed Fund to commercialize their technology. This virtual showcase features innovative ventures that define the cutting edge of technologies critical for our nation's economic prosperity, global competitiveness and national security. Before we get to today's main event, let me provide a brief preview of what's to come during the second virtual America Seed Fund Week. Tomorrow, starting at 2:00pm Eastern Time, we will dive into the basics of America Seed Fund. We'll provide an overview of the SBIR and STTR programs, including how to get started, agency prerequisites, some key considerations, nuances between our different funding partners, and more. Tomorrow is going to be a perfect day both for the new and experienced entrepreneurs. Then, on Wednesday, beginning at 2:00pm Eastern Time, we have our agency Open Houses taking place in their virtual booths. There are 11 participating agencies as a part of America's Seed Fund, each with its own technology investment portfolio, and you will have the opportunity to learn from and ask your questions directly to these agency representatives. Finally, we'll wrap up the week's festivities by diving into what makes a successful SBIR STCR application, common and avoidable mistakes made by applicants, and the multitude of resources at your disposal as you are navigating through your exciting journey. In addition to this core programming I've outlined for this week's Emergency Fund. Please also consider participating in the multitude of community events being hosted before and after our plan programming. These events are representative of the ecosystem of Innovation support partners across the United States that are there to help you along this journey. Community event details can be found on the weekly schedule on AmericaSeed Fund US. I want to thank you again for taking the time to be here and I am excited at the possibilities represented by you all and hopeful that America's Seed Fund will be a part of your journey. Stick around as we'll be right back at 2:30pm with again associate Administrator Bailey leading us into America Seed Funds Startup Expo where you'll learn about SBA's exciting new partnership with the Department of Defense Office of Strategic Capital to bring more private and patient capital in support of the development of technologies critical to securing our national security and economic prosperity. And you'll get to hear directly from nine founders who are developing these cutting edge technologies with the support of America Seed Fund. So stay tuned and we'll see you back here shortly at 2:30pm thank you.

Sam.