Sec. 2. Office of Innovation and Entrepreneurship
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Section 25 of the Stevenson-Wydler Technology Innovation Act of 1980 ( 15 U.S.C. 3720 ) is amended to read as follows: The Secretary shall establish an Office of Innovation and Entrepreneurship with a Director and full-time staff to foster innovation and the commercialization of new technologies, products, processes, and services with the goal of promoting productivity and economic growth in the United States. The Office of Innovation and Entrepreneurship shall be responsible for— developing policies to accelerate innovation and advance the commercialization of research and development, including federally funded research and development; identifying existing barriers to innovation and commercialization, including access to capital and other resources, and ways to overcome those barriers, particularly in States participating in the Experimental Program to Stimulate Competitive Research; providing access to relevant data, research, and technical assistance on innovation and commercialization, including best practices for university-based incubators and accelerators; overseeing the implementation of the loan guarantee programs and the Regional Innovation Program established under sections 26 and 27, respectively; developing, within 180 days after the date of enactment of the Regional Innovation and Entrepreneurship Enhancement Act of 2014 , and updating at least every 5 years, a strategic plan to guide the activities of the Office of Innovation and Entrepreneurship that shall— specify and prioritize near-term and long-term goals, objectives, and policies to accelerate innovation and advance the commercialization of research and development, including federally funded research and development, set forth the anticipated time for achieving the objectives, and identify metrics for use in assessing progress toward such objectives; describe how the Department of Commerce is working in conjunction with other Federal agencies to foster innovation and commercialization across the United States; and provide a summary of the activities, including the development of metrics to evaluate regional innovation strategies undertaken through the Regional Innovation Research and Information Program established under section 27(c); strengthening collaboration on and coordination of policies relating to innovation and commercialization, including those focused on the needs of small businesses and rural communities, within the Department of Commerce, between the Department of Commerce and other Federal agencies, and between the Department of Commerce and appropriate State government agencies and institutions, as appropriate; and any other duties as determined by the Secretary.
The Secretary shall establish or designate an advisory committee, which shall meet at least twice each fiscal year, to provide advice to the Secretary on carrying out the duties and responsibilities of the Office of Innovation and Entrepreneurship. The advisory committee shall prepare a report, to be submitted to the Committee on Science, Space, and Technology of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate every 3 years.
The first report shall be submitted not later than 1 year after the date of enactment of the Regional Innovation and Entrepreneurship Enhancement Act of 2014 and shall include— an assessment of the strategic plan developed under subsection (b)(5) and the progress made in implementing the plan and the duties of the Office of Innovation and Entrepreneurship; an assessment of how the Office of Innovation and Entrepreneurship is working with other Federal agencies to meet the goals and duties of the office; and any recommendations for how the Office of Innovation and Entrepreneurship could be improved.
There are authorized to be appropriated to the Secretary $5,000,000 for each of fiscal years 2014 through 2018 to carry out this section. .
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Sec. 2
Office of Innovation and Entrepreneurship
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