Small Business Innovation Voucher Act of 2023

The Small Business Innovation Voucher Act of 2023 creates a grant program providing small businesses with up to $75,000 to purchase technical assistance from eligible research institutions (like universities or nonprofit labs) for developing new products or services. At least 40% of annual funds must support small businesses in underserved markets, including rural areas, HUBZones, or those owned by veterans, women, or socially disadvantaged individuals. Grants cover 50-75% of costs (depending on amount) for projects requiring innovation, with recipients reporting on outcomes like new products or improved business practices. The program is funded at $10 million annually from 2023 through 2027, with strict reporting requirements for the Small Business Administration.