Small Business Innovation Voucher Act of 2023

The Small Business Innovation Voucher Act of 2023 establishes a grant program (the Innovation Voucher Grant Program) that provides small businesses with funds to purchase technical assistance and services from eligible entities like universities or research labs. It directly affects small businesses, particularly those in underserved markets (including rural areas, HUBZones, or owned by veterans, women, or socially disadvantaged individuals), by offering grants of $15,000-$75,000 to cover 50-75% of costs for developing new products or services. The bill requires 40% of annual funding to target underserved businesses or regions historically lacking federal R&D support, with mandatory reporting on project outcomes and program impact. This creates a structured mechanism for small businesses to access research expertise and advance innovation without requiring new infrastructure.