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If Rep. Sam Graves, R-Mo. gets his bill passed, venture capital firms and venture capital-backed companies will qualify for more Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

Back in 2003, The Small Business Administration (SBA), limited VC participation because of its interpretation of what constitutes a “small business” and the National Venture Capital Association (NVCA), as well as the Biotechnology Industry Organization (BIO), has been lobbying for a new bill ever since.

According to AllBusiness, the bill has a shot this time around for several reasons:

• John Kerry no longer heads the Senate small business committee, which is where the bill last died. The committee is now chaired by Sen. Mary Landrieu, D-La. who’s co-sponsoring the Senate version of the measure with the committee’s ranking member Olympia J. Snowe, R-Maine;

• The new SBA Administrator, Karen Mills, is a former venture capitalist;

Finally, AllBusiness says:

“Obama sees himself as the technology and innovation president and is enamored with the venture capital industry. He’s apparently bought into high-minded arguments about the role venture capital plays in the development of new technologies and products.”

Enamored huh?

The Committee held a hearing on the bill last week and has scheduled a mark-up this week and will likely send it to the House floor in the next week or so.

The hearing was only open to the venture capital community…

Go VC!!!

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