Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America's 33 million small businesses and startups in President Joe Biden's Cabinet, announced the establishment of two new federal advisory committees, the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) and the Investment Capital Advisory Committee (ICAC), to accelerate support for startups driving critical innovation across the U.S. and increase small businesses' access to patient capital.

SBA Administrator Guzman Announces 2 Federal Advisory Committees to Accelerate American Innovation and Access to Capital for Small Businesses and Startups
Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), announced the establishment of two new federal advisory committees to accelerate support for startups driving critical innovation across the U.S. and increase small businesses' access to patient capital. U.S. Small Business Administration

"The Biden-Harris Administration recognizes that innovation and entrepreneurship are big driving forces of America's historic economic boom and will play key roles in our nation's transition to stable and steady economic growth and prosperity," said Administrator Guzman. "These new advisory committees will help us gain valuable insights into not only how the SBA can improve programs and policies to strengthen the innovation ecosystem across the nation, but also how the agency can better serve our customers while accelerating the flow of patient private and public capital to innovative startups and small businesses."

The advisory committees will consist of members with a diverse set of perspectives, experiences, and occupational backgrounds to provide advice and recommendations to the SBA on policy and programs. The IIEAC will focus on innovation commercialization, lab-to-market translation, and constructing a more equitable, inclusive federal innovation ecosystem.

The ICAC will be geared toward developing a more inclusive investment ecosystem for small businesses and domestic private funds committing capital to small businesses with an emphasis on access to patient investment capital and affordable private long-term loans.

According to SBA Atlantic Regional Administrator Marlene Cintron, who oversees the federal agency's operation throughout New York, New Jersey, Puerto Rico and the U.S. Virgin Island, the SBA is actively seeking nominations from members of the public.

"One of the SBA's top priorities is to provide local and community main street small businesses and innovative startups with access to critical patient capital and R&D funds to advance innovation and support the small businesses located across communities in every corner of our country. The SBA is seeking input from entrepreneurs from all backgrounds to make our federal programs even more of a success, and to be able to adapt our offerings to meet the needs of small business owners recovering from the COVID pandemic. The opinions of small business owners in these new federal advisory committees will foster dialogue and identify opportunities to accelerate and diversify SBA's support for innovative startups and small businesses," Cintron said before identifying pre-requisites for nominations for both boards.

The Requirements for Nominations to the IIEAC Include:

  • Former or current small business owner;
  • Community leader;
  • Official from a small business trade association or academic institution;
  • Member of the innovation community.

The Requirements for Nominations to the ICAC Include:

  • Former or current small business owner;
  • Community leader;
  • Official from a trade association or investment institution;
  • Member of the investment community.

"The foundation of our support for innovation is the Small Business Innovation Research (SBIR) program which, for 40 years, has served as America's Seed Fund, providing startups with the R&D funding necessary to pursue big ideas. Since 1958, the Small Business Investment Company (SBIC) works with private equity and private credit funds to accelerate the flow of patient capital and long-term loans to small businesses old and new across industries and geographies," said Bailey DeVries, Associate Administrator, SBA Office of Investment and Innovation. "The federal innovation ecosystem is what provides resources to innovators with the big ideas of today that will become the cutting-edge businesses of tomorrow."

Nominees should send a letter of self-nomination or a letter of nomination from a peer, professional organization, society, or member of Congress. The letter should highlight accomplishments and experience working with small businesses in relevant subject matter areas relating to innovation and investment. Along with the Nominee Information Form and resume, nominees should include the following:

  • Full name of nominee
  • Occupation
  • Physical address
  • Telephone number
  • Email address

For issues or questions with either FAC application, please email IIEAC@sba.gov (for concerns regarding IIEAC) or ICAC@sba.gov (for concerns regarding ICAC).