08/12/18

New Bill Aims to Protect Small Businesses

According to the SBA’s 2018 Small Business Profile, there are more than 30 million small businesses in America and they employee about 59 million people. When you break it down, 99.9% of businesses in this country are of the smallish variety.

In other words—anything that benefits small businesses will have a major impact on our nation. And H.R. 2655, a bill introduced by Rep. Dwight Evans of Pennsylvania, aims to do just that.

Known as the Small Business Innovation Protection Act, H.R. 2655 would bring the SBA into a partnership with the Under Secretary of Commerce for Intellectual Property and Director of the U.S. Patent and Trademark Office.

The goal of this superteam: to protect your great ideas.

First off, these organizations would develop robust training for small businesses that covers domestic and international protections for intellectual property. Specifically, it would provide instruction on how to incorporate these protections into business plans and growth strategies. In other words, how to balance the need to bring your innovations to the market as quickly as possible with the importance of keeping it safe from sketchy individuals who’d try to make it their own.

There are already training materials available on some of these topics, and H.R. 2655 would leverage them to provide more comprehensive support to small businesses. All the training would be made available through electronic methods, such as webinars, and at physical locations, such as regional locations of the Small Business Development Center or U.S. Patent and Trademark Office.

“The bill would leverage existing resources at the SBA and the USPTO to better assist small-business owners and expand the agencies’ outreach efforts to provide small businesses with the resources they need to address intellectual property issues,” said House Small Business Committee Chairman Rep. Steve Chabot.

The SBA is already helping to fund similar programs for the Small Business Development Center, so this is just taking it to the next level. And the recipients of these efforts will be the millions of small business owners in America. People who contribute so much to the economy, yet are sometimes deprived of the resources and safeguards that larger corporations enjoy.

In case you’re wondering about the cost of all this, reports suggest that H.R. 2655 is more about correlation than expenses. After all, much of the training already exists. So the Congressional Budget Office has estimated that the costs of implementation wouldn’t be significant.

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About the author

Grant Olsen
Grant Olsen
Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.

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