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Congress should create a Spurring Commercialization of Our Nation’s Research program that allocates 0.3 percent of agency research budgets to support university, state, and federal laboratory technology commercialization initiatives.

The current federal system for funding research pays too little attention to the commercialization of technology. Accordingly, Congress should establish an automatic set-aside program that takes a modest percentage of federal research budgets and allocate this to a technology commercialization fund. Specifically, Congress should allocate 0.3 percent of agency research budgets—about $250 million per year—to fund university, federal laboratory, and state government technology commercialization and innovation efforts. Half the funds would go to universities and federal laboratories that could use the funds to create a variety of initiatives, including mentoring programs for researcher entrepreneurs, student entrepreneurship clubs and entrepreneurship curriculum, industry outreach programs, seed grants for researchers to develop commercialization plans, etc. and the other half would go to match state technology-based economic development (TBED) programs.