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II. Proceedings, Opening Remarks
Pages 31-36

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From page 33...
... Specifically, he noted that: • New technologies and innovations generated by small companies are a source of new markets and high-growth industries; • Large returns to national economic capability can result from relatively small national investments in transitioning these new technologies to the market (a reality understood by economic competitors) ; and that • With appropriate policy support, promising innovations can become com mercial products that drive growth.
From page 34...
... In reality, venture capitalists themselves acknowledge that they have limited information about 1For a review of the literature on the information gaps between entrepreneurs and investors, see Joshua Lerner, "Evaluating the Small Business Innovation Research Program: A Literature Review," in National Research Council, The Small Business Innovation Research Program: An Assessment of the Department of Defense Fast Track Initiative, Charles W Wessner, ed., Washington, D.C.: National Academy Press, 2000.
From page 35...
... Partial government funding of this gap in the form of competitive awards for early-stage technology development can help innovative ideas reach the market, augmenting the nation's competitiveness and security. After this stage, funding can be provided by early-stage venture capital investments ($2 to 10 million)
From page 36...
... Focus of the Conference The day's conference focused on Phase III SBIR activities representing product commercialization, particularly in support of the missions of the Defense Department and NASA. Specifically, the conference would: • hear the views of small businesses, prime contractors, SBIR program of ficers, and government customers, • discuss features of the program that have worked during transitions from one SBIR phase to the next, and • identify and review features that need improvement.

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