Cory Booker: “I rise today to introduce the Startup Opportunity Accelerator Act or SOAR Act, which provides funding for accelerator…”

“I rise today to introduce the Startup Opportunity Accelerator Act or SOAR Act, which provides funding for accelerator programs and organizations that support small business startups. The importance of small businesses to the economy and job creation is well documented. In fact, data has shown the innovative, smallest companies represent a significant majority of all new businesses, reaffirming the importance of young, small firms to driving small business and economic growth. To be sure, we see the impact of these high growth startups daily in the technology we rely on for communication and access to information. Many of the startups developing these innovative technologies have thrived in regions, such as Silicon Valley and Silicon Alley, where there are high concentrations of other entrepreneurs and startups. Specifically, these regions have benefited from the presence of growth accelerators and other organizations that connect startups with the resources necessary for growth. These resources can provide critical opportunities for entrepreneurs to access the venture capital, mentorship, and industry networks vital to success. That is why I am introducing the SOAR Act. The SOAR Act would authorize the Small Business Administration's SBA, Growth Accelerator Fund, which offers funding to growth accelerators and other organizations supporting startups through a competitive prize program.…”