Press Release

Wealth Building Process of Tech Transfer Revealed & Supported Within Minority Communities

For Immediate Release
November 26, 2018

Today, the U.S. Department of Commerce, Minority Business Development Agency (MBDA) announced the launch of a 5-city tour to inform minorities about the opportunity to build wealth and create jobs using technology invented in Federal Government laboratories. Starting in Atlanta, December 6-7, The InVision Tour will make stops in Houston, San Francisco, New York City; and Miami between now and May 2019.

Two-thirds of the most influential technologies of the past 50 years—smartphones, autonomous vehicles, personalized medicine, GPS, and others—were made possible with key components resulting from federally funded research and development (R&D) at national laboratories and universities. Unlike corporations and large businesses, small business owners and inventors rarely have the resources to fund R&D or product development from scratch. To make matters worse, legislation places a priority on minority and small business access to federal technology, but research has shown that due to unawareness, they apply for these resources at much lower rates than their non-minority counterparts do.

The MBDA InVision Tour is about to change that by delivering fast-paced and informative workshops between now and June 2019. The program includes introductions and the opportunity to engage with laboratory and technology transfer officials; potential for cooperative research and development agreements with university and federal researchers; and information on how to locate and gain access to the funding, facilities, patents, and equipment that federal laboratories have to offer. By bringing tech transfer awareness to these communities, we expand the opportunity for equal access to new technologies for the purpose of commercialization, and ultimately job creation.

The InVision Tour, a collaborative effort between MBDA and the National Institutes of Standards & Technology bridges the gap between African Americans, American Indian/Alaska Natives, Asians, Hispanics, Native Hawaiian/Pacific Islanders and federal technology transfer. By bringing awareness to these communities maximizes the taxpayer return on investment from the $150 billion the government spends on research each year.

About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses through the mobilization and advancement of public and private sector programs, policy, and research. Our services provide greater access to capital, contracts, and markets and better equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally.