Small Business Innovation Act of 1981

[AI summary unavailable — showing source text] Small Business Innovation Act of 1981- Title I: Amendments to the Small Business Act - Amends the Small Business Act to direct each Federal agency to target at least 15 percent of its research and development budget for prime contract awards, both direct and indirect, to small business concerns in each fiscal year. Requires that agencies achieve such target by increasing annually such awards by one percent, beginning in fiscal year 1981. Requires each Federal agency having a research and development budget of at least $100,000,000 to initiate and conduct a small business innovation research competitive solicitation program (SBIR) to stimulate technological innovation in the small business sector. Directs each such agency to award at least 50 percent of its annual target for prime contracts. Directs each agency to conduct its SBIR in accordance with regulations established by the Small Business Administration (SBA) with the advice of the National Science Foundation and the Office of Federal Procurement Policy. Requires these regulations to include: (1) specific categories of research and development projects to be reserved exclusively for small business; (2) a simplified standardize…