American Innovators and Entrepreneurs Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Innovators and 
Entrepreneurs Act''.

SEC. 2. NATIONAL SCIENCE FOUNDATION'S INNOVATION CORPS.

    The National Science Foundation Authorization Act of 2010 (Public 
Law 111-358; 124 Stat. 4005) is amended by adding at the end the 
following:

``SEC. 528. INNOVATION CORPS.

    ``(a) Finding.--Congress finds the following:
            ``(1) The National Science Foundation's Innovation Corps 
        (referred to in this section as the `I-Corps') was established 
        by Executive authority to foster a national innovation 
        ecosystem by encouraging institutions, scientists, engineers, 
        and entrepreneurs to identify and explore the innovation and 
        commercial potential of Foundation-funded research well beyond 
        the laboratory.
            ``(2) The I-Corps includes investments in entrepreneurship 
        and commercialization education, training, and mentoring, 
        ultimately leading to the practical deployment of technologies, 
        products, processes, and services that improve the Nation's 
        competitiveness, promote economic growth, and benefit society.
            ``(3) By building networks of entrepreneurs, educators, 
        mentors, institutions, and collaborations, and supporting 
        specialized education and training, I-Corps is at the leading 
        edge of a strong, lasting foundation for an American innovation 
        ecosystem.
            ``(4) By translating federally funded research to a 
        commercial stage more quickly and efficiently, programs like 
        the I-Corps create new jobs and companies, help solve societal 
        problems, and provide taxpayers with a greater return on their 
        investment in research.
            ``(5) The I-Corps program model has a strong record of 
        success that should be replicated at all Federal research 
        agencies.
            ``(6) Federal funding of Nodes, Sites, Teams, and 
        leadership and control of curriculum by the National Science 
        Foundation and other participating agencies are essential parts 
        of the I-Corps program.
            ``(7) The success of the I-Corps program requires 
        opportunities for both on-line and in-person access to the I-
        Corps curriculum.
    ``(b) Definitions.--In this section:
            ``(1) Node.--The term `Node' means a center for 
        entrepreneurial education that--
                    ``(A) supports regional and national needs for 
                innovation education, infrastructure, and research; and
                    ``(B) serves as a location for delivery of the I-
                Corps curriculum.
            ``(2) Site.--The term `Site' means a center for 
        entrepreneurial education that supports local and regional 
        needs for innovation education, infrastructure, and research.
            ``(3) Team.--The term `Team' means a group of 3 or more 
        people receiving I-Corps funding that includes--
                    ``(A) at least one undergraduate student, graduate 
                student, or postdoctoral fellow;
                    ``(B) at least one professor or research scientist; 
                and
                    ``(C) at least one person experienced in 
                commercialization or business, to act as a mentor to 
                the Team.
    ``(c) Authorization of I-Corps.--
            ``(1) In general.--The Director shall--
                    ``(A) carry out an I-Corps program to award grants 
                for entrepreneurship and commercialization education to 
                science and engineering researchers and students and 
                institutions of higher education to increase the 
                economic and social impact of federally funded 
                research; and
                    ``(B) develop and provide access through Nodes, 
                Sites, and Teams to I-Corps program curriculum by 
                supporting entrepreneurship and commercialization 
                education and training for faculty, students, 
                postdoctoral fellows, and other science and engineering 
                researchers.
            ``(2) Grant purpose.--Grants awarded under this section 
        shall increase the capacity of science and engineering 
        researchers and students to successfully engage in 
        entrepreneurial activities and to help transition the results 
        of federally funded research into the marketplace by--
                    ``(A) identifying science and engineering research 
                that can lead to the practical deployment of 
                technologies, products, processes, and services that 
                improve the Nation's economic competitiveness;
                    ``(B) bringing science and engineering researchers 
                and students together with entrepreneurs, venture 
                capitalists, and other industry representatives 
                experienced in commercialization of new technologies;
                    ``(C) supporting entrepreneurship and 
                commercialization education and training for faculty, 
                students, postdoctoral fellows, and other science and 
                engineering researchers; and
                    ``(D) promoting the development of regional and 
                national networks of innovation that include 
                entrepreneurs, venture capitalists, and other industry 
                representatives who can serve as mentors to researchers 
                and students at Foundation-funded institutions across 
                the United States.
            ``(3) Additional uses of grant funds.--A researcher, 
        student, or institution awarded a grant under this section may 
        use the grant funds to support--
                    ``(A) prototype and proof-of-concept development 
                for funded projects; and
                    ``(B) additional activities needed to build local, 
                regional, and national infrastructure for science and 
                engineering entrepreneurship.
            ``(4) Collaboration with small business innovation research 
        and small business technology transfer programs.--The Director 
        may work in collaboration with the Administrator of the Small 
        Business Administration and the heads of Federal agencies that 
        participate in the Small Business Innovation Research Program 
        and the Small Business Technology Transfer Program under 
        section 9 of the Small Business Act (15 U.S.C. 638) to provide 
        entrepreneurship and commercialization education to science and 
        engineering researchers and students and institutions of higher 
        education through the I-Corps program.
            ``(5) Other federal agencies.--
                    ``(A) In general.--The Director may establish 
                agreements with other Federal agencies--
                            ``(i) that fund scientific research to make 
                        researchers, students, and institutions funded 
                        by those agencies eligible to participate in 
                        the I-Corps program; or
                            ``(ii) to assist such agencies with the 
                        design and implementation of their own program 
                        that is similar to the I-Corps program.
                    ``(B) Partnership funding.--Each Federal agency 
                entering into an agreement with the Director, as 
                described in subparagraph (A), may (depending on the 
                agreement negotiated) be responsible for funding--
                            ``(i) the training of researchers and 
                        students they select to go through the I-Corps 
                        program; and
                            ``(ii) the Nodes and Sites the agency 
                        designates as regional and national 
                        infrastructure for science and engineering 
                        entrepreneurship.
    ``(d) I-Corps Curriculum Committee.--The Director, or the 
Director's designee, shall chair a curriculum committee--
            ``(1) consisting of program officers from Federal agencies 
        described in paragraphs (4) and (5) of subsection (c), I-Corps 
        program instructors, researchers educated by the I-Corps 
        program, and industry and academic representatives; and
            ``(2) that shall generate and update I-Corps program 
        curriculum and course material across subject areas and 
        maintain the integrity of the curriculum.
    ``(e) Team Selection.--Team selection shall be managed by relevant 
program officers at the Federal agency funding the Team.
    ``(f) Reporting.--The Director shall submit a biennial report on I-
Corps program efficacy to the Committee on Commerce, Science, and 
Transportation of the Senate and the Committee on Science, Space, and 
Technology of the House of Representatives. Such report shall include 
metrics on the effectiveness of the program and demographic information 
of Teams being educated by the program. Each Federal agency 
participating in the I-Corps program shall contribute to each such 
report.
    ``(g) State and Local Partnerships.--The Director may engage in 
partnerships with State and local governments, economic development 
organizations, and nonprofit organizations to provide access to Nodes, 
Sites, and the I-Corps program curriculum to support entrepreneurship 
and commercialization education and training for faculty, students, 
postdoctoral fellows, and other science and engineering professionals 
as described under this section.
    ``(h) Authorization of Appropriations.--There are authorized to be 
appropriated to the Foundation to carry out this section--
            ``(1) $35,000,000 for fiscal year 2017;
            ``(2) $40,000,000 for fiscal year 2018; and
            ``(3) $45,000,000 for each of fiscal years 2019 and 
        2020.''.

SEC. 3. INCREASE AND STREAMLINE RECOVERY OF UNCLAIMED ASSETS OWED TO 
              THE UNITED STATES.

    Section 3711 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(j)(1) The Secretary of the Treasury (referred to in this 
subsection as the ``Secretary'') may locate and recover assets of the 
United States Government on behalf of any executive, judicial, or 
legislative agency in accordance with such procedures as the Secretary 
considers appropriate.
    ``(2) Notwithstanding any other provision of law concerning the 
depositing or collection of Federal payments, including section 
3302(b), the Secretary may retain a portion of the amounts recovered 
under this subsection to cover the administrative and operational costs 
of the Secretary associated with locating and recovering assets of the 
United States Government.''.

Summary: American Innovators and Entrepreneurs Act This bill amends the National Science Foundation Authorization Act of 2010 to direct the National Science Foundation (NSF) to:   carry out an Innovation Corps (I-Corps) program to award grants for entrepreneurship and commercialization education to science and engineering researchers and students and institutions of higher education to increase the economic impact of federally funded research; and  develop and provide access through specified Nodes, Sites, and Teams to I-Corps program curriculum by supporting entrepreneurship and commercialization education and training for faculty, students, postdoctoral fellows, and other science and engineering researchers.   The purpose of grants shall be to increase the capacity of science and engineering researchers and students to engage successfully in entrepreneurial activities and to help transition the results of federally funded research into the marketplace.  The Treasury may:  locate and recover U.S. government assets on behalf of any executive, judicial, or legislative agency; and  retain a portion of recovered amounts to cover administrative and operational costs associated with locating and recovering those assets.