Bill Would Boost Venture Capital-Owned Firms Rep. Sam Graves (R-MO) has introduced legislation to allow small companies that are majority-owned by venture capital firms to be eligible for federal small business programs. That has emerged as a contentious issue in some of the public hearings on SBA’s size standards. The biotechnology industry has taken the lead in arguing that companies should be allowed to apply for Small Business Innovation Research Program grants even if they are controlled by large venture capital investors. Graves calls his bill the Save America’s Biotechnology Innovative Research Act. “This change is essential for many small businesses that are trying to do big things,” he said in a statement. “It ensures that small businesses that need venture capital are not penalized.” Graves chairs the Small Business Subcommittee on Rural Enterprises, Technology and Agriculture.