1. Short title This Act may be cited as the Startup Opportunity Accelerator Act of 2017 or the SOAR Act . 2. Findings Congress finds that— (1) startups face common challenges as they seek to transform their ideas into successful, high-growth businesses; (2) incubators and accelerators are new models of growth that drive innovation by connecting entrepreneurial individuals and teams to create viable business ventures and social initiatives; (3) startups have contributed greatly to the United States economy, with research showing that between 1982 and 2011, businesses 5 years or younger were responsible for nearly every net new job created; (4) incubators and accelerators support promising startups through partnerships, mentoring, and resources connecting them with seasoned entrepreneurs; (5) the goal of an incubator or an accelerator is to help create and grow young businesses by providing them with necessary financial, technical, and industry support and financial and technical services; and (6) startups offer unique opportunities for growth and development for women, minority, and veterans to become successful entrepreneurs and leaders in new and developed fields. 3. Funding for organizations that support startup businesses The Small Business Act ( 15 U.S.C. 631 et seq.) is amended— (1) by redesignating section 47 ( 15 U.S.C. 631 note) as section 48; and (2) by inserting after section 46 the following: 47. Funding for organizations that support startup businesses (a) Definitions In this section— (1) the term accelerator means an organization that— (A) frequently provides, but is not exclusively designed to provide, seed investment in exchange for a small amount of equity; (B) works with a startup for a predetermined amount of time; (C) provides mentorship and instruction to scale businesses; or (D) offers startup capital or the opportunity to raise capital from outside investors