; (iii) identifies best practices for shortening the proposal review and award times under the SBIR and STTR programs; and (iv) analyzes the efficacy of the program established under subsection (hh)(3). . 5. Encouraging venture capital-owned program participants Section 9(dd) of the Small Business Act ( 15 U.S.C. 638(dd) ) is amended— (1) by striking paragraph (1) and inserting the following: (1) Authority The head of a Federal agency that participates in the SBIR program— (A) may award not more than 25 percent of the funds allocated for the SBIR program of the Federal agency to small business concerns that are owned in majority part by multiple venture capital operating companies, hedge funds, or private equity firms through competitive, merit-based procedures that are open to all eligible small business concerns; and (B) may not award any funds allocated for the SBIR program of the Federal agency to small business concerns owned by venture capital operating companies, hedge funds, or private equity firms whose owners do not have United States citizenship. ; (2) by striking paragraph (2); (3) by redesignating paragraphs (3) through (7) as paragraphs (2) through (6); and (4) in paragraph (2), as so redesignated— (A) in subparagraph (A), by striking and at the end; (B) in subparagraph (B), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (C) indicate if any of the venture capital operating companies, hedge fund, or private equity firm owners of the small business concern do not have United States citizenship. . 6. Phase III award education Section 9(r)(4) of the Small Business Act ( 15 U.S.C. 638(r)(4) ) is amended— (1) in subparagraph (A), by striking and at the end; (2) in subparagraph (B), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (C) train contracting officers in the execution of Phase III sole source award contracts. .