The SBIR/STTR Innovation Workforce Act amends the Small Business Act to empower federal agencies to provide grants or awards to small business concerns. These businesses, having previously secured a Phase II SBIR or STTR award, would then establish fellowship and internship opportunities. These programs are intended for individuals at the undergraduate, baccalaureate, graduate, and postdoctoral levels in fields critical to the respective federal agency, thereby fostering a skilled workforce. A key provision of this legislation requires federal agencies to implement enhanced outreach efforts. This outreach specifically aims to boost the participation of women, socially disadvantaged individuals, and economically disadvantaged individuals in the fellowship and internship programs. Agencies are also permitted to collaborate with or fund nonprofit third-party organizations with relevant expertise to support and facilitate these outreach initiatives. Funding for these fellowships will be sourced from existing SBIR/STTR program allocations.