National Innovation Act--Commerce Provisions - Directs the President to establish the: (1) President's Council on Innovation; and (2) Innovation Acceleration Grants Program to support and promote innovation in the United States.
Requires the National Science Foundation (NSF) to: (1) submit a multiyear plan that describes how the funds authorized by this Act for doubling research funding shall be used; (2) study how the federal government should support the new discipline of service science; (3) expand the Graduate Research Fellowship Program and the Integrative Graduate Education and Research Traineeship Program; (4) establish a clearinghouse for sharing program elements used in successful professional science master's degree programs; (5) award grants for pilot programs to four-year institutions of higher education to facilitate the creation or improvement of such programs; and (6) award grants to local educational agencies to enable implementation of innovation-based experiential learning.
Requires the Office of Science and Technology Policy to submit recommendations for an increase in funding for research and development in physical sciences and engineering.
Requires the Department of Commerce to: (1) review federal programs that support local economic development and implement a strategy to fund initiatives that improve the ability of communities to participate successfully in the modern economy through innovation; (2) promote economic development opportunities for serving local communities as specified; and (3) coordinate activities focused on promoting innovation through development of regional innovation hot spots.
Requires the National Institute of Standards and Technology to support research and development for advanced manufacturing systems designed to increase productivity and efficiency and to create competitive advantages for U.S. businesses.
Requires the Director of the NSF to conduct a study regarding how the federal government should support, through research, education, and training, the new discipline of service science.