Strengthening Our Economy Through Small Business Innovation Act of 2008 - Amends the Small Business Act to extend: (1) the Small Business Innovation Research (SBIR) program through FY2022; and (2) the Small Business Technology Transfer (STTR) program through FY2023.
Increases, for FY2009 and thereafter, the percentage allocation of a federal agency's annual extramural research and development budget that may be allocated to SBIR and STTR programs.
Increases, for both the SBIR and STTR programs, the individual small business award levels for program participation at phase one and two levels.
Includes energy, security, transportation, and water related research topics as "special consideration" SBIR research topics.
Directs the Secretary of Defense to terminate the Airborne Laser program.