Small Business Innovation Enhancement Act of 2011 - Amends the Small Business Act to increase from 2.5% to 5% the amount that each federal agency with an extramural research and development budget in excess of $100 million must spend specifically in connection with Small Business Innovation Research (SBIR) programs provided through the Small Business Administration (SBA).
Directs the SBA Administrator to modify SBIR policy directives to provide for an increase to $200,000 the amount which an agency may award in the first phase of an SBIR program, and to $1.5 million the amount for the second phase, with an adjustment of such amounts once every five years to reflect economic adjustments and programmatic considerations.
Increases from 0.3% to 0.6% the amount that each federal agency with an extramural research or research and development budget in excess of $1 billion must spend specifically in connection with the SBA's Small Business Technology Transfer (STTR) program.
Increases from $100,000 to $200,000, and from $750,000 to $1.5 million, respectively, the amounts which such agency may award in the first and second phases of STTR programs, with the same five-year adjustment as made under the SBIR program.