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HF 3023

as introduced - 88th Legislature (2013 - 2014) Posted on 03/13/2014 02:41pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/13/2014

Current Version - as introduced

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A bill for an act
relating to economic development; creating an innovation voucher pilot program;
encouraging business growth and expansion; appropriating money.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text beginINNOVATION VOUCHER PILOT PROGRAM.
new text end

new text begin (a) The commissioner of employment and economic development shall develop and
implement an innovation voucher pilot program to provide financing to small businesses
to purchase technical assistance and services from public higher education institutions
and nonprofit entities to assist in the development or commercialization of innovative
new products or services.
new text end

new text begin (b) Funds available under this section may be used by a small business to access
technical assistance and other services including, but not limited to: research, technical
development, product development, commercialization, technology exploration, and
improved business practices.
new text end

new text begin (c) To be eligible for a voucher under this section, a business must enter into an
agreement with the commissioner that includes:
new text end

new text begin (1) a list of the technical assistance and services the business proposes to purchase
and from whom the services will be purchased; and
new text end

new text begin (2) deliverable outcomes in one of the following areas:
new text end

new text begin (i) research and development;
new text end

new text begin (ii) business model development;
new text end

new text begin (iii) market feasibility;
new text end

new text begin (iv) operations; or
new text end

new text begin (v) other outcomes determined by the commissioner.
new text end

new text begin As part of the agreement, the commissioner must approve the technical assistance and
services to be purchased, and the entities from which the services or technical assistance
will be purchased.
new text end

new text begin (d) For the purposes of this section, a small business means a business with fewer
than 25 employees.
new text end

new text begin (e) A voucher award must not exceed $25,000 per business.
new text end

Sec. 2. new text beginAPPROPRIATION; INNOVATION VOUCHER PILOT PROGRAM.
new text end

new text begin $750,000 in fiscal year 2015 is appropriated from the general fund to the
commissioner of employment and economic development for the innovation voucher pilot
program. This is a onetime appropriation and is available until expended.
new text end