HF 3023

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

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 begin INNOVATION VOUCHER PILOT PROGRAM.
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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.
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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.
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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:
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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
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new text begin (2) deliverable outcomes in one of the following areas:
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new text begin (i) research and development;
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new text begin (ii) business model development;
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new text begin (iii) market feasibility;
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new text begin (iv) operations; or
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new text begin (v) other outcomes determined by the commissioner.
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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.
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new text begin (d) For the purposes of this section, a small business means a business with fewer
than 25 employees.
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new text begin (e) A voucher award must not exceed $25,000 per business.
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Sec. 2. new text begin APPROPRIATION; INNOVATION VOUCHER PILOT PROGRAM.
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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.
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