2003 Minnesota Statutes

     116J.885 Biomedical Innovation and Commercialization 
  Initiative. 

    Subdivision 1.    Established.  The commissioner of 
 employment and economic development shall establish the 
 Biomedical Innovation and Commercialization Initiative (BICI) as 
 a collaborative economic development initiative between the 
 University of Minnesota, Minnesota's medical technology 
 industry, and investors.  BICI is not a state agency.  

    The board established in subdivision 2 shall organize and 
 operate BICI as a for-profit entity and in a manner and form 
 that the board determines best allows BICI to carry out its 
 objectives.  Any distribution from BICI must be returned to all 
 investors, including the state, in the same proportion as funds 
 were contributed.  

    Subd. 2.    Board.  BICI is governed by a board of 
 directors, appointed to six-year terms, comprised of: 

    (1) a representative chosen by the governor; 

    (2) a representative chosen by the University of Minnesota; 
 and 

    (3) five representatives from the state's medical 
 technology industry, chosen by private sector investors. 

    The board may use up to five percent of its total 
 capitalization to establish a management and administrative 
 budget, including the hiring of staff and for professional 
 management expenses.  Members of the staff are not state 
 employees. 

    Subd. 3.    Duties of BICI.  BICI shall: 

    (1) add business and financial expertise to technologies 
 that are being developed by University of Minnesota faculty and 
 staff to enhance commercial value; 

    (2) promote the depth, breadth, and value of technologies 
 being developed by the biomedical academic community; 

    (3) catalyze the development of functional, mutually 
 advantageous relationships between industry, faculty, staff, the 
 university, and extended research community; 

    (4) provide a financial return on commercialization efforts 
 to the stakeholders in BICI; and 

    (5) directly commercialize technologies through the startup 
 of new Minnesota companies or enhance the marketing of 
 technologies to existing companies creating expanded economic 
 development opportunities. 

    Subd. 4.    Statewide focus.  BICI may contract and 
 collaborate with higher education and other research 
 institutions located throughout the state. 

    Subd. 5.    Powers of board.  The board has the power to 
 do all things reasonable and necessary to carry out the duties 
 of BICI including, without limitation, the power to: 

    (1) enter into contracts for goods and services with 
 individuals and private and public entities; 

    (2) sue and be sued; 

    (3) acquire, hold, lease, and transfer any interest in real 
 and personal property; 

    (4) accept appropriations, gifts, grants, and bequests; 

    (5) hire employees for BICI; and 

    (6) delegate any of its powers. 

    Subd. 6.    Board compensation.  Compensation and 
 expense reimbursement of board members is as provided in section 
 15.0575, subdivision 1. 

    HIST: 1Sp2001 c 5 art 19 s 1; 1Sp2003 c 4 s 1