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LB1044

Nebraska Business Innovation Act Updates

Last scannedAug 25, 2026, 3:18 AM

In one sentence

This law updates rules for giving money to Nebraska businesses and individuals who are creating new products or bringing them to market.

Requires the department to create a yearly plan by January 1 of each even-numbered year that sets selection criteria based on job growth, investment needs, and other economic factors.
Provides grants of up to $150,000 to help businesses with fewer than 500 employees or individuals build prototypes from research done in Nebraska.
Offers support programs including market assessments, marketing advice, business planning, mentor connections, and venture capital preparation for companies that already have a prototype ready to sell.
Sets aside at least $4 million but no more than $6 million each year specifically for the prototype program and another $4 million to $6 million for commercialization help.
Limits administrative costs to up to 5% of the total money appropriated under this act.

Nebraska businesses that employ no more than 500 people
Individuals in Nebraska who are developing new products or processes
The state department responsible for managing these financial assistance programs
Nonprofit organizations contracted by the state to help with venture development

The bill states it takes effect when passed and approved according to law.
Funding amounts depend on money being available in the state budget as intended by the Legislature.
Applicants must spend their grant money within 24 months of receiving it.

Plain language

Prototype: An early model or sample of a product built from research and development.
Commercializing: The process of preparing a new product to be sold in the market for profit.
Matching funds: Money that must come from non-state sources, such as private groups or other governments, to equal part of the state grant amount.

Official record

Source attached

Change provisions of the Business Innovation Act

Official activity