Small business innovation research-matching funds.

2015
STATE OF WYOMING
15LSO-0391
ENGROSSED
3.1

SENATE FILE

NO.
SF0138

Small business innovation research-matching funds.

Sponsored by:
Senator(s) Rothfuss, Coe, Cooper and Von Flatern and Representative(s) Byrd and Krone

A BILL

for

AN ACT relating to economic development; creating the small business innovation research matching funds program; providing for administration of the program; providing eligibility requirements under the program; providing for repayment of funds awarded under the program as specified; creating the small business innovation research matching funds account; providing rulemaking authority; providing for an appropriation; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 9
‑
1
2
‑
14
0
1
and 9
‑
12
‑
14
02

are
created to read:

ARTICLE 14
SMALL BUSINESS INNOVATION RESEARCH

9
‑
12
‑
14
0
1
.

Small business innovation research matching funds program;
eligibility;
rulemaking authority
.

(a)

There is created the Wyoming small business
innovation
research matching funds program. The program shall match federal funds approved for Wyoming technology

based companies by the University of Wyoming research office as provided herein. The program shall be administered b
y the Wyoming business council in consultation with
the

University of Wyoming research office
.

(b)

To be eligible to receive funding under the program, an entity shall:

(i)

Be
h
eadquartered in Wyoming and organized under the laws of the state of Wyoming;

(ii)

Maintain a meaningfu
l nexus to the state of Wyoming, including
after commercialization of
a product,
concept, design or any other market
able
asset developed with the assistance of funds from this program;

(i
i
i)

Have received funding under the federal small business
innovation
research and small business technology transfer programs
through the University of Wyoming research office
;

(iv)

Propose a product, concept, design or any other marketable asset which has a probability of providing an economic return to the state of Wyoming through creation of jobs, expanded tax base and diversification of the state’s economy;

(
v
)

Agree to provide a report to the Wyoming business council on or before July 1 of each year
in the following manner:

(A)

Prior to commercialization, the entity shall report
on the progress of the entity to
commercialize
a product, concept, design or any other market
able
asset developed with the assistance of funds from this program
;

(B)

If any entity
commerciali
zes a product, concept, design or any other marketable asset
,
and continues to market the product, concept or design or asset,
the entity shall report for up to ten (10) years on:

(I)

The number of jobs the entity has created;

(II)

A salary range per job;

(III)

The taxable assets of the entity; and

(IV)

All revenues from sales of
the
product, concept, design or any other market
able
asset of the entity.

(v
i
)

Comply with the requirements of rules and regulations deve
loped pursuant to this section
.

(c)

Matching funds shall be awarded to
recipient
s as determined by
the
Wyoming business council in an amount not to exceed:

(i)

For a recipient of a phase I award, a match up to one hundred percent (100%) of the award, not to exceed one hundred thousand dollars ($100,000.00);

(ii)

For a recipient of a phase I
I
award, a match up to twenty
‑
five percent (25%) of the award, not to exceed two hundred fifty thousand dollars ($250,000.00). Matching funds under this section shall be
awarded to the recipient as soon as practicable after approval of the matching fund application
.

(d)

An
entity shall repay all
matching funds awarded under this section if:

(i)

The entity commercializes a product, concept, design or any other market
able
asset developed with the assistance of funds from this program; and

(ii)

The entity fails to maintain a significant nexus with the state of Wyoming within ten (10) years of commercializing a product, concept, design or any other market
able
asset developed with the assistance of funds
from this program
and continues
to market
the product, concept,
design
or asset
.

(
e
)

The Wyoming business council
in consultation with
the University of Wyoming research office shall promulgate rules necessary to carry out the provisions of this section and W.S. 9
‑
12
‑
1402
. Rules and regulations under this section
shall include but not be limited to:

(i)

Application procedures;

(ii)

The number
and amount
of matching funds
available for award in any
fiscal year;

(ii
i
)

Timing of issuance
of
matching funds
awarded
;

(iv
)

Eligibility requirements under the matching fund program as specified in
subsection (b) of this section
;

(v)

Provide for repayment
of matching funds under this section as provided in subsection (d) of this section;

(vi)

Provide for product
,

concept, design or asset
review and requirements under the progr
am consistent with this section.

(f)

Not later than
October 15
, 2018 and every
October 15
thereafter, the
Wyoming business council and the University of Wyoming research office shall report to the joint minerals, business and economic development interim committee concerning the program. The report shall include:

(i)

A yearly
and total summary of the number and amounts of matching funds awarded under the program;

(ii)

A description of an
entity and a
product, concept, design or any other marketable asset developed which was commercialized with the assistance of funds from this program within the prior five (5) years;

(iii)

The realized economic impact of the program on the state, including jobs created, salary range per job created and potential impact to the local community.

(g)

As use
d in this section,
"
commercialization
"

means the creation
by an entity
of commercial processes, products, and services derived in whole or in part from research undertaken with matching funds awarded under this section, which results in realized revenues to the entity of at least three (3) times the matching funds awarded under this section.

9
‑
12
‑
14
02
.

Small business innovation research matching funds account.

There is created the Wyoming small business
innovation
research matching funds program account. Funds shall be credited to the account as provided by law. Funds in the account are continuously appropriated to the Wyoming business council to be used only for matching fund awards authorized to be made under W.S. 9
‑
12
‑
2
01.

Section
2
.

There is appropriated
all unexpended, unobligated and unencumbered funds from

the
Wyoming business council science, technology and
energy
authority account as
of the effective date of this act to the Wyoming small business innovation research matching funds program
account
.

Section
3
.

This
act is effective July 1,
2015
.

(END)

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SF0138