| Summary |
The bill creates the Colorado small business innovative research
matching money program (program) in the Colorado office of economic
development (office). The program provides businesses with money to
match money that a business received pursuant to a federal small business
innovative research (SBIR) program award or a federal small business
technology transfer (STTR) program award. To be eligible for an award
from the program, a business must be Colorado-based and must maintain
a meaningful nexus to the state for at least 3 years following the
commercialization of a service, product, concept, design, or other
marketable asset developed using money from the program. A business
must also agree to certain reporting requirements.
The office may award matching money in an amount up to 100%
of a phase I federal SBIR program or federal STTR program award, not
to exceed $100,000; or, up to 100% of a phase II federal SBIR program
or federal STTR program award, not to exceed $250,000. Matching
money comes from the Colorado small business innovative research
matching fund created in the bill. A business that receives money from
the program, commercializes a service, product, concept, design, or other
marketable asset using the money from the program, and then fails to
maintain a meaningful nexus to the state while continuing to market the
asset, is required to repay all matching money awarded by the program
plus interest.
The office is required to adopt policies for the program that
include eligibility requirements, application procedures, prioritization of
funding applications, the number of awards and amount of money
available for award in any fiscal year, timing of the issuance of money
awarded, provision for repayment of money awarded, the allowable use
of money awarded, requirements for additional nonstate public or private
financing, the conduct of research in the state, requirements for and
review of marketable assets, and provisions to ensure adequate
consideration to the state in exchange for the amount of money awarded
to a business.
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