Full Text of SB3179 93rd General Assembly
SB3179 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 SB3179
Introduced 2/6/2004, by Ira I. Silverstein SYNOPSIS AS INTRODUCED: |
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Amends the Technology Advancement and Development Act. Makes a technical change in a Section relating to technology enterprise center requirements.
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A BILL FOR
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SB3179 |
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LRB093 19032 RCE 44767 b |
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| AN ACT concerning economic development.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Technology Advancement and Development Act | 5 |
| is amended by changing Section 3004.5 as follows:
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| (20 ILCS 700/3004.5)
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| Sec. 3004.5. Illinois Technology Enterprise Centers | 8 |
| Requirements.
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| (a) The Department may , subject to available appropriated | 10 |
| funds, working
with the Illinois Coalition,
may establish one | 11 |
| or more regional technology enterprise development centers | 12 |
| whose
mission is to assist
entrepreneurs, innovators, and | 13 |
| start-up firms in high-growth, high technology
sectors in | 14 |
| furthering the
technical or managerial skills of owners; aid | 15 |
| the ventures in locating
financing; and help new companies
with | 16 |
| product development and marketing in support of new venture | 17 |
| formation
within the State.
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| (b) The Department may provide grants or may provide cost | 19 |
| share or
reimbursements pursuant to
this Section to support the | 20 |
| operation of technology enterprise development
centers. Grants | 21 |
| awarded
pursuant to this Article may be used to help subsidize | 22 |
| expenses, as approved by
the Department, for
revolving funds, | 23 |
| personnel, support costs, capital improvements, equipment,
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| contractual services,
commodities, including telecommunication | 25 |
| or other costs.
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| (c) Technology enterprise development centers may provide | 27 |
| crucial business
information at
affordable prices for firms | 28 |
| that are developing early-stage,
technology-oriented | 29 |
| manufacturing including
(i) general or short-term assistance, | 30 |
| general outreach, feasibility studies for
new venture | 31 |
| formation, and
research assistance for new venture creation; | 32 |
| (ii) innovation evaluation and
market research to evaluate
the |
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SB3179 |
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LRB093 19032 RCE 44767 b |
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| viability of technology, product, or service or the market | 2 |
| potential of
technology, product, or service; (iii)
technical | 3 |
| assistance related to management and operations and strategic
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| partnering
and assistance in the
implementation of strategic | 5 |
| manufacturing and marketing alliances; and (iv)
service in | 6 |
| locating new
technologies or technological solutions.
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| (d) Technology enterprise development centers may provide | 8 |
| financial services
that include (i)
financial packaging to | 9 |
| enhance proposals and make companies more competitive
for | 10 |
| federal or private
funding; (ii) access to private investor | 11 |
| capital through venture capital
events and regional venture | 12 |
| capital
networking programs; and (iii) management of local | 13 |
| for-profit or limited profit
seed capital funds.
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| (e) Technology enterprise development centers may address | 15 |
| local shortfalls
of
capital to
commercialize new technology by | 16 |
| providing pre-seed financing to start-up,
technology-based | 17 |
| businesses.
Financing options could include micro-loans, small | 18 |
| grants, and equity
investment capital for seed funding,
product | 19 |
| commercialization and prototype development, and commercial
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| introduction and marketing.
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| (f) The Department may provide grant funds made available | 22 |
| to support
professional development
and capacity building of | 23 |
| the technology enterprise development centers within
the State | 24 |
| as may be
required for the administration, operations, | 25 |
| research, analysis, or training of
the centers.
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| (g) In determining which applicants shall be awarded a | 27 |
| grant, the Department
shall conduct an
evaluation of prior | 28 |
| compliance with loan or grant awards; the relationship of
a | 29 |
| proposed project to the
State's future economic growth; the | 30 |
| qualifications and expertise of
organizations undertaking the | 31 |
| effort; the
applicant's understanding of the requirements and | 32 |
| needs of entrepreneurs,
innovators, and start-up firms in
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| high-growth, high technology sectors; the potential of the | 34 |
| applicant's project
to provide an economic benefit
of the | 35 |
| State; and the likelihood that the project has a potential for | 36 |
| creating
new ventures in the State.
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LRB093 19032 RCE 44767 b |
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| (h) The Director of the Department shall determine the | 2 |
| level of the grant
award and shall determine
the share of total | 3 |
| directly attributable costs of the project that may be
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| considered for funding under this
Article.
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| (Source: P.A. 91-476, eff. 8-11-99.)
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