(20 ILCS 700/3004.5)
Sec. 3004.5.
Illinois Technology Enterprise Centers Requirements.
(a) The Department may, subject to available appropriated funds, working
with the Illinois Coalition,
establish one or more regional technology enterprise development centers whose
mission is to assist
entrepreneurs, innovators, and start-up firms in high-growth, high technology
sectors in furthering the
technical or managerial skills of owners; aid the ventures in locating
financing; and help new companies
with product development and marketing in support of new venture formation
within the State.
(b) The Department may provide grants or may provide cost share or
reimbursements pursuant to
this Section to support the operation of technology enterprise development
centers. Grants awarded
pursuant to this Article may be used to help subsidize expenses, as approved by
the Department, for
revolving funds, personnel, support costs, capital improvements, equipment,
contractual services,
commodities, including telecommunication or other costs.
(c) Technology enterprise development centers may provide crucial business
information at
affordable prices for firms that are developing early-stage,
technology-oriented manufacturing including
(i) general or short-term assistance, general outreach, feasibility studies for
new venture formation, and
research assistance for new venture creation; (ii) innovation evaluation and
market research to evaluate
the viability of technology, product, or service or the market potential of
technology, product, or service; (iii)
technical assistance related to management and operations and strategic
partnering
and assistance in the
implementation of strategic manufacturing and marketing alliances; and (iv)
service in locating new
technologies or technological solutions.
(d) Technology enterprise development centers may provide financial services
that include (i)
financial packaging to enhance proposals and make companies more competitive
for federal or private
funding; (ii) access to private investor capital through venture capital
events and regional venture capital
networking programs; and (iii) management of local for-profit or limited profit
seed capital funds.
(e) Technology enterprise development centers may address local shortfalls
of
capital to
commercialize new technology by providing pre-seed financing to start-up,
technology-based businesses.
Financing options could include micro-loans, small grants, and equity
investment capital for seed funding,
product commercialization and prototype development, and commercial
introduction and marketing.
(f) The Department may provide grant funds made available to support
professional development
and capacity building of the technology enterprise development centers within
the State as may be
required for the administration, operations, research, analysis, or training of
the centers.
(g) In determining which applicants shall be awarded a grant, the Department
shall conduct an
evaluation of prior compliance with loan or grant awards; the relationship of
a proposed project to the
State's future economic growth; the qualifications and expertise of
organizations undertaking the effort; the
applicant's understanding of the requirements and needs of entrepreneurs,
innovators, and start-up firms in
high-growth, high technology sectors; the potential of the applicant's project
to provide an economic benefit
of the State; and the likelihood that the project has a potential for creating
new ventures in the State.
(h) The Director of the Department shall determine the level of the grant
award and shall determine
the share of total directly attributable costs of the project that may be
considered for funding under this
Article.
(Source: P.A. 91-476, eff. 8-11-99.)
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