MI HB5099

Changes the commercialization board's authority from mandatory ("shall") to discretionary ("may") for awarding grants and recommending loans, convertible loans, equity investments, and warrants from the 21st century jobs trust fund.

Establishes two alternative processes the fund board may authorize: (a) awarding grants and recommending investments in competitive edge technologies through a request for proposals with peer review, or (b) recommending investments in qualified venture capital funds to establish accelerator funds for early-stage technology companies.

Requires applications to be evaluated based on scientific and technical merit, personnel expertise, commercial merit, ability to leverage additional funding, preference for economic diversification and job creation, and applicants must be Michigan institutions, nonprofits, or qualified businesses.

Limits grant and loan recipients to Michigan-based institutions and nonprofits (with exceptions for federal matching funds), restricts overhead to 15% maximum, and prohibits funds from being used for stadiums, casinos, or to induce businesses to leave Michigan.

Removes provisions requiring public hearings and notice to the legislature before the commercialization board establishes or changes programs, replacing mandatory notice procedures with discretionary authority.