MN SF3014

Creates the Minnesota Science and Technology Authority as a new state agency comprised of five commissioners (employment and economic development, management and budget, revenue, commerce, and agriculture) effective July 1, 2010.

Authority coordinates federal funding procurement for research and development, promotes technology matchmaking between Minnesota businesses and suppliers, and provides commercialization assistance to firms receiving Small Business Innovation Research (SBIR) awards.

Establishes a 17-member Science and Technology Initiative Advisory Commission with representatives from universities, Mayo Clinic, technology companies, organized labor, venture capital, and angel investors to develop a comprehensive science and technology economic development plan by January 15, 2011.

Authority must review proposed project financing for grants over $50,000 and approve within 30 days; grants of $50,000 or less may be authorized by the executive director, with determinations documented by resolution and not made arbitrarily.

Repeals the former Office of Science and Technology (Minnesota Statutes section 116J.657) and transfers its functions to the new Authority; all sections effective July 1, 2010.