MN HF3023

Commissioner of Employment and Economic Development develops and implements an innovation voucher pilot program to provide financing to small businesses for technical assistance and services from public higher education institutions and nonprofit entities.

Eligible businesses may use funds to access research, technical development, product development, commercialization, technology exploration, and improved business practices.

Businesses must enter into an agreement with the commissioner listing proposed services, service providers, and deliverable outcomes in research and development, business model development, market feasibility, operations, or other commissioner-determined areas.

Small business defined as a business with fewer than 25 employees, with maximum voucher award of $25,000 per business.

$750,000 appropriated from the general fund in fiscal year 2015 for the program as a onetime appropriation available until expended.