ND HB1059

The North Dakota development fund, incorporated shall administer a technology award grant program providing matching grants to technology-based startup businesses.

Applicants must be North Dakota businesses at the startup stage, operate as primary sector businesses in the technology field, and have a legal structure established following comprehensive vetting and proof of concept development with intent to fund commitment from the corporation.

Recipients must provide detailed documentation of two dollars of nonstate angel fund investment matching funds for each dollar of state funds distributed, with matching funds required to be cash and not in-kind assets.

Individual award grants may not exceed $50,000, and each recipient may receive only one award under this program; grants are not classified as business incentives under chapter 54-60.1.

$500,000 is appropriated from the general fund to the North Dakota development fund, incorporated for technology award grants for the biennium beginning July 1, 2011, and ending June 30, 2013.