SB 1426 Summary

• Expands the goals of the Oklahoma Science and Technology Research and Development Act to include creating public-private partnerships for development, expansion, and retention of technology-oriented enterprises in Oklahoma.

• Adds new mission and purposes to the Oklahoma Institute of Technology, including establishing public-private partnerships and providing opportunities for development, expansion, and retention of technology-oriented enterprises.

• Modifies the technology business financing program to require recipients to obtain separate private investment or funding and allows for payment of royalties, fees, interest, profits, or other payments from sales, licensing, or enterprise transfers, with all such payments retained for program use.

• Prohibits technology business financing program funds from being used to pay administrative, management, or operating expenses of OCAST, and allows the Center to contract with the Commercialization Center or other entities to manage the program.

• Authorizes the Center to use the Seed-Capital Revolving Fund for expanded seed-capital investments including loans, equity, leaseholds, management agreements, and various other contractual arrangements, subject to board approval and specified conditions regarding leveraging and investment recoupment.