§ 63M-1-702. Purpose. (Effective 7/1/2014)

(1)

(a) The Legislature recognizes that the growth of new industry and expansion of existing industry requires a strong technology base, new ideas, concepts, innovations, and prototypes.

(b) Growth in industry frequently results from technological innovation generated by strong research institutions of higher education and by small businesses.

(c) Technical research in Utah's institutions of higher education should be enhanced and expanded, particularly in those areas targeted by the state for economic development.

(d) Most states enhance their research base by direct funding, usually on a matching basis.

(e) The purpose of this part is to catalyze and enhance the growth of these technologies by:

(i) encouraging interdisciplinary research activities in targeted areas;

(ii) facilitating the transition of these technologies out of the higher education environment into industry where the technologies can be used to enhance job creation; and

(iii) supporting the commercialization of technologies developed by small business to enhance job creation.

(f) The Legislature recognizes that one source of funding is to match state funds with federal funds and industrial support to provide and develop new technologies.

(2) The Legislature recommends that the governor consider matching the allocation of economic development funds for the Technology Commercialization and Innovation Program with industry and federal grants.

(3)

(a) The Legislature recommends that the funds be allocated on a competitive basis:

(i) to the various institutions of higher education in the state;

(ii) to companies working in partnership with institutions of higher education to commercialize their technologies; and

(iii) to small businesses that are developing promising technologies.

(b) The funds made available should be used to support:

(i) interdisciplinary research in the Technology Commercialization and Innovation Program in technologies that are considered to have potential for economic development in the state and to help transition these technologies out of institutions of higher education and into industry; and

(ii) small businesses in commercializing their promising technologies that have the potential to increase economic development in the state.

Amended by Chapter 418, 2014 General Session