Small Business Research Matching Program
The bill creates the Colorado small business innovative research matching money program (program) in the Colorado office of economic development (office). The program provides businesses with money to match money that a business received pursuant to a federal small business innovative research (SBIR) program award or a federal small business technology transfer (STTR) program award. To be eligible for an award from the program, a business must be Colorado-based and must maintain a meaningful nexus to the state for at least 3 years following the commercialization of a service, product, concept, design, or other marketable asset developed using money from the program. A business must also agree to certain reporting requirements.
The office may award matching money in an amount up to 100% of a phase I federal SBIR program or federal STTR program award, not to exceed $100,000; or, up to 100% of a phase II federal SBIR program or federal STTR program award, not to exceed $250,000. Matching money comes from the Colorado small business innovative research matching fund created in the bill. A business that receives money from the program, commercializes a service, product, concept, design, or other marketable asset using the money from the program, and then fails to maintain a meaningful nexus to the state while continuing to market the asset, is required to repay all matching money awarded by the program plus interest.
The office is required to adopt policies for the program that include eligibility requirements, application procedures, prioritization of funding applications, the number of awards and amount of money available for award in any fiscal year, timing of the issuance of money awarded, provision for repayment of money awarded, the allowable use of money awarded, requirements for additional nonstate public or private financing, the conduct of research in the state, requirements for and review of marketable assets, and provisions to ensure adequate consideration to the state in exchange for the amount of money awarded to a business.
(Note: This summary applies to this bill as introduced.)