State of Illinois
91st General Assembly

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 1        AN  ACT  to  amend   the   Technology   Advancement   and
 2    Development Act by changing Section 3004.5.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Technology  Advancement  and  Development
 6    Act is amended by changing Section 3004.5 as follows:

 7        (20 ILCS 700/3004.5)
 8        Sec.   3004.5.  Illinois  Technology  Enterprise  Centers
 9    Requirements.
10        (a)  The   Department   may,   subject    to    available
11    appropriated  funds,  working  with  the  Illinois Coalition,
12    establish  one  or  more   regional   technology   enterprise
13    development centers whose mission is to assist entrepreneurs,
14    innovators,   and   start-up   firms   in  high-growth,  high
15    technology sectors in furthering the technical or  managerial
16    skills of owners; aid the ventures in locating financing; and
17    help  new companies with product development and marketing in
18    support of  new  venture  formation  within  the  State.  The
19    Department shall establish at least one technology enterprise
20    development  center  in  a  municipality with a population of
21    40,000 or less located in  a  county  with  a  population  of
22    200,000 or more that is adjacent to the Mississippi River.
23        (b)  The  Department  may  provide  grants or may provide
24    cost share or reimbursements  pursuant  to  this  Section  to
25    support  the  operation  of technology enterprise development
26    centers. Grants awarded pursuant to this Article may be  used
27    to  help  subsidize  expenses, as approved by the Department,
28    for  revolving  funds,  personnel,  support  costs,   capital
29    improvements,  equipment,  contractual services, commodities,
30    including telecommunication or other costs.
31        (c)  Technology  enterprise   development   centers   may
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 1    provide crucial business information at affordable prices for
 2    firms  that  are  developing early-stage, technology-oriented
 3    manufacturing including (i) general or short-term assistance,
 4    general  outreach,  feasibility  studies  for   new   venture
 5    formation,  and research assistance for new venture creation;
 6    (ii) innovation evaluation and market  research  to  evaluate
 7    the  viability  of  technology,  product,  or  service or the
 8    market potential of technology, product,  or  service;  (iii)
 9    technical assistance related to management and operations and
10    strategic  partnering and assistance in the implementation of
11    strategic manufacturing and  marketing  alliances;  and  (iv)
12    service   in   locating  new  technologies  or  technological
13    solutions.
14        (d)  Technology  enterprise   development   centers   may
15    provide   financial   services  that  include  (i)  financial
16    packaging  to  enhance  proposals  and  make  companies  more
17    competitive for federal or private funding;  (ii)  access  to
18    private  investor capital through  venture capital events and
19    regional  venture  capital  networking  programs;  and  (iii)
20    management of local for-profit or limited profit seed capital
21    funds.
22        (e)  Technology  enterprise   development   centers   may
23    address  local  shortfalls  of  capital  to commercialize new
24    technology  by  providing  pre-seed  financing  to  start-up,
25    technology-based businesses. Financing options could  include
26    micro-loans,  small grants, and equity investment capital for
27    seed  funding,  product   commercialization   and   prototype
28    development, and commercial introduction and marketing.
29        (f)  The   Department   may   provide  grant  funds  made
30    available to support professional  development  and  capacity
31    building  of  the  technology  enterprise development centers
32    within the State as may be required for  the  administration,
33    operations, research, analysis, or training of the centers.
34        (g)  In  determining  which applicants shall be awarded a
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 1    grant, the Department shall conduct an  evaluation  of  prior
 2    compliance  with loan or grant awards;  the relationship of a
 3    proposed project to the State's future economic  growth;  the
 4    qualifications and expertise of organizations undertaking the
 5    effort; the applicant's understanding of the requirements and
 6    needs  of  entrepreneurs,  innovators,  and start-up firms in
 7    high-growth, high technology sectors; the  potential  of  the
 8    applicant's  project  to  provide  an economic benefit of the
 9    State; and the likelihood that the project  has  a  potential
10    for  creating new ventures in the State. When awarding grants
11    under  this  Section,  the  Department  shall  give   special
12    consideration  to  applicants  located  in  counties  with  a
13    population  of  200,000  or  more  that  are  adjacent to the
14    Mississippi River.
15        (h)  The Director of the Department shall  determine  the
16    level  of  the  grant  award and shall determine the share of
17    total directly attributable costs of the project that may  be
18    considered for funding under this Article.
19    (Source: P.A. 91-476, eff. 8-11-99.)

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