Authority Board Approves Disbursement of 3 Million To Develop Science & Technology Firms
Tuesday, Dec 2, 2008
During its second meeting of Fiscal Year 2009, the Arkansas Science & Technology Authority’s Board of Directors voted to approve a three million dollar grant to further science and technology investments in early-stage Arkansas firms, to make two new Seed Capital Investments, and to fund Research Matching Proposals for UALR.
The Authority received Board approval for a grant disbursement to the Venture Capital Investment Trust for the Risk Capital Matching Fund in the amount of $3,000,000. The monies will be held in the Arkansas Development Finance Authority’s Venture Capital Investment Trust and will be used to fund further development of innovations in science and technology firms that will benefit the people and state of Arkansas.
In addition, the Board approved a Seed Capital Investment to Bentonville International Group, Inc(BIG) for $100,000 to support funding of the company’s radio frequency ID technology. BIG’s customizable solution is primarily used as an asset tracking tool, and has served a wide variety vendors ranging from mining companies to the medical industry.
The Board also voted to approve a Seed Capital Investment to Little Rock - based MSTP, LLC. The company’s product “Accupal” is an FDA approved technology used in dental offices. It reduces pain during injections. The monies will be used to support operations, sales, marketing and to help expand distribution.
The Board also gave thumbs - up to two Research Matching Proposals from UALR. The first will supplement half a million dollars in federal funding for the Arkansas Space Grant Consortium in the amount of $200,000.The second approved proposal, for $22,000, will be allocated for The NASA EPSCoR Research Infrastructure Development Project. Both proposals are being federally funded by the National Aeronautics and Space Administration.
Three new appointments were made to the STEM Advisory and EPSCoR Advisory Committees during the meeting.
Joining the STEM Advisory Committee will be Cecilia Patterson, Program Director for Arkansas Community Foundation, and Max Kolstad, Education Director and President of Arkansas Distance Learning Association.
Dr. Michael Dockter will be joining the State EPSCoR Advisory Committee. Dr. Dockter, who will be replacing Dr. Elizabeth Hood, is Associate Vice Chancellor for Research and Technology Transfer at Arkansas State University.
The next Board meeting is scheduled for January 16, 2009.
