Authority Board Of Directors Votes In Favor Of Funding For Research Alliance, Small Business Assistance Tools and More

Tuesday, Jan 20, 2009

During its third meeting of Fiscal Year 2009, the Authority Board voted to fund an application that helps small businesses predict success, a database that tracks financial and operating activities in nursing homes, grants to further plant-based bioproduction, undergraduate fellowships at ten Arkansas universities and the second year of the Arkansas Research Alliance.

Authority President Dr. John Ahlen kicked off the meeting with updates on the Task Force on the 21st Century Economy, The Arkansas Economic Development Commission’s Strategic Plan and the latest informational offering from Accelerate Arkansas. (not posted to site – need to get hard copy of pamphlet from John)

The Board then turned its attention to technology development to review and, ultimately approve, two new client projects.

The first was disbursement of Technology Development Program funding to EquityNet, LLC. The Fayetteville-based company will use the financial backing to further develop its Enterprise Analyzer application, an automated, interactive software platform which is designed to be used by small companies to test their various business models and calculate success.

Also receiving TDP funding was Little Rock-based CFO Networks, LLC. This Authority client will use the money to further develop a database and reporting application called FACTS, which is short for Financial Analysis and Consulting Tools Suite. The technology is designed to analyze the financial and operating activities of nursing homes.

On the research front, the Authority Board approved the release of seven seed grants to four Arkansas universities. The funds will be used by Arkansas State University, University of Arkansas at Little Rock, University of Arkansas, Fayetteville and University of Central Arkansas as part of various research projects affiliated with Arkansas EPSCoR’s P3 Program.

In addition, the Board approved the funding of sixteen EPSCoR undergraduate fellowships to students at ten Arkansas universities. The funds will be used to further the research of everything from electrical power systems to the production of biofuels from algae. The fellowships were awarded to students at Arkansas State University, Hendrix College, John Brown University, University of Arkansas, Fayetteville, University of Arkansas at Fort Smith, University of Arkansas at Little Rock, University of Arkansas for Medical Sciences, University of Central Arkansas, University of the Ozarks, and Southern Arkansas University.

The Board then unanimously voted to fund the second year of the Arkansas Research Alliance, a nonprofit organization dedicated to accelerating economic development and cultivating a vibrant knowledge-based economy in Arkansas.

Finally, the Board of Directors approved the appointment of Dr. Blake Perry as Authority President John Ahlen’s alternate to the EPSCoR Advisory Committee. Dr. Perry replaces Dr. Gail McClure.

The next Board meeting is scheduled for March 20, 2009.