Authority Board Backs Arkansas’ Innovation Marketplace, TTAG, Tax Credits and More…
Wednesday, May 20, 2009
At its May meeting, the Arkansas Science & Technology Board of Directors approved the release of $150,000 to develop the Arkansas Innovation Marketplace. This comes on the heels of an April launch for the new website created by Merwyn Research Incorporated in conjunction with NIST MEP. Arkansas’ Innovation Marketplace has been added to a larger nationwide site (
www.planeteureka.com) and is one of four states that will supplement a growing pool of innovators and investors being brought together to create possible business partnerships.
During his website review presentation to the Board, Dan Curtis, Vice President Industry for the Authority said, “things are just getting started.”
As an incentive to entice Arkansas companies to participate, Merwyn has worked with Arkansas Manufacturing Solutions (AMS) to provide a unique company business simulation designed to predict an innovation’s success rate. AMS currently has 300 simulations, valued at $60,000 in total, and has made them available to Arkansas companies. The simulations will not only provide an accurate prediction for success, but, once completed, will allow the companies to put their innovations into a virtual pipeline intended to match them with potential investors from around the nation.
In addition, the Board also approved the renewal of seven Partnership Agreements for Arkansas Manufacturing Solutions (AMS). The funds will be used to staff 10 field positions at the Genesis Technology Incubator in Fayetteville, the University of Arkansas at Little Rock, the Delta Center for Economic Development, Southern Arkansas University Tech, and Winrock International. The monies will also be used to sponsor the Arkansas Institute for Performance Excellence and a manufacturing conference conducted by the Arkansas Economic Development Commission.
Turning to investments, the Board of Directors authorized over $350,000 to fund the Technology Transfer Assistance Grant Program (TTAG).
They also approved two Seed Capital Investments. The first went to Rogers-based Silicon Solar Solutions, a company that will use the money to develop highly efficient solar panel solutions at a reduced cost.
The second disbursement went to Immigreat Now, a Little Rock-based firm that has developed an online software product to assist foreign nationals in completing and submitting US immigration visa application forms.
The Board also approved R&D Tax Credits to Authority clients BioBased Systems, BioBased Insulation, BioBased Technologies, Lynguent, Inc, NanoTech and InvoTek Inc, as well as a contract extension with legal firm Wright, Lindsey, Jennings.
On the education front, the Board approved funding for a new STEM Intern, renewal of funds for the National Science Foundation’s EPSCoR (Experimental Program to Stimulate Competitive Research) Library Grant, which will be used to expand E-Journal Resources to researchers, money to subsidize projects under the Arkansas ASSET Initiative Grant, funding of an EPSCoR External Evaluator, financial support of an Applied Research Grant to Dr. Alan Mantooth at the University of Arkansas – Fayetteville, and backing of a faculty/student exchange program that will send Dr. Carol Cramer, Director of the ASSET Initiative’s P3(Plant Powered Production) Center and her students to St. Louis, Missouri for the 9th International Congress on Plant Molecular Biology.
The Board also approved annual advisory committee appointments. These included the reappointment of current Industry and STEM Advisory Committee Members In addition, the Board voted to appoint Dr. Stephen R. Addison of the University of Central Arkansas to the EPSCoR Advisory Committee and reappointed members for the next fiscal year.
The Authority’s next scheduled Board Meeting will be Friday, September 18, 2009.
