§ 15-3-110 - Power to promote basic and applied research at Arkansas colleges and universities.

15-3-110. Power to promote basic and applied research at Arkansas colleges and universities.

(a) The Arkansas Science and Technology Authority is empowered to make such rules and regulations as it may deem appropriate to enable it to create and fund programs designed to promote basic and applied research at Arkansas colleges and universities and to develop technology emerging from sources of innovation in this state, including, but not limited to, colleges and universities, federal laboratories, small businesses, and inventors.

(b) (1) In carrying out its functions under this section, the Board of Directors of the Arkansas Science and Technology Authority may create such advisory committees as may be useful in evaluating research and development proposals.

(2) The memberships of these advisory committees may include both directors and staff members of the authority and other persons drawn from sources other than the authority, all of whom shall serve at the pleasure of the board.

(3) Members of such advisory committees shall serve without compensation for their membership on such committees but may receive expense reimbursement in accordance with 25-16-901 et seq.

(c) (1) Any moneys lawfully available to the authority for the purpose of supporting basic research at Arkansas colleges and universities shall in no event defray more than sixty percent (60%) of the total cost of the proposed basic research project being funded.

(2) The remaining forty percent (40%) of the total cost of the proposed research project shall be funded by moneys or in-kind services provided by the college or university proposing the research project.

(d) (1) (A) Any moneys lawfully available to the authority for the purpose of creating applied research partnerships between private industry and Arkansas colleges and universities shall in no event defray more than fifty percent (50%) of the total cost of the proposed applied research project.

(B) However, the contribution of the authority may, at the board's sole discretion, defray up to sixty-six and two-thirds percent (662/3%) of the total cost of a proposed applied research project if the board finds that the participating private industry is principally located in Arkansas and employs fifty (50) or fewer persons.

(2) The proposed applied research project shall be submitted by an Arkansas college or university, and the proposal shall state that a percentage of the total cost of the proposed applied research project will be provided by private sources in accordance with the matching provisions of this subsection.

(3) The board shall approve for funding only those proposed applied research projects for which the board finds that enhanced employment opportunity within Arkansas will be a likely result.

(e) (1) Any moneys lawfully available to the authority for the purpose of supporting technology development shall in no event exceed one hundred thousand dollars ($100,000) per project being funded.

(2) The board shall impose a reasonable, nonrefundable fee for the evaluation of the technological and economic potential of emerging technologies contained in proposals from nonpublic sources of innovation.

(3) The board is authorized to incorporate a royalty provision not to exceed five percent (5%) of net sales revenue per year for a period of not more than ten (10) years as a condition of award.

(4) The board shall approve for funding only those proposed technology development projects for which the board finds that enhanced economic opportunity within Arkansas will be a likely result.