15E.351 - BUSINESS ACCELERATORS.
15E.351 BUSINESS ACCELERATORS.
1. The department shall establish and administer a business
accelerator program to provide financial assistance for the
establishment and operation of a business accelerator for
technology-based, value-added agricultural, information solutions,
alternative and renewable energy including the alternative and
renewable energy sectors listed in section 476.42, subsection 1,
paragraph "a", or advanced manufacturing start-up businesses or
for a satellite of an existing business accelerator. The program
shall be designed to foster the accelerated growth of new and
existing businesses through the provision of technical assistance.
The department, subject to the approval of the economic development
board, may provide financial assistance under this section from
moneys allocated for regional financial assistance pursuant to
section 15G.111, subsection 9.
2. In determining whether a business accelerator qualifies for
financial assistance, the department must find that a business
accelerator meets all of the following criteria:
a. The business accelerator must be a not-for-profit
organization affiliated with an area chamber of commerce, a community
or county organization, or economic development region.
b. The geographic area served by a business accelerator must
include more than one county.
c. The business accelerator must possess the ability to
provide service to a specific type of business as well as to meet the
broad-based needs of other types of start-up entrepreneurs.
d. The business accelerator must possess the ability to
market business accelerator services in the region and the state.
e. The business accelerator must possess the ability to
communicate with and cooperate with other business accelerators and
similar service providers in the state.
f. The business accelerator must possess the ability to
engage various funding sources for start-up entrepreneurs.
g. The business accelerator must possess the ability to
communicate with and cooperate with various entities for purposes of
locating suitable facilities for clients of the business accelerator.
h. The business accelerator must possess the willingness to
accept referrals from the department of economic development.
3. In determining whether a business accelerator qualifies for
financial assistance, the department may consider any of the
following:
a. The business experience of the business accelerator's
professional staff.
b. The business plan review capacity of the business
accelerator's professional staff.
c. The business accelerator's professional staff with
demonstrated experience in all aspects of business disciplines.
d. The business accelerator's professional staff with access
to external service providers including legal, accounting, marketing,
and financial services.
4. In order to receive financial assistance under this section,
the financial assistance recipient must demonstrate the ability to
provide matching moneys on a basis of a two dollar contribution of
recipient moneys for every one dollar received in financial
assistance. Section History: Recent Form
2005 Acts, ch 150, §12; 2006 Acts, ch 1030, § 4; 2006 Acts, ch
1142, §19; 2009 Acts, ch 123, §28
Referred to in § 15G.111