20 ILCS 700/3004.5
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 700/ - Technology Advancement and Development Act.|Article 3 - Illinois Technology Enterprise Development And Investment Program

Sec. 3004.5.     Illinois Technology Enterprise Centers Requirements.(a) The Department may, subject to available appropriated funds, working  with the Illinois Coalition,  establish one or more regional technology enterprise development centers whose  mission is to assist  entrepreneurs, innovators, and start-up firms in high-growth, high technology  sectors in furthering the  technical or managerial skills of owners; aid the ventures in locating  financing; and help new companies  with product development and marketing in support of new venture formation  within the State.(b) The Department may provide grants or may provide cost share or  reimbursements pursuant to  this Section to support the operation of technology enterprise development  centers. Grants awarded  pursuant to this Article may be used to help subsidize expenses, as approved by  the Department, for  revolving funds, personnel, support costs, capital improvements, equipment,  contractual services,  commodities, including telecommunication or other costs.(c) Technology enterprise development centers may provide crucial business  information at  affordable prices for firms that are developing early-stage,  technology-oriented manufacturing including  (i) general or short-term assistance, general outreach, feasibility studies for  new venture formation, and  research assistance for new venture creation; (ii) innovation evaluation and  market research to evaluate  the viability of technology, product, or service or the market potential of  technology, product, or service; (iii)  technical assistance related to management and operations and strategic  partnering  and assistance in the  implementation of strategic manufacturing and marketing alliances; and (iv)  service in locating new  technologies or technological solutions.(d) Technology enterprise development centers may provide financial services  that include (i)  financial packaging to enhance proposals and make companies more competitive  for federal or private  funding; (ii) access to private investor capital through  venture capital  events and regional venture capital  networking programs; and (iii) management of local for-profit or limited profit  seed capital funds.(e) Technology enterprise development centers may address local shortfalls  of  capital to  commercialize new technology by providing pre-seed financing to start-up,  technology-based businesses.  Financing options could include micro-loans, small grants, and equity  investment capital for seed funding,  product commercialization and prototype development, and commercial  introduction and marketing.(f) The Department may provide grant funds made available to support  professional development  and capacity building of the technology enterprise development centers within  the State as may be  required for the administration, operations, research, analysis, or training of  the centers.(g) In determining which applicants shall be awarded a grant, the Department  shall conduct an  evaluation of prior compliance with loan or grant awards;  the relationship of  a proposed project to the  State's future economic growth; the qualifications and expertise of  organizations undertaking the effort; the  applicant's understanding of the requirements and needs of entrepreneurs,  innovators, and start-up firms in  high-growth, high technology sectors; the potential of the applicant's project  to provide an economic benefit  of the State; and the likelihood that the project has a potential for creating  new ventures in the State.(h) The Director of the Department shall determine the level of the grant  award and shall determine  the share of total directly attributable costs of the project that may be  considered for funding under this  Article.    (Source: P.A. 91-476, eff. 8-11-99.)