Arkansas Administrative Code › Agency 168 - Arkansas Economic Development Commission › Rule 168.00.18-002 - Funding Program of the division of Science and Technology

Current through Register Vol. 49, No. 6, June, 2024
I.
Introduction
Overview
Act 859 of 1983 created the Arkansas Science and Technology
			 Authority (ASTA) as a state agency to provide leadership, direction,
			 incentives, and technical assistance to enable Arkansas to gain the advantages
			 and benefits of advanced science and technology. This enabling legislation gave
			 ASTA broad authority to develop programs and rules; receive money, property,
			 services, or other things of value; acquire, own, and transfer real and
			 personal property of all types; execute contracts and agreements; invest funds
			 in lawful purposes; and finance scientific and technical endeavors through the
			 provision of grants, loans, and other forms of assistance.
Act 409 of 1985 strengthened ASTA's powers by amending Act 859 of
			 1983 to enable ASTA to foster the development of high-technology industries
			 within the State of Arkansas, assist minority businesses in obtaining financial
			 assistance under programs of the act, and support basic and applied research in
			 Arkansas-based colleges and universities. Subsequent amendments added emphasis
			 on ASTA's role in small business research and development, development and
			 promotion of product and process technologies, and providing assistance to
			 qualified medical companies.
Act 803 of 1989 authorized creation of the Centers for Applied
			 Technology (CAT) Program to encourage greater collaboration between private
			 enterprises and Arkansas- based colleges and universities in the development
			 and application of new technologies.
Finally, Acts 7 and 8 of the First Extraordinary Session, 2015,
			 provided for a Type 2 transfer of ASTA to the Arkansas Economic Development
			 Commission (AEDC), and renamed ASTA as the Division of Science and Technology
			 of the Arkansas Economic Development Commission (Division).
Pursuant to authority granted at § 15-3-101, et seq., AEDC
			 is granted the powers necessary to carry out programs delineated at §
			 15-3-109, which include:
1. Funding
		  basic research at Arkansas-based colleges and universities as specified in
		  § 15-3-110;
2. Stimulating
		  applied research partnerships between private industry and Arkansas-based
		  colleges and universities and matching funds from private sources for proposed
		  applied research projects as specified in § 15-3-110;
3. Assisting small businesses in identifying
		  and applying for funds to conduct research and development on innovative
		  technical ideas;
4. Transferring
		  knowledge and technology from college, university, and government laboratories
		  to private industry;
5. Creating,
		  in cooperation with Arkansas-based colleges and universities, facilities to
		  foster the growth of technology-based enterprises;
6. Developing emerging product and process
		  technologies which contribute to business and economic growth;
7. Engaging in innovative demonstration and
		  pilot projects involving improved education and preparation of the future
		  workforce in the areas of science, technology, and mathematics; and
8. Transferring knowledge and technology from
		  colleges, universities, government entities and laboratories, and other sources
		  of innovation to public schools.