Arkansas Creates Innovation Research Matching Grant Program To Help Startups
If you’re a startup and Arkansas that has received funding from the Federal Small Business Innovation Research Program, than you could also receive some matching funding from the state.
State legislatures in Arkansas recently approved Act 166; to create the Arkansas small business innovation research matching grant program; and to provide matching grants to businesses that have received small business innovation research grants.
Arkansas has historically ranked poorly amongst states that take advantage of federal programs like the small business innovation research program. By passing this bill at a state level, and opening up to $2 million dollars for the state program, Arkansas legislatures hope to see more Arkansas startups apply for and receive the federal funding as well.
To qualify for both the federal and state program startups have to principally engaged in one of the following areas;
– Advanced materials and manufacturing systems
— Agriculture, food, and environmental sciences
— Biotechnology, bioengineering, and life sciences;
— Information technology
— Transportation logistics;
— Bio-based products.
The state level matching program would match up to 50% of the federal grant up to $50,000 in phase I and up to $100,000 in phase II
Also in this legislative session Arkansas law makers have passed Act 165, the Arkansas Business and Technology Accelerator Act. This bill creates a $2 million dollar accelerator grant program for startup companies. Similar programs throughout the country have been found to impact success rates of start up businesses. The Arkansas Economic Development Commission will seek out corporate sponsors to provide the matching funds.
In neighboring Tennessee, legislation like this was responsible for the creation of Launch Tennessee, Memphis Bioworks and several startup and innovation programs in the state.