SF2427

Purpose of the Bill

The purpose of this bill is to allocate funds to MNSBIR Inc. to support small businesses in Minnesota in securing federal research and development funding. This effort aims to enhance economic development by transitioning scientific and technological innovations from laboratories to the marketplace.

Main Provisions

• Funding Allocation: A total of $5,000,000 is appropriated from the general fund for the fiscal year 2026 to MNSBIR Inc. This funding is available until June 30, 2027, and is designated as a one-time financial provision.

• Support for Small Businesses: The grant seeks to support small businesses in moving innovations to market by helping them secure federal research and development funding. The emphasis is on fostering an innovative economy, creating novel products, and contributing to economic growth.

• Focus on Diversity: The bill specifically aims to increase participation by small businesses owned by Black, Indigenous, People of Color, and women, enhancing workforce development in these communities.

Significant Changes to Existing Law

The bill does not change existing laws but supplements them by providing financial support specifically directed towards improving Minnesota's small business landscape in research and development. The grant aims to boost the commercial application of research results and integrates existing initiatives like the small business innovation research and small business technology transfer programs.

Grant Utilization

MNSBIR Inc., using the grant, will: - Assist startups and small businesses in obtaining federal research and development funding. - Facilitate the commercialization of technologies from major research institutions like the University of Minnesota and Mayo Clinic. - Promote collaboration with corporate ventures and bigger businesses. - Provide education and training on federal rules and regulations. - Help with scientific and technical writing for grant applications. - Offer support in managing federal grants and contracts, including specific opportunities in federal sole-source procurement.

Relevant Terms

federal research and development funding, small businesses, Minnesota, innovation, startups, commercialization, MNSBIR Inc., Black Indigenous People of Color, women-owned businesses, technology transfer, small business innovation research, small business technology transfer, University of Minnesota, Mayo Clinic, economic development.