North Dakota Legislature Clears Path for TBED

In the final week of its 2003 Legislative Session, the North Dakota State Legislature passed sweeping legislation that favors tech-based economic development in the state. The Greater North Dakota Association (GNDA), serving as the state's Chamber of Commerce, subsequently issued a summary of those bills targeted toward job growth. Some highlights of GNDA's summary are presented below:

• Increased options for early-stage financing for new businesses by allowing the Bank of North Dakota to invest up to $5 million in North Dakota alternative and venture capital investments (SB 2335). Also, expanded access and funding by $5 million for an established venture capital pool for beginning entrepreneurs (SB 2259);
• Expanded an existing program that provides tax credits to encourage people to invest in North Dakota businesses (HB 1019);
• Provided $2.6 million for workforce development and training to support job growth in new and existing businesses (HB 1017 and HB 1020); and,
• Established accountability measures to evaluate the effectiveness of the state’s economic development programs and ensure that economic development efforts are achieving results (HB 1019).

Additionally, $5.25 million was allocated to promote partnerships between the State Commerce Department and the University System to develop centers of research excellence. A few measures to receive funding under this initiative include:

• $750,000 to urge North Dakota State University to become a national and international leader in biotechnology research and host the Center for Genetic Research;
• $800,000 to support the University of North Dakota Entrepreneur Boot Camp, an intensive peer-to-peer center to include training, coaching, mentoring, hands-on assistance and incubator space for emerging entrepreneurs;
• $950,000 to create a custom media and information products and services center that will build on extensive existing media facilities and technical and artistic expertise at the UND Aerospace Center; and,
• $1.25 million to support a business incubator facility located in the NDSU Research and Technology Park. The North Dakota Technology Enterprise Center will focus on technology venture development.

All of the bills may be accessed through the North Dakota Legislative Branch at: http://www.state.nd.us/lr/