(1) The Arkansas Economic Development Commission may work with the chancellors and presidents of research universities and the private business sector to support collaborations establishing a research alliance for the purpose of improving the economy of the state through: Improving research infrastructure;
(2) Increasing the focus on job-creating research activities within or supported by the research universities; and
(3) Expanding job-creating research activities toward producing more knowledge-based and high-technology jobs in this state.
(4) The commission shall designate no more than five (5) institutions of higher education as research universities for the purposes of this subchapter.