The General Assembly finds that:
(1) The federal Small Business Innovation Research Program encourages innovative small businesses to engage in federal research and commercialization that has the potential for technological innovation and commercialization;
(2) Stimulating research and commercialization grows the economy by leveraging investment, creating exportable products and services, and creating and retaining high-wage, high-tech jobs in moderately and highly skilled occupations;
(3) Arkansas consistently ranks poorly among states in the number of federal Small Business Innovation Research grants awarded; and
(4) An inducement, in the form of a matching grants program, is needed to encourage Arkansas businesses to apply for federal Small Business Innovation Research grants and realize economic benefits of commercialized research.
History Acts 2017, No. 166, § 2.