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2002 SESSION

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HJ 206 Study; technology based businesses.

Introduced by: Samuel A. Nixon, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Commercialization of intellectual property; Seed capital and angel investor. Requests the Secretary of Technology, in conjunction with the Secretary of Commerce and Trade, to establish a task force to study best practices for assisting the development of technology-based businesses that will produce jobs and other economic benefits throughout the Commonwealth. The task force shall (i) focus on best practices designed to assist in the development of a business environment and infrastructure conducive to the discovery and commercialization of new technologies and the development and growth of technology-based businesses throughout the Commonwealth; (ii) review existing initiatives in other states, including best practices being defined and followed in those states; (iii) seek the voluntary participation of representatives of the House of Delegates and Senate of Virginia, Virginia-based technology businesses, Virginia-based investors, and Virginia's institutions of higher education; and (iv) submit periodic progress reports to the Joint Commission on Technology and Science (JCOTS) and a final progress report in time for JCOTS to finalize its legislative recommendations for the 2003 Session of the General Assembly.

The task force must submit its written findings and recommendations to the Governor and the 2003 Session of the General Assembly.

SUMMARY AS PASSED HOUSE:

Commercialization of intellectual property; Seed capital and angel investor. Requests the Secretary of Technology, in conjunction with the Secretary of Commerce and Trade, to establish a task force to study best practices for assisting the development of technology-based businesses that will produce jobs and other economic benefits throughout the Commonwealth. The task force shall (i) focus on best practices designed to assist in the development of a business environment and infrastructure conducive to the discovery and commercialization of new technologies and the development and growth of technology-based businesses throughout the Commonwealth; (ii) review existing initiatives in other states, including best practices being defined and followed in those states; (iii) seek the voluntary participation of representatives of the House of Delegates and Senate of Virginia, Virginia-based technology businesses, Virginia-based investors, and Virginia's institutions of higher education; and (iv) submit periodic progress reports to the Joint Commission on Technology and Science (JCOTS) and a final progress report in time for JCOTS to finalize its legislative recommendations for the 2003 Session of the General Assembly.

The task force must submit its written findings and recommendations to the Governor and the 2003 Session of the General Assembly.

SUMMARY AS INTRODUCED:

Commercialization of intellectual property; Seed capital and angel investor; study. Requests the Secretary of Technology in conjunction with the Secretary of Commerce and Trade to establish a task force to study and recommend procedures by which the Commonwealth can better capitalize and leverage its vast technology resources. The task force shall recommend procedures and methods by which the Commonwealth can (i) develop and maintain a readily accessible inventory of public and private sector technology resources; (ii) promote and encourage the use of such inventory within the public and private sectors; and (iii) judge and improve the effectiveness of the program. The task force shall also recommend procedures that agencies of the Commonwealth may follow to enhance private sector investment of seed, angel and venture capital in dollar amounts smaller than traditional venture capital investment funds presently provide. It is required to report the written findings and recommendations to the Governor and the 2003 General Assembly.