CHAPTER 105DEMONSTRATION FUND261105.1(15) Authority. The authority for adopting rules governing the demonstration fund under this chapter is provided in Iowa Code section 15.411.Related ARC(s): 0611C261105.2(15) Purpose. The program established in this chapter shall be known as the demonstration fund. The purpose of the demonstration fund is to provide financial and technical assistance to encourage high-technology prototype and concept development activities that have a clear potential to lead to commercially viable products or services within a reasonable period of time. The primary objective of the fund is to help businesses with high-growth potential reach a position where they are able to attract later stage private sector funding.Related ARC(s): 0611C261105.3(15) Definitions.
"Authority" means the economic development authority created in Iowa Code section 15.105.
"Board" means the members of the economic development authority appointed by the governor and in whom the powers of the authority are vested pursuant to Iowa Code section 15.105.
"Committee" means the technology commercialization committee established by the board pursuant to 261—Chapter 1.
"Fund" means the demonstration fund.
"IP" means intellectual property.
"NAICS" means the North American Industry Classification System.
Related ARC(s): 0611C261105.4(15) Project funding. 105.4(1) Awards shall be made on a per-project basis upon board approval. 105.4(2) The maximum award shall not exceed $150,000 for a single project. 105.4(3) Funds may be used for refining a prototype, acquiring managerial expertise, purchasing equipment, or creating marketing materials. 105.4(4) Funds may not be used for university overhead expenses or any work that was conducted prior to the term of the contract by the applicant or any third-party consultant. 105.4(5) The forms of financial assistance may consist of, but are not limited to, loans, forgivable loans, grants and such other forms of assistance the board deems appropriate and consistent with the needs of a given project.Related ARC(s): 0611C261105.5(15) Matching funds requirement. In order to receive financial assistance, an applicant must demonstrate the ability to secure one dollar of nonstate moneys for every two dollars received from the authority.Related ARC(s): 0611C261105.6(15) Eligible applicants. Eligible applicants must be located in Iowa, demonstrate the potential for high growth, and be included in one of the following industries classified by the NAICS:- Biosciences.
- Information technologies.
- Advanced manufacturing.