The general assembly finds and declares that the public good requires that Iowa successfully participate and compete in the emerging world economy. A Wallace technology transfer foundation of Iowa is established to formulate and implement plans and programs for the development of advanced sciences and technologies and to facilitate their commercial application within the state, including determining the needs of individual Iowa businesses and farms for scientific and technological innovations to improve products and processes, and encouraging the transfer of the technology from the laboratory to the factory and farm.
The mission of the foundation shall include but is not limited to the following:
1. A program to identify barriers which may hinder the development and exploitation of technology in the global economy.
2. Continued development of Iowa's capacity for scientific and technological innovation.
3. A cooperative, coordinated program of forecasting, assessment, development, and commercial transfer involving Iowa's capacity for scientific and technological innovation.
4. Formulation of a long-range strategic plan to guide state investment in applied research, development, and commercial transfer of selected scientific and technological innovation and in the development of Iowa science infrastructure.
5. A mechanism to organize funding from a variety of sources to support the development and commercial transfer of scientific and technological innovation.
6. An outreach program to actively seek and improve products and processes with Iowa's scientific and technological innovations.
7. Establishment of a seed capital fund which shall be administered by the board to provide seed capital for the commercialization of products, or the development of processes or materials through research at Iowa colleges and universities or by private industry.
The foundation consists of a board of directors, an advisory council, and staff.
89 Acts, ch 258, § 13
CS89, § 28.152
C93, § 15E.152
93 Acts, ch 49, §1; 93 Acts, ch 167, §11; 94 Acts, ch 1201, §26
Referred to in § 15E.155
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