CHAPTER 112
MANAGEMENT TALENT RECRUITMENT PROGRAM
261—112.1(82GA,ch122) Authority. The authority for establishing rules governing the management talent recruitment program is 2007 Iowa Acts, chapter 122, section 7(8).
261—112.2(82GA,ch122) Purpose. The purpose of this program is to develop activities for the recruitment of out-of-state executive and operations management personnel. New or expanding targeted industries will be provided technical assistance to identify a network of potential human capital resources appropriate for the targeted industries' business life cycle.
261—112.3(82GA,ch122) Definitions.
“Board” means the Iowa economic development board established in Iowa Code section 15.103.
“Committee” means the technology commercialization committee authorized by Iowa Code section 15.116.
“Department” means the Iowa department of economic development.
“Early-stage company” means a company with three or fewer years of operating experience.
“Eligible applicant” means an early-stage company that is commercializing a new product or process and seeking new venture capital financing or equity investment.
“Management talent” means individuals experienced in executive and operations functions who are willing to provide management or technical decision-making skills, based on a business consulting model.
“Targeted industry” means the industries of advanced manufacturing, biosciences, and information technology.
261—112.4(82GA,ch122) Program funding.
	112.4(1) Awards shall be made on a per-project basis upon board approval. The maximum award shall not exceed $10,000 for a single project.
	112.4(2) Funds shall be used for the identification of potential management talent, participation in human resource-business opportunity matching events, marketing materials, preparation of organized information (e.g., database, Internet applications, networks, talent profiles), and management talent wages, salaries, and relocation expenses. Funds shall not be used for human resource recruitment, search, or placement service expenses or to purchase equipment.
	112.4(3) Funds shall not be used for university overhead or indirect expenses or for any work that was conducted by the applicant or any third-party consultant prior to the term of the contract.
	112.4(4) Awards from the program shall be in the form of a grant.
261—112.5(82GA,ch122) Matching funds requirement. In order to receive financial assistance, an applicant must demonstrate the ability to secure two dollars of nonstate moneys for every one dollar received from the department.
261—112.6(82GA,ch122) Eligible applicants.
	112.6(1) An eligible applicant must be a for-profit business located in Iowa from one of the following industries as classified by the North American Industry Classification System:
	●	Biosciences.
	●	Information technologies.
	●	Advanced manufacturing.
	112.6(2) Applications from venture capital companies (NAIC 523910) on behalf of an eligible for-profit business located in Iowa will be considered for funding.
	112.6(3) The department will establish discrete projects and collaborative projects, which do not require application, for the identification and recruitment of executive and operations management talent benefitting Iowa targeted industry.
261—112.7(82GA,ch122) Ineligible applicants.
	112.7(1) A business which is engaged in retail sales or which provides health services is ineligible.
	112.7(2) A business which closes or substantially reduces its workforce by more than 20 percent at existing operations in order to relocate substantially the same operation to another area of the state is ineligible for 36 consecutive months at any of its Iowa sites from the date the new establishment opens.
261—112.8(82GA,ch122) Application process.
	112.8(1) An individual or business must submit an application to the Iowa Department of Economic Development, 200 East Grand Avenue, Des Moines, Iowa 50309, in a form provided by the department. Required forms and instructions are available at this address or may be printed from the department’s Internet site at www.iowalifechanging.com.
	112.8(2) The technology commercialization committee shall have the authority to evaluate each application and shall provide a suggested funding amount to the board for consideration.
	112.8(3) An application for technical assistance under the program shall include any information required by the department including, but not limited to, all of the following:
	a. 	Proposed services for management talent recruitment, connectivity services, and technical assistance.
	b. 	A listing of the Iowa companies and executives committed to participating in the technical assistance services.
	c. 	A description of the scope of work.
	d. 	A description of the performance metrics.
	e. 	Resources and project budget.
	f. 	Project time line and milestones.
261—112.9(82GA,ch122) Application selection criteria. In reviewing applications for technical assistance, the committee shall consider the following criteria:
	112.9(1) Experience in identifying and successfully recruiting management talent for Iowa targeted industries.
	112.9(2) Formal linkages to associations and individual members of international organizations providing management talent recruitment.
	112.9(3) Number of Iowa targeted industries involved in the application.
	112.9(4) Established information, and methods for the identification, due diligence, profiling, and connectivity ability of management talent recruitment.
	112.9(5) Strength of the business plan in the following areas:
	a. 	Description of the company and the overall industry;
	b. 	Product and production plan;
	c. 	Market, competition, and the marketing strategy;
	d. 	Executive or operations management; and
	e. 	Financial information and business capitalization plan.
	112.9(6) Management team, management expertise, and background (including education, training, work experience, and other factors) which will be provided to the business.
	112.9(7) Budget, financial matching, and total leverage.
	112.9(8) Return on state investment.
261—112.10(82GA,ch122) Intellectual property. All intellectual property developed or used for the application must be made available to the department for future management talent recruitment for Iowa targeted industries. If the applicant does not own the intellectual property described in the application, the applicant must provide satisfactory evidence of its right to use or further develop the intellectual property.
261—112.11(82GA,ch122) Contract and reporting.
	112.11(1) Notice of award. Successful applicants shall be notified in writing of an award of assistance, including any conditions and terms of the approval.
	112.11(2) Contract required. The department shall prepare a contract which includes, but is not limited to, a description of the project to be completed by the business; conditions to disbursement; required reports; the repayment requirements imposed on the business in the event the business does not fulfill its obligations described in the contract; and other specific repayment provisions (“clawback” provisions) to be established on a project-by-project basis.
	112.11(3) Reporting. An applicant shall submit any information requested by the department in sufficient detail to permit the department to prepare the report required pursuant to 2008 Iowa Acts, House File 2450, section 6(9)“l,” and any other reports deemed necessary by the department, the board, the general assembly or the governor’s office.
These rules are intended to implement 2007 Iowa Acts, chapter 122, section 7(8).
[Filed emergency 9/18/08 after Notice 7/16/08—published 10/8/08, effective 9/18/08]