The Arkansas Economic Development Commission may recommend that a research alliance under this subchapter:
(1) Identify specific areas where scientific research and technological investigation may contribute to the creation and growth of knowledge-based and high-technology jobs in Arkansas;
(2) Determine specific areas in which financial investment in scientific and technological research and development from federal agencies or private businesses located in Arkansas could be enhanced or increased if state resources were made available to assist in financing research infrastructure;
(3) Advise universities of the research needs of Arkansas businesses and improve the exchange of scientific and technological information for the mutual benefit of universities and private businesses;
(4) Encourage collaborations among scholars and faculty of research universities in the areas of research identified by the alliance;
(5) (A) Recommend state investments in research infrastructure.
(B) In determining the recommendations for state investments in research infrastructure, the alliance shall invite from research universities:
(i) Assessments of the capabilities of the research universities to seize research opportunities in the areas of research identified by the alliance; and
(ii) Investments that would accelerate the creation of economic opportunities for the citizens of the state;
(6) Certify investments in research infrastructure from the Arkansas Research Infrastructure Fund; and
(7) Monitor, in the specific areas identified by the alliance:
(A) Growth in university research funding;
(B) Intellectual property creation;
(C) Licensing of technology to entrepreneurial firms and existing Arkansas companies;
(D) Growth in venture capital investments in Arkansas; and
(E) Employment in knowledge-based and high-technology employees.
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