Authorizing the West Virginia Department of Economic Development to promulgate a legislative rule relating to Small Business Innovation Research and Small Business Technology Transfer Matching Funds Program
Impact
The implementation of HB 2740 could significantly impact state laws related to small business funding and economic development strategies. The authorization for the Department of Economic Development to establish this legislative rule means that the state will have a more structured approach towards allocating matching funds for eligible small businesses. This not only encourages entrepreneurship but can also bolster the local economy as small businesses are essential drivers of job creation and innovation in the state.
Summary
House Bill 2740 aims to authorize the West Virginia Department of Economic Development to promulgate a legislative rule concerning the Small Business Innovation Research and Small Business Technology Transfer Matching Funds Program. The main objective of this bill is to enhance the support available for small businesses in West Virginia, particularly in the context of innovation and technology transfer. By formalizing the regulation of these funds, the bill seeks to ensure that small businesses have better access to financial resources that facilitate research and development initiatives.
Sentiment
Overall, the sentiment surrounding HB 2740 appears to be positive, particularly among advocates for small businesses and economic growth in West Virginia. Proponents believe that providing matching funds will incentivize more businesses to invest in innovative technologies and will create a favorable environment for startups. However, there may be some contention from critics who may express concerns about the effectiveness of such funding programs or the potential for misuse of allocated resources, although such views were not prominently noted in the data available.
Contention
Notable points of contention may arise from discussions around the criteria for funding eligibility and the specific details of the rule-making process. Ensuring that the matching funds are distributed effectively and transparently will be crucial for stakeholder confidence in the program. Additionally, some critics may question whether the bill adequately addresses the diverse needs of small businesses across different sectors and whether it sets realistic expectations for performance and outcomes.
Transferring administration of WV Small Business Innovation Research and Small Business Technology Transfer Matching Funds Program to Department of Economic Development
Transferring the administration of the West Virginia Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) Matching Funds Program from the Department of Commerce to the Department of Economic Development
Relating to the creation of a grant matching program for the federal small business innovation research and small business technology transfer programs.
To amend the Small Business Act to reauthorize and modify the Small Business Innovation Research and Small Business Technology Transfer Research programs, and for other purposes.