Oklahoma Senate Bill SB308

Oklahoma 2023 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

OCAST; requiring commitment to provide certain data from certain entities receiving funds. Effective date.

Impact

The passage of SB308 could significantly affect how technology enterprises in Oklahoma receive funding and how their performance is evaluated over time. By requiring businesses to secure additional private investment or funding before accessing the state financing, the bill encourages a collaborative approach to economic development. This requirement may foster a more sustainable funding environment by ensuring that state resources are complemented by private investments, ultimately aiming to boost the state's economic growth through innovation and commercialization of new technologies.

Summary

Senate Bill 308 aims to amend the existing legislation governing the Oklahoma Center for the Advancement of Science and Technology (OCAST), specifically focusing on a technology business financing program. The bill introduces new requirements for recipients of funding through this program, mandating them to make a binding commitment to provide specific data for a set period. This data will include metrics such as jobs created, total revenue, total payroll, and average annual wages generated by the funded enterprises, with an emphasis on the portion generated within Oklahoma. The aim is to enhance accountability and transparency regarding the impact of public investments in technological advancements.

Contention

While proponents of SB308 believe that the bill will enhance state support for technology initiatives and improve data accountability, it may also face opposition from some quarters. Critics might argue that the additional requirements for data reporting and the necessity for private financing could deter smaller or emerging technology businesses from applying for funds. There are concerns that the focus on data collection could create burdensome regulatory requirements that might outweigh the benefits of the program, particularly for startups or less established firms seeking to commercialize new ideas.