Section 31-29-29 - Institute for Technology Development (ITD) to establish and administer grants program for inventors and small businesses; maximum grants and purposes therefor; ITD royalties(1) The Institute for Technology Development (ITD) is authorized to establish and administer four (4) programs to provide assistance grants to developers of inventions or innovative ideas, using funds appropriated by the Legislature for that purpose and other funds available to ITD for that purpose. The four (4) programs shall provide moneys to inventors, innovators and small businesses to defray part of the costs of:(a) Having evaluations of inventions or innovative ideas prepared;(b) Developing new inventions or innovative ideas;(c) Preparing applications for federal Small Business Innovative Research (SBIR) grants; and(d) Supporting small businesses during the gap period between Phase I and Phase II SBIR grants.(2) The first program shall provide grants to help inventors and innovators defray up to fifty percent (50%) of the cost of having an evaluation prepared of the technical and economic merits of the invention or innovative idea. The maximum amount of a grant for any one (1) invention or innovative idea shall be Twenty Thousand Dollars ($20,000.00). ITD itself may perform any evaluation that it is qualified to perform, and may charge a fee to the inventor or innovator for the evaluation. As a condition of providing a grant for an invention or innovative idea under this program, ITD may require the inventor or innovator to agree to pay a royalty to ITD of a percentage of any proceeds earned from the invention or innovative idea if it should become successful. The revenues generated for ITD from any fees for performing evaluations and from any such royalties shall be used to provide additional grants under this program.(3) The second program shall provide grants to help inventors and innovators defray up to twenty percent (20%) of the cost of developing a new invention or innovative idea. The maximum amount of a grant for any one (1) invention or innovative idea shall be Fifty Thousand Dollars ($50,000.00) for the first two (2) years of the program, and thereafter shall be such higher limit as determined by ITD. ITD may charge a fee to inventors and innovators who receive financial support for an invention or innovative idea with the use of a grant from the program. As a condition of providing a grant for an invention or innovative idea under this program, ITD may require the inventor or innovator to agree to pay to ITD a royalty of a percentage of any proceeds earned from the invention or innovative idea if it should become successful. The revenues generated for ITD from any such fees and royalties shall be used to provide additional grants under this program.(4) The third program shall provide grants to help small businesses defray up to fifty percent (50%) of the cost of preparing applications for federal Small Business Innovative Research (SBIR) grants, which assist small businesses in commercializing new inventions and innovative ideas. The maximum amount of a grant for any one (1) recipient shall be Two Thousand Dollars ($2,000.00).(5) The fourth program shall provide grants to help small businesses defray up to twenty-five percent (25%) of the cost of supporting the business during the gap period between the exhaustion of Phase I SBIR grant funds and the receipt of Phase II SBIR grant funds. The maximum amount of a grant for any one (1) small business shall be Twenty-five Thousand Dollars ($25,000.00). As a condition of providing a grant to a small business under this program, ITD may require the small business to agree to pay to ITD a royalty of a percentage of any proceeds earned from the invention or innovative idea of the business if it should become successful. The revenues generated for ITD from any such royalties shall be used to provide additional grants under this program.Laws, 1994, ch. 415, § 1, eff. 7/1/1994.