Arkansas targets science, tech growth

Arkansas has new tools targeting growth in the state’s innovation and technology sector after Gov. Asa Hutchinson signed legislation creating a $2 million accelerator grant program for startups and establishing a Small Business Innovation Research (SBIR) matching funds program. The Arkansas Economic Development Commission’s (AEDC) Division of Science and Technology will administer the programs and seek corporate sponsors to provide matching funds to create accelerator events throughout the state. Grants will be available to qualified applicants of up to $250,000 per event. The SBIR fund will provide funds to match up to 50 percent of federal grant funds for qualifying companies, up to a cap of $50,000 for Phase One and up to $100,000 for Phase Two. The program seeks to create and retain high-tech jobs, foster research, and increase the number of federal SBIR awards for startup and early-stage companies.