KRS 154.12-278: Office of Entrepreneurship and Innovation -- Duties of office and

executive director -- High-tech construction pool and high -tech investment

pool -- Duties of Kentucky Economic Development Finance Authority.

(1) As used in this section, "c luster" and "knowledge -based" shall have the same

meaning as in KRS 164.6011.

(2) The Office of Entrepreneurship and Innovation shall:

(a) Implement the Kentucky Innovation and Commercialization Center Program

as set forth in KRS 154.12-300 to 154.12-310;

(b) Monitor the return on investments and effectiveness of the Kentucky

Innovation Act initiatives as set forth in the Strategic Plan for the New

Economy and prepare an annual report by November 1 of each year. The

report shall be available on the Cabinet for Economic Development web page

as required by KRS 154.12-2035;

(c) Oversee the modernization initiative in KRS 154.12-274;

(d) Assist the cabinet in the recruitment of research and development companies;

(e) Assist the cabinet in the attraction of high -technology research and

development centers;

(f) Support growth and creation of knowledge-based, innovative companies;

(g) Build the infrastructure for innovative businesses and promote networks of

technology-driven clusters and research intensive industries;

(h) Administer the high-tech construction pool and the high-tech investment pool;

(i) Recommend projects to the Kentucky Economic Development Finance

Authority for funding through the high -tech construction pool and high -tech

investment pool; and

(j) Review and approve the annual plan which details the annual allocation of

funds from the Sc ience and Technology Funding Program. As used in this

paragraph, the Science and Technology Funding Program means the

Kentucky enterprise fund, the Rural Innovation Program, the Kentucky

Commercialization Program, the Regional Technology

Corporations/Innovation and Commercialization Center Satellites, the

Experimental Program to Stimulate Competitive Research/Kentucky Science

and Engineering Foundation, Small Business Innovation Research and Small

Business Technology Transfer grants, and other government gr ant programs

and funding programs as determined by the executive director of the Office of

Entrepreneurship and Innovation.

(3) The high-tech construction pool shall be used for projects with a special emphasis

on the creation of high -technology jobs and k nowledge-based companies. The

executive director, in administering the high -tech construction pool, shall

recommend distribution of funds and projects to the Kentucky Economic

Development Finance Authority for its approval. The executive director shall

recommend any designated amount of pool funds to be set aside for any match

requirements. Any funds used for matching purposes may include public and

private funds.

(4) The high -tech investment pool shall be used to build and promote technology -

driven industries and research-intensive industries, as well as their related suppliers,

with the goal of creating clusters of innovation -driven industries in Kentucky. The

executive director, in administering the high -tech investment pool, shall be

authorized to recommend funds to be used to support loans and grants, or to secure

an equity or related position.

(5) The Kentucky Economic Development Finance Authority shall ensure in their

approval of funding of projects that the highest priority is given to knowledge-based

companies in fulfillment of the purposes and intentions of the purposes of this

section.