Section 2 [Name Change] provides that Minnesota Technology, Inc., formerly known as the Greater Minnesota Corporation, is now Enterprise Minnesota, Inc.

Section 3, subdivision 6 (Technology-Related Assistance) changes the definition of "technology-related assistance" from the "transfer" of technological information and technologies to the "application and utilization" of technological information and technologies

Section 4, subdivision 1a (Purpose), changes the method by which the purpose of the organization is achieved from "transfer and applied research" to "application and utilization."

Section 5, subdivision 7 (Application and Investigative Data), makes a technical change.

Section 6, subdivision 1 (Generally), eliminates the requirement that the President's salary may not exceed 95 percent of the Governor's salary. Provides that the corporation staff must include individuals with operational experience in commercial and industrial financing, energy conservation, research and development, economic development, and general fiscal affairs.

Section 7, subdivision 2 (Status of Employees), strikes language related to the board of Minnesota Project Innovation, Inc.

Section 8, subdivision 1 (General Corporate Powers), paragraph (d), eliminates language referencing the corporation as a state agency for accounting and budgeting requirements.

Section 9, subdivision 2 (Duties), paragraph (a), provides that the primary duties of the corporation are to develop new products and processes for operational efficiency and excellence, and to provide business development services with technology utilization and application, primarily for small and medium-sized manufacturers. Strikes the primary duties of "applied research" and "technology transfer and early stage funding to small manufacturers."

Paragraph (b) eliminates corporation duties that refer to technology transfer and applied research and development assistance; financial assistance; research services; research institutes; research grants; and the Agricultural Utilization Research Institute.

Section 10, subdivision 4 (Supporting Organizations), eliminates a reference to the seed capital fund.

Section 11 [Financial Assistance], paragraph (a), authorizes financial assistance to be provided to sole proprietorships, corporations, other entities, and nonprofit organizations. Specifies that financial assistance includes assisting a company or organization with business services and products.

Paragraph (b) provides that preference and priority will be given to businesses that are expanding in Minnesota. Specifies that priority will be given to projects whose return is most substantial and clear and whose outcomes are best accelerated through internal resources of the corporation. Provides that priority will also be given to companies and organizations not typically able to leverage external assistance.

Paragraph (c) authorizes the corporation to enter into agreements with, or solicit grants from other organizations to jointly promote business improvements; the application of technology, energy conservation, new product development, and other initiatives leading to economic development; and job creation.

Section 12, subdivision 1 [Establishment), provides that the Agricultural Utilization Research Institute shall conduct onsite and applied research.

Sections 13 [Revisor's Instruction] contains a Revisor's instruction.

Section 14 [Repealer] repeals the requirement for financial assistance (Minnesota Statutes, section 116O.06); on-site research (Minnesota Statutes, section 116O.07); science and technology (Minnesota Statutes, section 116O.071); technology resource centers (Minnesota Statutes, section 116O.072); regional research institutes (Minnesota Statutes, section 116O.08); project outreach (Minnesota Statutes, section 116O.091, subdivisions 1, 4, 5, and 6); the Research Advisory Board (Minnesota Statutes, section 116O.10); research grants to education units (Minnesota Statutes, section 116O.11); the Minnesota Technology Account (Minnesota Statutes, section 116O.12); and the Seed Capital Fund (Minnesota Statutes, section 116O.122).

Section 15 [Effective Date] provides that sections 1 to 14 are effective the day following final enactment.

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