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Entrepreneur groups, lenders and university partners push back on proposal to cut Business Innovation Act funding
Summary
Investors, incubator operators, community lenders and business groups urged the Appropriations Committee not to cut $5 million from the state’s Business Innovation Act, saying the program fuels early-stage capital for agtech, bioscience and small entrepreneurs and draws much larger private follow-on funding.
A proposed $5,000,000 cut to the Business Innovation Act (BIA) drew sustained opposition at the Appropriations Committee hearing as private investors, incubators, rural lenders, and university-affiliated programs said the grants and matching funds are critical to seed-stage startups and community lenders.
What the BIA funds: Witnesses explained that the BIA comprises multiple programs—microenterprise assistance, academic research-and-development matching, prototyping grants, seed investment and matching for SBIR/STTR winners—and helps translate research and early ideas into viable companies. Proponents described how the program complements private capital, university R&D and accelerator programming.
Claims and figures presented: InvestNebraska and research cited by witnesses showed the BIA’s…
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