(a) There is established a critical technologies grant program to be administered by the corporation for the purpose of promoting technology deployment in advanced materials, marine sciences, photonics, pharmaceutical and environmental technologies. During the twelve-month period beginning on July 1, 1993, the corporation shall accept applications from eligible grant recipients in a form and manner prescribed by the corporation for state grants for the purpose of promoting technology deployment in such technologies.

(b) On or before January 1, 1995, the corporation shall review all applications timely received pursuant to this section, may approve such applications and provide approved grant recipients such financial assistance as it may determine will promote technology deployment in advanced materials, marine sciences, photonics, pharmaceutical and environmental technologies. In approving such application the corporation shall assess scientific and economic factors concerning the uses of the proposed grant, including but not limited to the following:

(1) The formal participation in the program proposed by businesses actively engaged in the commercial use of advanced materials, marine sciences, photonics, pharmaceutical and environmental technologies;

(2) The likelihood that the program proposed will result in substantial and timely deployment of advanced available technologies in one or more of the following: Advanced materials, marine sciences, photonics, pharmaceutical and environmental technologies;

(3) The proposal's plan to involve minority students or minority-owned businesses in its activities; and

(4) The adequacy of the program's mechanisms for evaluating its progress.

(P.A. 93-382, S. 37, 69.)

History: P.A. 93-382 effective July 1, 1993.