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-Dr.RandyGoldsmithPresidentandCEOMississippiTechnologyAllianceTheobjectiveofthisfundingistobuildoureconomyonegreatcompanyatatimeasquicklyaspossible.YoumaycontactLynneatlynne.jetergmail.com.Goldsmithpointedouttheprogramisnotbasedontheideaofhittingbighomerunslikeattractingamajoremployerwillgenerate.Itsmoreakintobuildingasolidbrickwallonebrickatatimeheemphasized.Theobjectiveofthisfundingistobuildoureconomyonegreatcompanyatatimeasquicklyaspossible.Fourorfivecompaniesperyearwithworld-classpotentialcanchangeaneconomyinadecade.Recentresearchshowsthattherateofstartupofinnovationintensiveventureshasthelargesteffectonthegrowthofgrossstateproductpersonalpercapitaincomeandproductivity.ToqualifyforResearchandDevelopmentProgramfundingcompaniesmustbebasedinMississippiprovidescienceortechnology-relatedproductsorservicespresentacompletedproductservicedevelopmentplanpartnerwithaMississippiuniversitycollegeorcommunitycollegeandmustbeinvitedbyMTAtoapplyforassistancebasedonanagreed-uponscopeofwork.BygoingthroughtheprocessofanalyzingthedealandevaluatingthebusinessplanwellknowatthetimetheinvitationisextendedtheresagoodprobabilityofqualifyingsaidGoldsmithaddingwellalsoknowtheapplicanthasthestatesinterestatheart.Youcouldalmostcallitapre-application.Ifacompanyqualifiesaninvitationtosubmitaformalapplicationwillbeextended.ThencompaniesmustpresentacommercializationplanreceiveMTAstaffapprovalreceiveSeedFundInvestmentBoardreviewapprovalandenterintoacontractspecifyingtheuseoffundsbenchmarksandrepayment.Theprogramwillprovideamaximumawardof100000peryearwitha200000aggregatelimit.Repaymentofallfundsmaybemadeintheformofaconvertiblenoteifrepaidwithin36monthsorupto200percentonaslidingscaleafter36monthsandupto60months.TherewillbeanoptiontoconvertdebtintocommonstockorroyaltythatresideswithMTA.ThefundsarevirtuallyavailableforanythingthecompanyneedswhetheritstohireaCEOorstaffbuyequipmentorhireconsultantsbutattheendofthedaywithamarketstudyinhandtherewillbeamutualagreementonthebestuseofthefundssaidGoldsmith.Othertermsincluderequiringcompaniestoexpend51percentoffundsunderacontractwithastateuniversitycollegeorcommunitycollegeforresearchanddevelopmentortechnologydevelopmentwork.Overheadcostswillbelimitedto10percent.Thecompanymustmatchfundingdollar-for-dollarofcashandorin-kindservices.IntheresearchanddevelopmentprogramthecompanyitselfcanprovidethematchingfundsnotedGoldsmith.Onthenewventuresidetheresarequirementthatthefundsareprovidedbyanaccreditedinvestor.Pre-existingintellectualpropertymayberetainedbythecompanywithnewintellectualpropertysubjecttomutually-agreedtermswiththecontractinginstitution.Therewillbenoreimbursementforpatentprosecutionreorganizationcostsexistingdebtorsunkcostsmoneyisawardedonanon-recoursebasis.ThisseedfundprogramisdesignedtofillthegapforthehardestmoneythereistocomebyforacompanyorentrepreneurdoingresearchanddevelopmentworksaidGoldsmith.Veryfewinvestorswillfundthisbythemselves.TheMississippiNewTechnologyBusinessProgramhastwofundinglevelswitheligibilityapplicationprocessandtermssimilartotheResearchandDevelopmentProgram.Thefirstlevelwithabeginningfundof216000requiresqualifyingcompaniestohaverightstotheintellectualpropertysupportingtheventureopportunityandtodemonstratecompellingevidenceforrapidgrowthandhighperformance.Fundsmaybeusedforconsultantsandequipment.Themaximumawardis10000onaone-timebasis.Thesecondlevelwithabeginningfundof1.94millionrequirescompaniestohaveabusinessplandemonstratingeconomicfeasibilityanaccreditedinvestormatchandacollaborativeagreementwithaMississippiinstitutionofhigherlearning.Themaximumawardis100000inoneyearwitha200000aggregatelimit.TheRuralInnovationProgramexpandstheprogramtotechnology-basedbusinessesinruralMississippiwithfewerthan150employees.Thefirstlevel24000awardsupto10000onaone-timebasis.Thesecondlevel216000providesapprovedcompanieswithupto100000peryearwitha200000aggregatelimit.ThenewtechnologyandruralinnovationprogramshaveessentiallythesamerequirementssaidGoldsmith.Thispartsimplyinsurestheresacomponentofthefunddedicatedtotheruralcommunity.Khayatenvisionsthefundhelpingnewanddevelopingbusinessesreachtheirpotential.OneoftheattractivefeaturesisthatthefundsareaccessiblebyvirtuallyanybusinessofanysizeorinterestwhetheritsapolymerbusinessinPicayuneorabusinessintheDeltadevelopingsomenewagriculturaltechnologyhesaid.Itsgoingtohavewidespreadappealandapplication.PointeInnovation24magazineResearchandDevelopmentProgramMississippiNewTechnologyBusinessProgramRuralInnovationProgram