Definitions

1. Law
2. Arkansas Code
3. Natural Resources and Economic Development
4. Development Of Economic And Natural Resources Generally
5. Division of Science and Technology
6. Arkansas Business and Technology Accelerator Act
7. Definitions

As used in this subchapter:

1. (1) “Business and technology accelerator” means a full-time, immersive program administered by an eligible applicant to potentially invest in, mentor, and accelerate commercial development of start-up businesses;

2. (2) “Business and technology accelerator grant” means a discretionary grant of up to two hundred fifty thousand dollars ($250,000) for each approved business and technology accelerator application; and

3. (3) “Eligible applicant” means an entity that is:

   1. (A) Registered as a business entity in good standing with the Secretary of State; and

   2. (B) Principally engaged in one (1) or more of the following categories of business or industry:

      1. (i) A manufacturer classified in sectors 31-33 of the 2012 North American Industry Classification System;

      2. (ii) A business that:

         1. (a) Is primarily engaged in the design and development of prepackaged software, digital content production and preservation, computer processing and data preparation services, or information retrieval services; and

         2. (b) Derives at least seventy-five percent (75%) of its sales revenue from out of state;

      3. (iii) An office sector business whose business operations support primary business needs, including without limitation customer service, credit accounting, telemarketing, claims processing, and other administrative functions that:

         1. (a) Is a nonretail business; and

         2. (b) Derives at least seventy-five percent (75%) of its sales revenue from out of state;

      4. (iv) A national or regional corporate headquarters as classified in code 551114 of the 2012 North American Industry Classification System;

      5. (v) A scientific and technical services business that derives at least seventy-five percent (75%) of its sales revenue from out of state;

      6. (vi) A firm primarily engaged in commercial, physical, and biological research as classified in code 541711 or code 541712 of the 2012 North American Industry Classification System; and

      7. (vii) A firm engaged in one (1) or more of the following categories:

         1. (a) Advanced materials and manufacturing systems;

         2. (b) Agriculture, food processing, and environmental sciences;

         3. (c) Biotechnology, bioengineering, and life sciences;

         4. (d) Information technology;

         5. (e) Transportation logistics; and

         6. (f) Internet-enabled technology or service solutions for one (1) or more of the categories described in subdivisions (3)(B)(vii)(a)-(e) of this section.

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