Nebraska Revised Statute 81-12,133

Chapter 81 Section 12,133

81-12,133.

Nebraska Operational Assistance Program; established; department select organization to carry out act; considerations.

(1) The Department of Economic Development shall establish the Nebraska Operational Assistance Program.

(2) The program shall assist potential high-growth businesses in establishing a foundation sufficient for the attraction of private equity including, but not limited to, market analysis, executive recruitment, sales and marketing, financial planning, business structure, and intellectual property development. The program may also include, but need not be limited to:

(a) Cooperation with other service entities in facilitating effectiveness of the program including, but not limited to, financial institutions, attorneys, accountants, investment banking firms, established venture capital funds, institutions of higher education, local and regional development organizations, business development centers, business incubators, and utilities;

(b) A statewide system for facilitating venture capital investing with its primary emphasis upon assisting those business enterprises generally seeking up to one million dollars in new equity financing;

(c) Identification and provision of information to investors about investment opportunities in Nebraska business enterprises;

(d) Identification and provision of information to entrepreneurs and high-growth business enterprises about investors seeking investment opportunities;

(e) Service as a clearinghouse and access point for information about venture capital investment opportunities in Nebraska;

(f) Service as the central organization and means of delivering appropriate education and training programs for potential investors in business enterprises;

(g) Facilitation of the formation of private venture capital funds; and

(h) Assistance in the formation of intrastate or industry-specific venture capital networks.

(3)(a) The department shall select a single private, nonprofit organization for the purpose of carrying out the functions of the Nebraska Operational Assistance Act which is either:

(i) Incorporated in the State of Nebraska and exempt for federal tax purposes under section 501(c)(3) of the Internal Revenue Code, as such section existed on January 1, 2007; or

(ii) A Nebraska corporation or Nebraska organization that is exempt from federal taxation under section 501(c)(6) of the Internal Revenue Code, as such section existed on January 1, 2007.

(b) The department, in selecting an organization pursuant to subdivision (a) of this subsection, shall consider, among other factors, the organization's ability to deliver a statewide program and the organization's ability to provide the matching funds described in section 81-12,134.