The year’s off to a good start with businesses filing applications for the new Talent & Innovation Initiative (TI2), passed by the Legislature last May, and other new economic development initiatives, administered through DED.

The four-part TI2 includes the InternNE program, Business Innovation Act, Site and Building Development Fund, and the Angel Investment Tax Credit.

InternNE is a partnership with Nebraska businesses to create new, quality paid internships for college and university students. To date, 169 applications have been received with 130 companies approved (38 percent from rural Nebraska) adding 381 new intern positions.

The Business Innovation Act (BIA) helps businesses develop new technologies and leverage innovation to enhance quality job opportunities in Nebraska. Included within the BIA:

The Nebraska Innovation Fund-Prototyping (pre-seed stage) provides grants up to $50,000 per project for creating a prototype of a product stemming from research and development at a business operating in Nebraska, or research at an in-state public or private college or university. So far 27 applications have been received and 12 were approved.

The Nebraska Innovation Fund-Commercialization goes one step further with seed stage investments being awarded $500,000 per project for commercialization of a prototype or process from a business or individual operating here in the state. Two applications have been received.

The Nebraska Small Business Innovation Research (“SBIR”) Initiative establishes a
financial assistance program to individuals and businesses with a principal place of business in Nebraska to support applications to the Federal SBIR Program (Phase 0) and the matching of successful applications (Phase 1 and 2) by the state of Nebraska. Currently, three businesses have applied for Phase 0 and two were approved. Phase 1’s two applicants have been approved, and three applicants were approved for Phase 2.

The Microenterprise Technical Assistance Fund provides financial packaging assistance, including resource identification and determining the programs of best fit, to grow microenterprise businesses located in Nebraska. One application has been received and approved.

The Microenterprise Lending Program (Micro-lending) encourages and supports the transfer of Nebraska-based technology and innovation in rural and urban areas of Nebraska in order to create high-growth, high technology businesses and to enhance creation of wealth and quality jobs. Three applications have been received.

The two-phase Research & Development Fund has received two applications under Phase 1, with one approved. No applications have yet been received for Phase 2 for the $2 million available.

The Site and Building Development Fund aims to increase industrial sites and buildings available for business attraction and expansion.

The Angel Investment Tax Credit encourages investment in high-tech startup Nebraska enterprises providing 35-40 percent refundable state income tax credits to qualified Nebraska investors. To date in 2012, $1.477 million in credits have been requested with $927,166 approved.

Other new economic development initiatives updates:

The Small Business Innovation Economic Gardening Program has received 13 applications and approved four.

Gallup’s Entrepreneurial Acceleration System is a mentorship program that strengthens existing, new and future small Nebraska business owners by matching them with trained and certified mentor guides. For 2012, 46 guides are certified and will assist 160 companies and 746 managers, which will impact 4,939 employees in Nebraska.

The State Small Business Credit Initiative includes the Nebraska Progress Loan Fund and Invest Nebraska Angel Sidecar Fund.

To date, the Nebraska Progress Loan Fund, which provides loans to qualifying small businesses, has received seven applications.

The Invest Nebraska Angel Sidecar Fund, providing early investment capital matching private angel fund investment in start-up businesses developing, modifying or employing new technology, has received no applications at this time.

For additional information, visit www.neded.org/business/talent-a-innovation-initiative.