(a) There is established the Arkansas Venture Capital Development Fund, and within that Arkansas Venture Capital Development Fund the Arkansas Venture Capital Development Fund Account, which Arkansas Venture Capital Development Fund and Arkansas Venture Capital Development Fund Account shall be held by and maintained as a separate fund and separate account within the Venture Capital Investment Trust.(b)(1) The Arkansas Venture Capital Development Fund is a Direct Fund, as defined in § 15-5-703, created for the purpose of providing financial assistance to technology-based enterprises located in Arkansas with the expectation of: (A) Developing jobs paying in excess of county and state average wages;(B) Improving the growth, development, and advancement of technology-based enterprises; and(C) Converting research and development activities and early stage technology-based enterprises into viable and productive commercial ventures.(2) The Arkansas Venture Capital Development Fund shall target financial assistance toward: (A) Technology-based enterprises that are in the early stages of development and that are not yet able to attract adequate private sources of traditional financing or

get financial assistance toward: (A) Technology-based enterprises that are in the early stages of development and that are not yet able to attract adequate private sources of traditional financing or venture or investor-backed capital for their growth and development; and(B) Venture capital funds that have a direct connection to Arkansas and are focused on providing equity capital or near-equity capital to technology-based enterprises.Amended by Act 2019, No. 925,§ 5, eff. 7/24/2019.