The bill establishes the Alaska Innovation Council within the Department of Commerce, Community, and Economic Development, aimed at promoting economic growth and innovation in the state. The council will consist of 12 members, including state officials and appointees with expertise in entrepreneurship, investment, and community development. The members will serve staggered terms, with specific qualifications outlined for those appointed by the governor, ensuring representation from various sectors, including rural and urban startup ecosystems, angel investing, and Alaska Native corporations. The council will meet three times a year and will be supported by the Department of Commerce.

Additionally, the council is tasked with advising on the commercialization of research, stimulating investment in emerging industries, and developing entrepreneurship capabilities. It will prepare an annual innovation and economic competitiveness plan, which will include recommendations for enhancing the state's economic landscape. The bill also includes transitional provisions for the initial terms of council members and the timeline for the first competitiveness plan, ensuring a structured implementation of the council's objectives.

Statutes affected:
HB0034A, AM HB 34, introduced 01/10/2025: 39.50.200, 44.33.850, 39.20.180, 44.33.860, 44.33.870, 44.33.880
HB0034B, AM CSHB 34(L&C), introduced 03/03/2025: 39.50.200, 44.33.850, 39.20.180, 44.33.860, 44.33.870, 44.33.880