The funds provided by this bond issue, in the amount of $50,000,000, will be used to provide funds for research and development and commercialization as prioritized by the Maine Innovation Economy Advisory Board's most recent innovation economy action plan and the Department of Economic and Community Development, Office of Innovation's most recent science and technology action plan. The funds must be allocated in support of technological innovation leading to commercialization in the targeted sectors of life sciences and biomedical technology, environmental and renewable energy technology,
44 information technology, advanced technologies for forestry and agriculture, aquaculture
45 and marine technology, composites and advanced materials and precision manufacturing.
46 The funds must be awarded through a competitive process and to Maine-based public and
47 private institutions to leverage matching private and federal funds on at least a one-to-one
48 basis.