The purpose of sections 54-34-11 through 54-34-15 is to improve the dissemination of information regarding informal investment opportunities to potential investors and entrepreneurs, and thereby stimulate the growth of small businesses in the state.
54-34-12. Division of economic development and finance to establish venture capital network - Duties and functions. The department of commerce division of economic development and finance may establish, from funds appropriated to or otherwise available to the department of commerce, the venture
capital network as a clearinghouse for information on informal risk capital investment opportunities in the state. The division of economic development and finance may: 1. Enter service contracts on a competitive bid basis with public and private agencies, institutions, organizations, and individuals for the purpose of establishing and operating the venture capital network. 2. Receive and approve contract proposals for the purpose of establishing the venture capital network. 3. Solicit the support and contributions of public and private agencies, organizations, institutions, and individuals. 4. Accept and administer contributions for the purpose of operating the venture capital network. 5. Advertise and promote the venture capital network.