READ FIRST TIME 03/02/09.   

     AN ACT Relating to directing the department of community, trade, and economic development to review commercialization and innovation in the life sciences and technology sectors; and creating new sections.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   (1) Washington state is fortunate to have a dynamic technology industry sector that benefits from vibrant global demand for its output and that helps drive the state's economy. Washington state is uniquely positioned to shape its future success in innovation in the technology sectors of life sciences and high technology. Nearly every state in the nation is competing to develop a strong innovation economy. Washington has world-class research institutions, entrepreneurial spirit and talent, an actively collaborative community, and an existing foundational sector.
     (2) To leverage its potential, the state must actively work to create and ensure a supportive environment that enables entrepreneurial people and companies to convert their innovative ideas into marketable new products and services. Providing such an environment would:
     (a) Solidify Washington state as a global hotbed of knowledge and technology commercialization;
     (b) Create more highly rewarding and well-paying careers for Washington's citizens;
     (c) Grow more companies in new and far-reaching markets;
     (d) Renew traditional industries through value-added technology adaptation; and
     (e) Generate solid returns for Washington state.

NEW SECTION.  Sec. 2   (1) The department of community, trade, and economic development, in consultation with life sciences trade and technology trade associations, shall review how to best promote and grow innovation in the development and commercialization of proprietary technology in: (a) Life sciences, such as medical devices and biotechnology, including biofuels and alternative clean energy; and (b) information technology, including hardware, software, and internet infrastructure, that address high potential emerging and growing markets.
     (2) The department of community, trade, and economic development, in consultation with life sciences trade and technology trade associations, shall take the following actions:
     (a) Investigate targeted investment strategies to advance commercialization and innovation at the preseed and seed stage of companies in Washington state;
     (b) Monitor and mitigate state policies, bills, and fiscal affairs related to life sciences and technology innovation to ensure competitive growth of the industry; and
     (c) Work with the Washington economic development commission to align the following with the state's comprehensive economic development plan:
     (i) Overall strategies and direction of state government activities related to life sciences and technology innovation;
     (ii) The state's technology-based economic development efforts, making sure the necessary infrastructure is in place to assist companies at every stage of the business life cycle;
     (iii) Technology transfer and commercialization from the state's public research universities;
     (iv) Chart the course for strategy implementation, tactics, and setting high expectations for continuous high technology business and employee growth in Washington state;
     (v) Conduct market analysis and competitive review; and
     (vi) Collaborate with industry representatives and others to increase the amount of local or regional investment capital available for early stage investments in Washington companies.
     (3) The department of community, trade, and economic development shall report its findings and recommendations to the governor and legislature by December 1, 2009.