LIFT commitee meets for planning session


The Legacy Investment for Technology (LIFT) Committee held its first strategic planning last week on Oct. 2.  

Consisting of seven appointed members, the LIFT Committee is responsible for the application evaluations of the loan program supporting technology advancement for North Dakota businesses through the commercialization of intellectual property. 

“We have assembled an impressive group of private-sector leaders versed in early-stage capitalization, commercialization of intellectual property, and experts in industries we hope to see grow and expand in North Dakota,” said Commerce Commissioner Michelle Kommer. “With strong leadership, through this new program, we expect to see exciting technological advancements and enhanced success of companies, leading to economic impact.” 

The North Dakota Department of Commerce will work with the Bank of North Dakota to manage and administer the loan fund.  

“This is an important next step as North Dakota continues down the path to diversify its economic base,” said Eric Hardmeyer, president of the Bank of North Dakota. “Connecting university research with entrepreneurial efforts is a sound strategy in fulfilling the bank’s mission to promote agriculture, commerce and industry.” 

To maximize the loan’s impact, the Development Fund board also will hold a planning session to create a synchronized approach between the two funds. 

“By combining the two funds, we will be able to augment startup growth and create diversification that will maximize the ability to support new programming efforts, said James Leiman,” director of Economic Development and Finance at the North Dakota Department of Commerce. 

The North Dakota Department of Commerce leads the efforts to attract, retain and expand wealth and improve the quality of life for the people of North Dakota.