Senator Dietsch Introduces SB 247, Sunny-Day Fund

CONCORD—Today, Senator Dietsch introduced SB 247, establishing a sunny-day fund in the department of business and economic affairs. Fifteen million in revenue in excess of the revenue stabilization reserve account cap shall be credited to the sunny day fund, for use over the next 5 years. This will provide matching funds to attract $45-60 million in research grants to grow competitive startups in the state. Startups with such grants are nine times as likely to succeed as startups without such grants. Nationwide, over the past two decades, such startups have created 4.3 million jobs and contributed $1.3 trillion to the economy.1

Senator Dietsch released the following statement after the hearing:

“By funding innovation grants and university research grants the Sunny-Day Fund would increase innovation, competitiveness, productivity, and workforce attraction. My company was able to provide its own matches for such grants because I had earlier, successful ventures. But limiting our state to entrepreneurs on their second or third venture severely restricts our talent pool. Now, while the economy is strong, is the time to seed investment that will make it less likely we need to tap the rainy-day fund in a future downturn.”