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A.  The legislature finds that:

(1)  The state is making investments in university research, but has no strategy for commercializing the resulting technologies.

(2)  University professors often take their research and leave the state to create new companies and new jobs elsewhere, robbing the university of a creative and valued faculty member and the state of the ability to benefit from homegrown economic development potential.

B.  This Part is intended to achieve the following purposes:

(1)  To induce companies purchasing the rights to commercialize technology produced at a Louisiana university to locate and grow their businesses in Louisiana.

(2)  To expand the economy of the state by enlarging its base of technology and research-based businesses.

(3)  To enlarge the number of quality jobs available to an educated workforce to retain the presence of young people educated in Louisiana colleges and universities.

(4)  To attract and retain the finest research faculty to Louisiana universities.

Acts 2002, 1st Ex. Sess., No. 8, §1, eff. July 1, 2002; Acts 2007, No. 401, §1, eff. July 10, 2007; Acts 2011, No. 416, §2, eff. July 1, 2011.