|
|
Thursday, September 9, 2010 |
Serving Seguin and Guadalupe County since 1888
|
|
|
Marketplace
Sections
Services
Service Center
|
|
 |
|
State looks to invest in technology
Published February 28, 2008
SEGUIN — Calling all mad scientists, nutty professors and any clever inventors who want to take a high technology product to the marketplace.
David Clark of the San Antonio Technology Accelerator Initiative office would like to introduce you to the governor.
Clark, director of investment services for SATAI, said inventive entrepreneurs are what the state is seeking to participate in its Emerging Technology Fund, a program to help fund the commercialization of new technology.
The fund was created through legislation designed to expedite innovation and commercialization of research that results in placing a high technology product in the marketplace.
Inventors of high tech products can access a pool of about $295 million that is maintained by the governor’s office to promote such activity.
The goal of the ETF is to create or expand private sector entities that will promote a substantial increase in high quality jobs and increase the applied research capabilities of universities and other higher education institutions.
The ETF is not a grant. It is aimed as a source of venture capital funds with the state providing funds to invest in the company, and proceeds from a sale of a product would be returned to the ETF.
Awards usually range in the $250,000 to $2 million, and approximately $4.85 million has been invested in South Texas companies. The state of Texas invests in the company and takes an active position within that company.
“The state will cash in on its investment at the time of a new technology rollout,” Clark said.
“The state becomes one of your investors. It’s very important to remember that,” he said. “The state looks for a return on its investment.
“Get in touch with us and let’s talk about it,” he said during a luncheon Wednesday that brought area business executives together to learn about the program.
The seminar was arranged by Kate Silvas, assistant economic director for Seguin, and was attended by Mayor Betty Ann Matthies, State Senator Jeff Wentworth and other city officials.
“The Emerging Technology Fund has to be a collaborative with a university for this to work, that is the premise of this legislation,” Clark explained.
Emerging technology industries that would qualify for the ETF program would be the ones developing semiconductors, computer and software technology, energy, manufactured energy systems, micro-electromechanical systems, nanotechnology, biotechnology, medicine, life sciences, petroleum refining and chemical process, aerospace, defense and other pursuits that are determined by the governor in consultation with the lieutenant governor and the speaker of the house as worthy projects for the fund.
The intellectual property that is developed through a collaboration between an entrepreneur or inventor and the partner university must be past the test tube phase to qualify for this type of funding.
The venture must have a comprehensive and compelling business plan and model with a strong management team with backgrounds that are relevant to the product’s development.
The product must also be attractive to a large market — and those that equate to a scientific or medical breakthrough are especially attractive to administrators of the fund.
A 17-member advisory committee of people who have backgrounds in venture capital, industry entrepreneurship and academic and economic development have been appointed by the governor to review the application process before it goes to Austin for review. This highly competitive process targets the best investments for the fund.
Clark said the South Texas office in San Antonio will carefully review an application before it is sent to the committee for review.
“I put them (applicants) through the wringer before they go up. We make them work to get ready for this deal,” Clark said. “We know there are entrepreneurs out there. We’ve just got to find them.
Share |
Save |
Mail |
Print |
Comment
|
|
|
|
|
|
|
|
|
|