Emerging Technology Fund may get smaller

[white cloud]

Despite operating for much of the year under a cloud of suspicion, the Texas Emerging Technology Fund is expected to gain continued support during the coming legislative session.

But observers said the fund’s size may be scaled down by legislators looking for political payback while reducing the state’s budget woes. Whatever the reasons, a downsized fund would not be good news for the state’s entrepreneurs who look to the ETF for seed financing.

The five-year-old fund was initially funded with $200 million to invest in innovative technologies developed in Texas. The state Legislature typically replenishes it each session for a two-year period.

By mid-October, the fund had distributed $300 million to early-stage companies and university research projects. It has been an economic development tool that made Gov. Rick Perry proud. But the state’s $24 billion shortfall is going to make full replenishment of the fund difficult to justify.
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http://www.abjentrepreneur.com/news/2010/12/emerging-technology-fund-may-get-smaller.html

[sonias]

1. Perry's slush fund should certainly be cut

Hell if Paul Burka who is a Perry cheerleader finally called it out you know that it's getting some kind of ax.

Paul Burka blog TX Monthly 10/5/10
Tuesday, October 5, 2010
The emerging Emerging Technology Fund “scandal”

It has been apparent for some time that the only thing that can ruin Rick Perry’s prospects for reelection is a scandal. What is on display in the Morning News’ revelations about Perry’s donors benefiting from grants from the Emerging Technology Fund is Perry’s longstanding penchant for rewarding his friends. It is one thing to reward them with appointments to state boards and commissions. It is quite another to reward them with state tax dollars. In this case, the Dallas Morning News has determined that the Governor’s Office has awarded $16 million from the Emerging Technology Fund to companies whose investors and officers are large campaign donors to Perry. The total of the grants to donors represents approximately 5% of the total grants from the fund.

Voters didn't seem to give a shit Perry was giving away taxpayeer funds to his donors - where was the tea party rage about Perry's misappropriation of tax dollars?


Anyway I hope that Strama's bill makes it through the Lege this next session.

One of the lawmakers eager to scale back the ETF is Rep. Mark Strama, D-Austin. He said he will introduce legislation “designed to restore the to its original purposes, adding that will entail “a significant reduction in funding.”

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