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Pair of IL Bills Boost Investment in Tech-based Firms, Support Student Entrepreneurs

July 27, 2011

Gov. Pat Quinn this week signed into law two bills in support of tech-based companies and student entrepreneurs. SB 107 builds on the state's Technology Development Account, which allows the state to invest up to 1 percent of its investment portfolio in venture capital firms that in turn invest in technology-based businesses. The new law increases the amount to 2 percent. Companies may use the funding for R&D, marketing new products and workforce expansion. Another bill signed by Gov. Quinn creates the Higher Education Technology Entrepreneur Center Act. This allows the board of trustees at the state's public universities and community colleges to establish a technology entrepreneur center. The centers will offer mentors, workshops, a structured course of work study to bring an innovation from concept to market, and provide contacts with potential private-sector investors.