TBED Briefs

Midwest Angel Network Association Launched in Illinois

Several Chicago area investors and numerous local organizations have launched MANA, or Midwest Angel Network Association, in an effort to make seed-stage investment a greater reality. MANA will be dedicated to strengthening the existing angel community and providing assistance and education to potential investors looking to join or form an angel fund or network. Although MANA does not provide angel funding directly, entrepreneurs can also look to MANA's website for direction in how to access angel funding and advisors or service providers who want to help start-ups.

New Orleans Eliminates IT Tax

The City of New Orleans has eliminated a 5 percent sales tax on custom software to aid the cause of local information technology firms, according to The Times-Picayune. As a result of the tax cut, the city is expected to lose $646,500 annually in tax revenue. Software executives in New Orleans say the ordinance will encourage business expansion and investment. Last spring, the Louisiana State Legislature voted to eliminate the state's custom software tax over a span of four years.

$12M Institute, Incubator Created in Harrisburg, PA

The Harrisburg Polytechnic Development Corp. is using $12 million in capital budget redevelopment assistance to create the Harrisburg Polytechnic Institute. As the project's first phase, a high school specializing in math and science is scheduled for completion in September 2003. The school will serve 144 ninth- and 10th-grade students from Harrisburg High School. Future plans for the institute include undergraduate and graduate colleges and an incubator for start-up companies. Ten businesses will be housed by the incubator when it opens in the fourth quarter of 2003. Also, the institute will include centers for workforce development and conferences.