Washington Technology Center Addresses Lack of Seed Capital

The Washington Technology Center (WTC) has created a new program that will make obtaining access to early-stage seed capital easier for companies outside the Puget Sound. WTC is Washington's statewide science and technology organization.

Under a $250,000 award from the federal Economic Development Administration that was matched by WTC, investors and companies in communities such as Yakima, Spokane, Tri-Cities, Bellingham, Port Angeles, Wenatchee and Vancouver will benefit from the two-year program.

Two activities will be at the core of the program. Modeled on an approach developed by the Oklahoma Center for the Advancement of Science and Technology (OCAST), WTC will work with local community development officials to create and connect area investor groups, thus maximizing and enhancing a deal flow across the state. WTC also will provide hands-on aid in developing business plans and preparing investor presentations to strengthen companies' chances for securing investment.

Findings from WTC-led statewide focus groups and the organization's 2003 Index of Innovation and Technology for Washington State (see http://www.watechcenter.org/techindex/) have indicated that early-stage financing is lacking outside Seattle. Several organizations in Seattle help entrepreneurs gain access to angel investors, but no single organization in Washington serves to bring smaller communities together to meet this need.

More information on WTC is available at http://www.watechcenter.org.

Note: The Washington Technology Center is the host sponsor for SSTI's upcoming annual conference, Building Tech-based Economies: From Policy to Practice, which will be held in Seattle on October 21-22. In addition to 25 great breakout sessions, the conference will provide a great opportunity to learn more about WTC. Information is available at: http://www.ssti.org/conference03.htm [expired]