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Wyoming Ponders Seed Capital, Tech Centers
The Joint Minerals, Business and Economic Development Interim Committee of the Wyoming state legislature heard testimony last week encouraging the creation of two new initiatives to expand Wyoming's technology-based economic development efforts: a seed capital program and a technology incubator.
Seed Capital Loan Program
Tucker Fagan, CEO for the Wyoming Business Council, proposed modifications to a $1 million fund to allow the Council to make seed capital available to Wyoming's entrepreneurial community. The funds would come from the underutilized Science, Technology and Energy Authority.
The July 12 edition of the Wyoming Tribune-Eagle reported the terms for the loans and/or investments would include a non-refundable $1,000 application fee and a pay-back schedule that accelerates over five years. Maximum payback would depend on the length of time required for repayment and would be no more than twice the original loan amount.
Wyoming Technology Center
Unfazed by last year's failed attempt to secure $5 million from the state legislature for construction and operation of a technology incubator, the University of Wyoming was on the Interim Committee's most recent agenda to outline a new proposal to make the tech center a reality in 2002.
The university, in partnership with the city of Laramie and the Laramie Economic Development Corporation, will be developing legislation for consideration this fall for the state to match $3 million in non-state funds raised by the team with a $5 million appropriation to establish the facility on university property.
Wyoming