capital

Colorado, Tech Partners to Launch $150M VC Fund

Investing money from the state's pension fund, Colorado will partner with local CEOs and technology companies to create a $150 million VC fund to help get local tech startups off the ground, according to multiple news sources. The fund, expected to launch by summer, would be run by a consortium of business leaders who would contribute around $10 million each, while the state would be the largest LP, contributing money from pension funds, according to an article in TechCrunch. Colorado's fund would focus purely on tech and span all stages of funding, the article states. Read more...

WI Aims for More Startups with $25M VC Fund, Incentives for Entrepreneurs

Over the last month, Gov. Scott Walker has slowly rolled out a series of ambitious proposals ranging from $25 million for venture capital investment to $100 million for worker training and nearly $500 million in new state funds for public education. Together, these and other broad-ranging initiatives make up the $68 billion 2013-15 biennial budget unveiled in its entirety yesterday.

Share of U.S. Venture Capital Dollars, Deals by State, 2007-2012

After dipping just under 50 percent in 2011, California reclaimed its spot as the site of a majority of U.S. venture capital investment last year, according to the National Venture Capital Association/PricewaterhouseCoopers Moneytree Survey. About 53 percent of all U.S. venture capital dollars were invested in California companies in 2012, the largest share captured by the state since the annual survey began in 1995. The total share of all venture dollars invested in the top five states also reached an all-time high last year, with California, Massachusetts, New York, Texas and Washington capturing 78.5 percent of all U.S. investment.

Treasury Releases Interim Rule for CDFI Bond Guarantee Program

Last week, the U.S. Treasury released interim rules for the new Community Development Financial Institutions (CDFIs) Bond Guarantee Program. Through the program, eligible CDFIs will issue bonds that are guaranteed by the federal government and use the bond proceeds to extend credit to the broader CDFI industry for community development. Unlike other CDFI Fund programs, the bond proceeds are debt instruments that must be repaid. The Treasury Department will guarantee up to 10 bonds per year, each at a minimum of $100 million, up to a total of $1 billion per year. Learn more...

Maine Technology Institute To Connect Banks With Tech Firms

Recently, the Maine Technology Institute (MTI) announced a new outreach effort to connect the state's community banks with promising technology and innovation-based businesses. These businesses often have capital needs that differ from other small firms and less collateral to secure loans. As a result, it can be difficult for high-tech firms to secure bank loans. The initiative will kick off with a series of workshops, held in partnership with community banks, on the funding options available to tech companies. Learn more...

Legislative Preview: Groups in FL, WI Outline Strategies for High-Growth Economies

Ahead of the 2013 legislative sessions, groups in Florida and Wisconsin unveiled reports on revamping higher education to better fulfill workforce needs and strengthening sectors most likely to produce jobs. In Florida, Gov. Rick Scott's Blue Ribbon Task Force on Higher Education urged differentiated tuition making it more affordable for students to pursue in-demand careers. Meanwhile, the Wisconsin Technology Council identified four strategies to help strengthen the state's technology-based economy — including passage of an early stage capital bill similar to one that stalled in the legislature last year. Both groups hope their recommendations will gain traction in the upcoming sessions.

Maryland Innovation Initiative Announces Initial Slate of Programs

Maryland's Innovation Initiative (MII), launched earlier this year, unveiled two inaugural programs on Monday aimed at commercializing technologies at the state's universities. The new Innovation Discovery Program will help universities identify promising technologies and potential collaborations by reimbursing them for the costs of employing on-site, part-time "site miners." The Innovation Commercialization Program will provide cash awards to support research, commercialization planning and product development. The programs are part of an ongoing effort in the state to coordinate commercialization activities at the five qualifying universities.

State Strategic Plans Focus on Supporting S&T in Key Sectors

In an era of tightening fiscal constraints, states have to make tough decisions, establish clear economic development funding priorities and transform their economic development models to take advantage of immediate opportunities and position their state for long-term economic growth. Mississippi, Oklahoma and Washington have released state-specific strategic plans that make those tough decisions by focusing their resources on key science & technology (S&T) areas to address the economic impacts of the Great Recession and position the state for future prosperity. Each strategic plan also calls for state government to engage the private sector to build partnerships that will help reduce costs and increase impacts.

SBA Reports Record Level of SBIC Financing For Third Straight Year

The U.S. Small Business Administration's (SBA) Small Business Investment Company (SBIC) debenture program provided $2.95 billion in financing to small businesses in FY12, according to a recent SBA release. SBICs around the country help small businesses to expand by providing them with access to long-term capital. For the third year in a row, SBIC activity reached an all-time high, growing 14 percent over FY11 and 85 percent over FY10. Read the announcement...

Angel Investment Continues Rebound in First Half of 2012

Angel investment activity continues to recover from the crash that hit startup capital markets in late 2008, according to the latest report from the University of New Hampshire's Center for Venture Research (UNH CVR). During the first half of 2012, the number of ventures receiving angel funding grew by a modest 3.7 percent over the same period in 2011. Healthcare remains the dominant target of angel investments, comprising about a quarter of angel dollars into the first half of the year. Internet sector investments, however, dominate angel group investments, according to the recent Halo Report on angel group activity.

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