Report: Tech fund firms better at attracting investment than jobs
Companies funded by the Texas Emerging Technology Fund have done a better job of attracting outside investment dollars than of creating jobs, the fund’s 2012 annual report shows.
The state fund has awarded $194.8 million to 137 applicants since the fund’s creation in 2005.
During that time, the award recipients attracted almost $762 million in private investment, federal funding and contributions from other sources. That number grew by 28.6 percent during fiscal year 2012.
The bulk of the so-called “follow-on” money came to biotechnology and life sciences, but those sectors also enjoyed slightly more than half of the state fund’s investment — $103.8 million.