|By Business Wire||
|November 21, 2012 04:00 PM EST||
Startech Foundation (www.startech1.org) announced today that effective January 1, 2013, it will no longer process applications for the State of Texas Emerging Technology Fund (TETF) or be the host organization for the South Texas Regional Center for Innovation & Commercialization (STRCIC). Until the end of 2012, applications will be handled as normal. For the remaining eight months of the state fiscal year starting January 1, 2013, interested applicants should contact the TETF directly.
“We are proud of our work as the STRCIC,” said Jim Poage, President and CEO of Startech Foundation. “Startech has represented the State of Texas and the TETF in San Antonio since its inception in 2005. Since then, Startech has been one of the top producing regions in the state. We have reviewed more than 1,000 early stage technology deals, processed over 75 TETF applications and recommended 36 of those to the state for funding. Eighteen companies have received TETF funding, resulting in an injection of more than $32M into the local economy,” Poage added.
Startech and state data, indicates that for every $1 of TETF funding, those companies, on average, raise another $4 in additional capital. Since 2003, Startech clients in San Antonio have raised over $260M in equity investments from more than 20 different sources of funding. That’s more than any other region in the state.
We continue to believe that a strong entrepreneurial ecosystem is critical to the growth of San Antonio. Our mission is to serve the entrepreneurial needs of the area and to serve as a focus of collaboration to help entrepreneurs succeed. We have a proven track record and will continue to serve our area consistent with our motto, Inspire, Create and Grow technology companies.
Startech believes in the value of the Emerging Technology Fund and will remain a strong advocate.
Startech Foundation is a private non-profit 501 (c)(3) Texas corporation that exists to Inspire technology innovation and commercialization, Create technology companies, and Grow them into viable businesses in the South Texas regional economy. Startech offers Venture Innovation, Investment and Collaborative services for Entrepreneurs, Investors, Researchers, Service Providers and Partners interested in innovation and commercialization. Startech works closely with several funding sources including the South Texas Angel Network, Venture Capital, SBIR and STTR grants, Microsoft BizSpark, and many others. From 2003 - 2011, Startech portfolio clients have raised more than $260 million in external financing. For more information, visit www.startech1.org.
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