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Texas' technology fund out of money

Texas' technology fund out of money
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Thursday, July 15, 2010 - 10:29am

AUSTIN, Texas - The state's Emerging Technology Fund that was created to boost research and startup companies is out of money, at least for now.

And the state has stopped taking applications for future awards.

The Austin American-Statesman reported Wednesday that the fund is tapped out. That's even though the governor's office has committed only about half of the $203 million the Legislature appropriated for the fund.

Gov. Rick Perry's office blames slow federal payments for $50 million of the shortfall and a $50 million discrepancy in the appropriations process for the rest.

The emerging tech fund, along with the Texas Enterprise Fund, are two state accounts Perry champions as tools for helping to spur business investment and create jobs in the state.

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