Infographic: Texas Emerging Technology Fund
Six years after its creation, the Texas Emerging Technology Fund is hard at work in laboratories throughout the state and on display in marketplaces across the world, pointing the way to the future of our economy as well as the future of the ways we'll live, work, diagnose and heal.
TETF companies can be found seeking and refining life-saving cancer vaccines and treatments; developing better body armor for our peace officers and members of our armed forces; improving computer server and cell phone technology; coming up with new ways for doctors to monitor and diagnose patients at home; and making our food supply safer and our water cleaner.
These investments have helped spark promising ventures in all of these areas of technology, and many more, while drawing the attention - and dollars - of venture capitalists realizing the value and potential of the projects we have backed, proving these innovative efforts can happen here, and not just in the Northeast or along the Pacific Coast.
TETF investments have also energized and vastly expanded research at Texas' institutions of higher learning, attracting world-class researchers and their research teams from all corners of the globe, and leveraged more than $762 million in additional funding to fuel research throughout Texas.
The TETF investments also build on S.B. 275, passed by the Legislature in 2003, which required the Governor's Economic Development and Tourism Division to identify key industries that would be the engine for job creation and economic development in the 21st Century, and to focus state resources on the development and expansion of those industries. TETF investments have been made in each of those identified clusters: the semiconductor industry; information and computer technology; microelectromechanical systems; manufactured energy systems; nanotechnology; and biotechnology.
The benefits of the TETF, already demonstrated in terms of investment activity and expanded research, are only beginning to show their true value.
Investments Showing Value
Through 2011, the TETF has invested in 133 high-tech companies - companies in which Texas retains an investment interest. As of August 31, 2011, the total value of the investments Texas holds in these companies was more than $173.9 million, more than $4.5 million above the $169.3 million the state has invested in these firms.
To emphasize, the state's investment is worth significantly more than the state paid for it.
Further, TETF investments have helped prove the vitality of these projects, and are attracting exactly the sort of private-sector investment the fund was designed to encourage. In fact, the state's investments have attracted more than $592.3 million in private sector and other funding to supplement these efforts, more than three times what the state has invested.
Through 2011, the TETF has invested more than $177.3 million in research projects affiliated with or based in Texas universities. Participants have also leveraged more than $4 in private and public sector matching and supplemental funding for every $1 the state invested.
The TETF has also enabled Texas to attract teams of some of the most acclaimed researchers in the world, including Dr. Jan-Ake Gustafsson at The University of Houston; Dr. Darwin Prockop at Texas A&M; and Dr. John J. Vasselli at UT-Tyler, among so many others.
By investing in research - and in companies seeking to market the products of that research - Texas is sending a powerful message to the global community that our state is aggressive about securing and cultivating the best and brightest talent, and that the Lone Star State intends to be home to the next great wave of technology that will define the years and decades to come.
For more information on the TETF:
FY2011 Annual Report to the Texas State Legislature on the Texas Emerging Technology Fund.
The Texas Emerging Technology Fund website.