Gov. Perry: ETF Encourages Innovation and Investment in Texas

AUSTIN – Gov. Rick Perry today credited the Texas Emerging Technology Fund (ETF) with helping strengthen Texas’ economy by attracting innovative companies, research dollars and jobs to the state. The governor spoke at the Gulf Coast Innovation Conference and Showcase, where he announced ETF investments in three Texas companies.

“Since its inception, the ETF has galvanized the research environment in our state by harnessing Texans’ amazing ideas and encouraging even greater efforts to inquire, innovate and invest,” Gov. Perry said. “These investments make a difference not only by creating cures for diseases, therapies for afflictions and technologies that make life easier, but also by growing our economy and creating jobs that allow Texans to earn a living and support their families.”

The ETF awards are as follows:

LaserGen Inc. of Houston is receiving a $250,000 investment for the commercialization of its DNA sequencing technology. The system reduces the cost and time of DNA sequencing, and can be used in medical research fields. LaserGen is partnering with Baylor University and Rice University to commercialize the technology.

QCue Inc. of Austin is receiving a $250,000 investment for the development of an innovative software program to estimate demand and pricing for ticketed public events. The program analyzes factors such as weather, demand and market conditions to adjust ticket prices, reducing lost revenue by allowing ticket sellers to tap into profits from previously unsold tickets. QCue is partnering with the University of Texas at Austin to further develop the software.

Shape Memory Therapeutics of College Station is receiving a $250,000 investment for the commercialization of their cerebral aneurism treatment. The treatment is a less invasive alternative to neurosurgery that allows surgeons to deliver treatment directly to the aneurism through a catheter. Shape Memory is partnering with Texas A&M University for the commercialization of the technology.

The ETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007 and again this session with $203.5 million for the 2010-2011 biennium. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the ETF has allocated more than $115 million in funds to 93 early stage companies, and $148 million in grant matching and research superiority funds to Texas universities.

For more information on the ETF, please visit http://www.emergingtechfund.com.