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TTDC Releases Additional INCITE Co-Investment Fund Details
FOR IMMEDIATE RELEASE
February 9, 2012
TTDC RELEASES ADDITIONAL INCITE CO-INVESTMENT FUND DETAIL
Qualified Investment Applications Can be Submitted Starting Feb. 15
NASHVILLE, Tenn. – The Tennessee Technology Development Corporation (TTDC) released final details of the INCITE Co-Investment Fund today including the Qualified Investment Application, Co-Investment Agreement, and Required Terms. All these documents, as well as revised program guidelines and other information pertaining to the program, can be viewed on TTDC’s website at www.tntechnology.org/incite.
“The INCITE Co-Investment Fund will provide much needed access to capital that will spur the growth of innovative companies in our state,” Bill Hagerty, commissioner, Tennessee Department of Economic and Community Development, said. “I encourage interested parties to submit an application and be a part of making Tennessee the No. 1 location in the Southeast for high quality jobs. I applaud Governor Haslam’s foresight and willingness to help sow the seeds for entrepreneurial growth in Tennessee.”
The INCITE Co-Investment Fund was created by ECD to increase access to seed-, early- and expansion-stage capital for Tennessee businesses using $29.7 million in federal funds. Funding was awarded to Tennessee by the U.S. Department of the Treasury as part of the State Small Business Credit Initiative. TTDC is administering the program on behalf of ECD.
“The INCITE Co-Investment Fund will connect the state’s high-growth, high-potential businesses and their investors with additional capital to support these businesses through critical stages of growth.” Dr. Leslie Wisner-Lynch, president and CEO of TTDC said. “We are pleased to serve as the Fund’s administrator and look forward to opening the second application phase later this month.”
TTDC also announced that Qualified Investment Applications can be submitted starting at 3:30 p.m. CST on Wednesday, Feb. 15, 2012.
Inquiries about INCITE Co-Investment Fund should be emailed to incite [at] tntechnology [dot] org.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies which help make Tennessee the No. 1 location in the Southeast for high quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd.
About the Tennessee Technology Development Corporation
The Tennessee Technology Development Corporation is a legislatively created, non-profit organization created to encourage science and technology business development in the state. TTDC works in partnership with the Tennessee Department of Economic and Community Development and is funded under an agreement with the state. Designed to improve the statewide business climate for innovation and entrepreneurship, TTDC serves as a complement to ongoing business recruitment and expansion efforts of state and local officials.
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TTDC Releases Final INCITE Co-Investment Fund Program Guidelines
Released on Wed, Dec 28, 2011Approved Investor Application Forms Now Available
NASHVILLE – The Tennessee Technology Development Corporation (TTDC) released final program guidelines today for the INCITE Co-Investment Fund. The final program guidelines and other information pertaining to the program can be viewed on TTDC’s website at www.tntechnology.org/incite.
The INCITE Co-Investment Fund was created by the Tennessee Department of Economic and Community Development (ECD) to increase access to seed-, early- and expansion-stage capital for Tennessee businesses using $29.7 million in federal funds. Funding was awarded to Tennessee by the U.S. Department of the Treasury as part of the State Small Business Credit Initiative. TTDC is administering the program on behalf of ECD.
In addition to the program guidelines, TTDC has released the Approved Investor Application forms which can also be found on TTDC’s website. The Approved Investor process is now open and interested parties are invited to submit applications to TTDC. TTDC expects to open the Qualified Investment Process in late January.
“The INCITE Co-Investment Fund will provide much needed access to capital to grow innovative companies in our state,” Bill Hagerty, commissioner, ECD, said. “I encourage interested parties to submit an application and be a part of making Tennessee the No. 1 location in the Southeast for high quality jobs.”
"Tennessee continues to make great strides in aligning state resources, our world renowned research institutions and the private sector to improve our competitive position,” Dr. Leslie Wisner-Lynch, president and CEO, TTDC, said. "We appreciate the continued confidence of the administration in selecting TTDC as fund administrator and our strengthening role in supporting the state's innovation-based economic development initiatives."
Inquiries about INCITE Co-Investment Fund should be emailed to incite [at] tntechnology [dot] org.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies which help make Tennessee the No. 1 location in the Southeast for high quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd.
About the Tennessee Technology Development Corporation
The Tennessee Technology Development Corporation is a legislatively created, non-profit organization created to encourage science and technology business development in the state. TTDC works in partnership with the Tennessee Department of Economic and Community Development and is funded under an agreement with the state. Designed to improve the statewide business climate for innovation and entrepreneurship, TTDC serves as a complement to ongoing business recruitment and expansion efforts of state and local officials.
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Media Contact: Shannon Sumrall, ECD
Office: (615) 253-4897
E-mail: shannon.sumrall [at] tn [dot] gov
ECD Seeks Public Comment on INCITE Co-Investment Fund
Released on Mon, Nov 28, 2011
ECD Seeks Public Comment on INCITE Co-Investment Fund
Comments on Draft Program Guidelines Due Dec. 9, 2011
NASHVILLE – The Tennessee Department of Economic and Community Development released draft program guidelines today for the INCITE Co-Investment Fund. Interested parties are encouraged to review
the draft program criteria found online at www.tn.gov/ecd/pdf/INCITE_Fund_Draft.pdf and provide comments or feedback via email to Ryan Gooch, Innovation Director, by Dec. 9, 2011. Comments should be submitted electronically to ecd.innovation [at] tn [dot] gov with the subject “INCITE Co-Investment Fund Feedback.”
The INCITE Co-Investment Fund will be established to increase access to seed-, early- and expansion-stage capital for Tennessee businesses using $29.7 million in federal funds. Funding was awarded by the U.S. Department of the Treasury as part of the State Small Business Credit Initiative.
In addition, the department will host an informational webinar on Dec. 7, 2011, at 10 a.m. CST, to review the draft program guidelines. To RSVP for the webinar, please send your name and organization to ecd.innovation [at] tn [dot] gov. Additional information on the webinar will be sent to you as it is available.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies which help make Tennessee the No. 1 location in the Southeast for high quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd.
Governor Haslam Announces Innovation Strategy in Tennessee
Unveils INCITE Initiative as First Step Towards Innovation Leadership in SoutheastNASHVILLE – Tennessee Gov. Bill Haslam today announced a $50 million initiative designed to support innovation across the state. The goal of the program, called INCITE for its focus on innovation, commercialization, investment, technology and entrepreneurship, is to raise Tennessee’s profile in innovation-based economic development and drive growth in the creation of knowledge-based jobs. INCITE is a component of Haslam’s recently announced Jobs4TN strategy and will be managed by the Tennessee Department of Economic and Community Development (ECD).
“In a global economy, a focus on innovation along with raising our achievements in education is the best approach to moving our state’s economy forward,” Haslam said. “Tennessee has remarkable assets in research and development. We need to do a better job of leveraging these assets and growing innovative new companies to reach our goal of becoming the No. 1 location in the Southeast for high quality jobs.”
Haslam outlined four areas of focus for the INCITE initiative:
Innovation Coordination- Haslam’s Jobs4TN strategy created nine distinct economic development regions across the state. ECD will work with each of the nine regions to develop a strategic plan for economic development, each containing a strategy for developing innovation using the region’s unique assets. The Tennessee Technology Development Corporation (TTDC) will play a key role in assisting with the development of these plans and will partner with ECD to hold an annual Governor’s Conference on Innovation to share best practices.
Commercialization- ECD will launch a series of initiatives designed to help move new products and technologies from the research lab to the marketplace faster. In March 2011, Haslam announced $10 million in funding for the Memphis Research Consortium to enhance commercialization partnerships as a first step in this process. ECD will work with TTDC to identify other opportunities to enhance technology commercialization activities across the state.
Entrepreneurship- ECD will fund a new or existing business incubator in each of the state’s nine economic development regions. To receive funding, business incubators will commit to meeting critical benchmarks, such as raising specific amounts of private sector capital for its tenant companies. ECD will also create a statewide incubator network to share best practices and support efforts to raise private capital. As part of this effort, a Governor’s Award for Entrepreneurship will be created and awarded each year at the Governor’s Conference on Innovation.
Co-Investment Funds- Tennessee will target $30 million toward the creation of early stage, seed, and mezzanine capital co-investment funds. These funds will be designed to be self-sustaining and to compliment Tennessee’s existing TNInvestco and Pathway Lending programs. ECD is currently in discussions with the U.S. Treasury Department to provide funding for these programs through the State Small Business Credit Initiative. ECD expects the co-investment fund to be operational by fall 2011.
The remainder of the investment is made up of a combination of state and federal funds.
“We feel INCITE is the best approach for the state in leveraging the energy and capital of the private sector to grow innovative companies in Tennessee,” ECD Commissioner Bill Hagerty said. “Tennessee has a great entrepreneurial spirit and great innovation assets, we simply need to enhance the environment for those ideas to take root, grow and create new jobs.”
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies which help make Tennessee the No. 1 location in the Southeast for high quality jobs.The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd orwww.investtennessee.org.
