Venture Capital Pennsylvania Economy
Venture Capital Pennsylvania Economy
Venture Capital Helps Pennsylvania Economy
Venture capital investment has helped the Pennsylvania economy when it really needs the activity. The state government has worked to facilitate venture capital partnerships and with about 25% of the funds dispensed, the program seems to be succeeding.
Governor Ed Rendell recently announced a shot of venture capital funding for early-stage life science companies in western Pennsylvania. Through a program managed by the Commonwealth Financing Authority, the New PA Venture Capital Investment Program will provide $5 million to Pittsburgh-based Corridor Ventures to invest in Pennsylvania-related companies within the life sciences sector.
The New PA Venture Capital Investment Program was created by Governor Rendell’s 2003 Economic Stimulus Package after he first came into office. The stimulus package passed the state legislature in 2004, clearing the way for the Venture Capital Investment Program along with other financing programs meant to jumpstart the Pennsylvania economy.
Last week, CivSource sat down with John Sider, Deputy Secretary for the Technology Investment Office within the Pennsylvania Department of Community and Economic Development. In this role, Mr. Sider oversees operations of the Technology Investment Office, which serves as a catalyst for growth and competitiveness for Pennsylvania companies and universities by financing innovation, creating partnerships and providing support services through technology-based economic development initiatives. read more…
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