News

Southern Task Force on Venture Capital to Build Investments in Region

Multi-State Task Force of Venture Capitalists and Policy Makers

To Develop Strategies and Actions to Increase Venture Capital Funds

Southern Growth Policies Board, a regional public policy think tank, announced today the creation of a Southern Task force on Venture Capital. Virginia Governor Mark Warner, a former venture capitalist, will chair the initiative. The multi-state task force, called VentureSouth, will create a Southern network of venture capitalists, entrepreneurs and policy makers to increase the flow of venture capital funds to the region.

“This is the first time a multi-state task force has been created to concentrate on venture capital. The Southern region represents 20 percent of the nation’s economic activity but attracts only nine percent of the total U.S. venture capital. Increasing the South’s share of venture capital funding is crucial to our region’s economic development,” said Governor Mark Warner, chairman.

The task force will be managed by the Southern Technology Council, (STC) Southern Growth Policies Board’s advisory council on technology issues. Governor Sonny Perdue, chairman of the STC commented, “VentureSouth is a business-led initiative that will develop concrete strategies to help states attract venture capital and create jobs.” Project partners in Venture South include the Council for Entrepreneurial Development, a nonprofit based in Research Triangle Park, North Carolina that supports entrepreneurship in the region, and Competitive Economics, a venture capital and consulting firm.

Membership in the task force will be capped at 100 firms, with participants primarily coming from the private sector –entrepreneurs and professionals in the venture capital industry—and the remaining members will be comprised of policy makers –governors, legislators and state government science and technology directors. Current VentureSouth members include: Andrew W. Byrd & Company, LLC (TN), Area Development Partnership (MS), Arkansas Science & Technology Authority (AR), Capital One (VA), Fuqua Ventures (GA), Global Assets Family Office (SC), H.I.G. Ventures (GA), Harbert Venture Partners (VA), i2E, Inc. (OK), Imlay Investments, Inc. (GA), Kentucky Science & Technology Corporation (KY), Meridian Management Group, Inc. (MD), Noro Moseley Partners (GA), Pharos Capital Group (TN), Research Triangle Ventures (NC), The Capital Corporation (SC), The Pharos Capital Group (TN), and The Trelys Funds (SC).

The first meeting of the task force will take place in Richmond, Virginia this October. The task force will meet for two years to develop recommendations. Cost of membership is $500 annually. For more information, or to sign up, contact Scott Doron at [email protected] or 919-941-5145.

Southern Growth Policies Board and Alabama Governor Bob Riley will host Rising Together: The Summit on the Rural South, June 12-14, 2005, at the Grand Hotel Point Clear Resort in Point Clear, Alabama. The three-day summit will explore new strategies and success stories in rural development and feature the release of the 2005 Report on the Future of the South. Conference presenters include Mark Drabenstott, Director of the Study of Rural America, as well as a panel of rural experts and a town hall meeting with the region’s governors. For more information on the conference visit http://www.southern.org/conf.asp.

About Southern Growth Policies Board

Southern Growth Policies Board is a regional public policy think tank based in Research Triangle Park, North Carolina. Formed by the region’s governors in 1971, Southern Growth Policies Board develops and advances visionary economic development policies by providing a forum for collaboration among a diverse cross-section of the region’s governors, legislators, business and academic leaders and the economic- and community-development sectors. Supported by the governments of 13 Southern states and Puerto Rico, Southern Growth provides its members, and the region, with authoritative research, discussion forums and pilot projects in the areas of technology and innovation, globalization, workforce development, community development, civic engagement and leadership. To learn more about Southern Growth Policies Board, visit http://www.southern.org.

Contacts:

Leigh Ann Wilder, Communications Director

[email protected]

office (919) 941-5145; mobile (919) 274-2169

Scott Doron, Director, Southern Technology Council

[email protected]

office (919) 941-5145

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