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Pennsylvania joins states seeding tech-friendly VC firms

November 21, 2005 /

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"For small to medium to national organizations, for events and fundraisers of any size, in any format – live, virtual or hybrid – the platform is built for scale."

Pennsylvania is feeding $29.5 million to venture capital funds to help spawn tech companies in the state, the governor announced Friday.

Pennsylvania’s PA Venture Capital Investment Fund will provide funding to VC firms that will invest in local start-ups. Pennsylvania is the latest state to use this so-called fund-of-funds approach to bolster regional economic development. Maryland, for example, has its Technology Development Corp. (TEDCO), while the state of Oklahoma has the Oklahoma Capital Investment Board.

"Making investments that will help grow Pennsylvania’s technology industry will secure our competitive place in the global marketplace, while creating new opportunities and supporting the revitalization of our towns and cities," Pennsylvania Governor Edward Rendell said in a statement.

By Dawn Kawamoto, CNET News.com

Full Story: http://news.zdnet.com/2100-9595_22-5961125.html

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