State offers entrepreneurs a boost through $120 Million Fund of Funds

Five venture capital firms were selected to take part in a $120 million state program to invest in start-up, early and mid-stage companies, and, in the process, perhaps discover a business that will become the next FedEx or HCA.

Firms in the TNInvestco http://www.tninvestco.gov/ program will be eligible for $20 million each through tax credits, but state officials said they also were selected for their ability to leverage additional millions in follow-on capital from out-of-state investors.

The idea is to foster a wave of entrepreneurship and identify businesses that could become transformational companies that take roost in the state and create jobs, said Matt Kisber, the state’s economic and community development commissioner.

By Bonna Johnson • THE TENNESSEAN

Full Story: http://www.tennessean.com/article/20091106/BUSINESS01/911060348/1003/BUSINESS