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Perry Signs Bill Creating Emerging Technology Fund

Location: Austin, TX

Perry Signs Bill Creating Emerging Technology Fund

New $200 Million Fund Seen as Significant Investment in Texas' Future

Today Gov. Rick Perry signed House Bill 1765 creating the $200 million Texas Emerging Technology Fund. Governor Perry proposed the Emerging Technology Fund last year and made it a priority in his State of the State Address to the Texas legislature in January.

"Today Texas is taking a significant step to ensure that the benefits from technology innovations accrue to Texas colleges, Texas workers and the Texas economy," Perry said. "I am proud to sign legislation creating a new Emerging Technology Fund that will improve research at our universities, help start-up technology firms get off the ground sooner and significantly reduce the time it takes to move new life-changing inventions out of the lab and into the hands of consumers."

Perry noted that the Texas business climate has been named the best in America, employment in Texas is at an all-time high and last year Texas landed more job creation projects than any other state in the nation. However, Perry said that other states are developing new strategies to secure job growth, especially jobs in one of the most important battlegrounds for future prosperity: the technology industry.

"This $200 million Emerging Technology Fund that will boost Texas' reputation as a global leader in the technology economy, and allow us to remain competitive with other states that have made significant investments to attract high-tech researchers and employers that will provide the jobs in the marketplace of tomorrow," Perry said. "Over the next decade, emerging technologies will generate $3 trillion in revenue worldwide, thousands of new jobs and revolutionary innovations that will vastly improve our quality of life. Texas must be at the forefront of this new frontier."

The Emerging Technology Fund will include three major areas of investment:

* Increasing research collaboration between public and private sector entities to develop new Regional Centers of Innovation and Commercialization where the seeds of an idea can take root in a university lab and eventually grow into a new product marketed by a new firm.
* Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life.
* Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.

"The Emerging Technology Fund will help Texas attract thousands of new high-tech jobs, not only because employers will want to locate near our superior university research facilities, but because we can require that employers who develop a new product with the help of state funding manufacture their product here in Texas," Perry said. "I am proud to put my name on a bill that says Texas will not be left behind in the worldwide effort to attract technology innovation, and the prosperity that follows."

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