INCITE continued
INCITE Co-Investment FundThe INCITE Co-Investment Fund is a venture capital program designed to stimulate the growth and development of innovative small businesses in Tennessee and increase the number of better-paying, high-quality jobs in our state. Backed entirely by a $29.7 million award through the U.S. Department of Treasury's State Small Business Credit Initiative, the program is expected to spur additional private-sector investment of up to $300 million to accelerate the expansion of Tennessee's economy. The fund is a key component of Governor Bill Haslam's $50 million INCITE (innovation, commercialization, investment, technology and entrepreneurship) initiative to raise Tennessee's profile in innovation-based economic development and drive growth in the creation of knowledge-based jobs. In addition to fostering job creation, the goals of the fund are to increase access to capital for small businesses at various stages of development, accelerate technology commercialization from the state's research institutions into Tennessee companies, and minimize administrative costs of managing the program in order to maximize funding to Tennessee companies. The fund, designed by the ECD, is administered by the Tennessee Technology Development Corporation (TTDC).
*The Tennessee Department of Economic and Community Development's mission is to develop strategies that help make Tennessee the number-one location in the Southeast for high-quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. |
