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Tuesday, March 2, 2021

Perry’s tech fund shows gains despite bankruptcies

PAUL J. WEBER, Associated Press

AUSTIN, Texas (AP) — More bankruptcies within Gov. Rick Perry’s portfolio of Texas startups getting taxpayer dollars didn’t dampen a better year on paper for the Emerging Technology Fund.

A new report from Perry’s office shows the fund value growing by $30 million above what taxpayers have invested in more than 140 companies. That’s a sharp increase from 2012.

At least 16 fund recipients have gone out of business, including three since last year. Those still in business reported modest overall job growth.

The report is unlikely to muzzle Republicans who’ve grown publicly weary of the state playing venture capitalist. Calls to eliminate the fund have become common at GOP campaign stops this primary season, casting doubt over one of Perry’s signature initiatives once he leaves office in 2015.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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