Georgia slow to invest new funds in businesses | www.myajc.com

22
Sep

Georgia slow to invest new funds in businesses | www.myajc.com

A state plan adopted last year to attract more investment dollars for local startup companies has lacked one crucial component: a way to spend the money.

The Invest Georgia Fund was seen as a way to forge a new, if riskier, path that allows the state to fund innovative firms. The tech community, in particular, hailed the bill’s April 2013 signing as a way to entice emerging firms to stay in Georgia rather than flee to startup hubs where seed money flows more freely.

Elected officials, though, have lagged in appointing members to a five-person board set to oversee the fund. And without that oversight, the University System of Georgia says it can’t do anything with the one-time $10 million initial investment it has set aside for the fund.

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