Georgia’s House of Representatives passed the venture fund bill by a 135-28 vote yesterday after gaining the approval of the State Senate a month ago.
The fund is set to raise $100m over the next five years, including $10m in its first year and $15m per year in the following two years to invest in Georgia-based companies.
At present, 92 per cent of venture capital investments in Georgia come from outside investors, according Georgia Tech’s Enterprise Innovation Institute.
The publication quoted chief sponsor of the bill senator Tim Golden as saying, “Other states, because of these funds, are raiding Georgia companies after we get them established.
“This bill would hopefully help solve that problem once we get it up and running.”
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