Recap: Bill would gut Kansas Bioscience Authority
May 19, 2015 | Bobby Burch
A bill in the Kansas legislature if passed would dissolve the Kansas Bioscience Authority, which has recently served as a venture capital organization investing in early-stage bioscience firms.
The measure — SB 305 — would shut down the organization and transfer its funds and obligations to the Kansas Department of Commence.
Proponents of the KBA say that the dissolution of the KBA aims to help fill a projected $406 million shortfall in the Kansas budget. The bill’s sole supporter, Steven Anderson, a lobbyist for the Kansas Policy Institute and formerly Gov. Sam Brownback’s budget director, said the KBA’s mission is better served by the private sector, according to the Wichita Eagle.
Founded in 2004, the KBA invests in animal and human health, agribusiness and life sciences. It’s invested in such companies as Flow Forward, Metactive, Aratana and Innara Health.
KBA chief executive Duane Cantrell said the current value of KBA assets held in startup investments is $32 million to $34 million, according to the Kansas City Star. Cantrell reportedly testified to the Legislature that his organization has nabbed back assets worth $19 million through portfolio companies’ initial public offerings or exits.
For more information on this story, check out these links:
Kansas City Business Journal: Kansas Bioscience Authority fans voice support at the Capitol
Topeka Capital Journal: Senate explores bill closing state’s bioscience agency
Featured Business
2015 Startups to Watch
stats here
Related Posts on Startland News
KC mom turns entrepreneur to help kiddo’s kidney condition
In 2013, Tamra Johnson’s daughter faced a life-or-death situation. After contracting an E. coli bacterial infection, Johnson’s daughter, Maleena, lost function to both of her kidneys. Fortunately, a kidney transplant from Maleena’s father, Jamie, saved her life, but it created a new problem: hydration. Maleena was expected to drink over four liters of water per…
Focused on KC, the Lean Lab welcomes five new ed tech startups
The Lean Lab, a Kansas City-based education tech accelerator, is returning for its fourth year with a new approach that aims to be more community focused and sophisticated. During a Tuesday event, the Lean Lab announced the five new startups in its 2017 cohort at a breakfast at the recently renovated Corrigan Station. Katie Boody,…
Innovation coach Diana Kander: Failure is an option
Editor’s note: The opinions expressed in this commentary are the author’s alone. Yes, you could fail, and it would be embarrassing. People would talk about it. People you know. But let’s be honest, they’re only trying to reassure themselves about the risk-averse choices they’ve made. Yes, you could fail, and it could get you fired. I’m…
Smart City update: Living Lab set to launch, TV show may highlight KC innovation
Bob Bennett, chief innovation officer at the City of Kansas City, Mo., said Kansas City has championed itself as a leader in big data and smart city tech for years now. But now the city is reaching an inflection point to leverage the data at a significant scale, he said. “The bottom line is that…