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
Roasterie founder Danny O’Neill takes historical look on Midwest coffee culture
Editor’s note: In partnership with the KC Greats podcast, hosted by Scott Parman, Startland News hopes to offer its audience more avenues to learn about entrepreneurs in Kansas City. Opinions expressed in this commentary are the author’s alone. In this episode, Roasterie founder and CEO Danny O’Neill answers the question: Why coffee? In the early…
Jeff Shackelford: Here’s how to land Digital Sandbox funding
When it comes to pitching their startups, most Kansas Citians err on the side of selling themselves short. At least that’s what the Digital Sandbox KC’s Jeff Shackelford told a crowd Tuesday at an event helping community members who are interested in pitching to the incubator-style program. Launched in 2013, Digital Sandbox has supported a…
The education system is broken — these Kansas Citians want to fix it
As you may remember or have experienced with your own child, there seems to come a point in one’s educational journey where kids ask themselves — what’s the point? The answer has always been, so that you can get good grades, to get into a good college to then get a good job. The problem with…
What’s Kansas City doing at SXSW 2017 this year?
March is about to get weird. Startland News is once again returning to the weirdness of Austin, Texas, for the annual insanity that is the SXSW Conference. Like last year, we’ll be venturing to the Lone Star State to report on the Kansas City contingent at arguably the nation’s top conference for innovative ideas: South-by-Southwest…