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
Kansas City near last place among startup hubs for digital economy readiness
Kansas City’s poor performance in attracting talent and its limited access to investment capital puts it at a disadvantage for the forthcoming digital economy, a recent study found. The national “Innovation That Matters” study analyzed 25 large startup hubs’ readiness for the digital economy, noting that Kansas City has room for significant improvement with its…
Raise a glass to entrepreneurship during 1Week KC’s 5th anniversary
We honor all the best things in life — weddings, birthdays and Bar Mitzvahs to name a few — why shouldn’t we celebrate entrepreneurship? In Kansas City, we have a day — or seven — for just that. 1Week KC, which aims to connect and celebrate area entrepreneurs through 10 events, will begin as any…
Swappa re-homes millions worth of smartphones
About 90 million Americans say they swap out their smartphone every two years, according to a 2015 Gallup study. That means every day about 123,000 used smartphones either find a new owner or a dark home in a drawer, frittering away their value. But one Kansas City startup is already helping thousands of used-smartphone owners…
Amazon’s delivery backlash and 800 robots descend on St. Louis
In this week’s roundup of watercooler talk from the region’s startup hubs, we have the dish on Amazon’s digital divide backpedaling, St. Louis’ international robotics competition and Denver’s vibrant city culture. Check out more in this series here.a ChicagoInno: Amid controversy, Amazon is finally bringing same-day delivery to the South Side And the backpedaling continues.…