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
Scholarship courses available to KC entrepreneurs
Entrepreneurs and aspiring business owners in Kansas City, Mo., can now tap a variety of scholarship opportunities to help their ventures grow. The Urban Business Growth Initiative is offering scholarships to three courses this fall that hope to assist Kansas City business owners develop their vision, test market viability and more. Some scholarships are worth…
Gallery: Techweek countdown party
Dozens of entrepreneurs, technologists and businesspeople sipped cocktails Monday at Techweek’s countdown party. Below are some photos from the event, which revealed eight new speakers and a rough schedule of events. To learn more about the event, click here.
The WTF series: ‘API’
On a daily basis, Ben Kittrell translates the jargon-filled world of technology for clients of his tech consultancy. The Words that Frustrate (WTF) series aims to offer readers some clarity in an industry dominated by techies’ confusing argot. APIs — or Application Programming Interfaces — are everywhere. You just don’t see them everyday. Unless you’re…
Techweek makes intro to Kansas City
It only seems fitting that bass-thumping techno music would introduce Kansas City’s most anticipated technology conference. National tech conference Techweek — which will be in Kansas City from Sept. 14 to Sept. 20 — made its official introduction into the Kansas City community Monday evening with a party at the Sprint Accelerator. After arriving in Kansas City only six hours earlier,…