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
Six Kansas City coworking studios to inspire you
Kansas City features an array of coworking spaces aimed at fostering collaboration and creativity. Below are a few of the spaces that caught our eye. Twelve coworking studios in the Kansas City area recently banded together to collectively raise their profiles to attract more businesses, entrepreneurs and individuals with the KC Coworking Alliance. The studios hope to bring awareness to their…
KC companies tap K-State LAB program
Three Kansas City area startups are honing their approaches with an array of resources at a business development program at Kansas State University. Acre Designs (Kansas City, Kan.) and AEGLE Palette (Shawnee) and Alvoru Clothing (Shawnee) were selected to participate in KSU’s Launch a Business program, which is designed to cultivate promising ventures in Kansas…
KC joins White House in “Startup in a Day” effort
Kansas City has joined a national effort to streamline the process of registering and licensing a new business for entrepreneurs. The City of Fountains has pledged to the White House and Small Business Administration to make launching a business an easier process via the “Startup in a Day” initiative. “Navigating the maze of licensing and…
KC entrepreneurs talk funding, advice over breakfast
It can be tough for young, growing companies to find funding in Kansas City, but it’s not impossible. That was one of the takeaways from Thinking Bigger Business’ BIG Breakfast on June 11 at the Kauffman Foundation. The quarterly breakfast features stories and insights from four local entrepreneurs, many of whom have appeared in recent…