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
How Chateau Avalon’s owner transformed a former bank into this Mint condition events venue
A former Bank of America building in Johnson County has been reimagined as an 18,000-square-foot bank-themed venue with a nod to the site’s rich financial history, said Steve Beaumont. “For 50 years, this has been a financial institution on this corner,” said Beaumont, describing the in-the-works setting off 95th Street in Lenexa. “We knew we…
Crossroads collaboration brings booch on tap, kegs, mocktails to MO’s (new) biggest kombucha taproom
Brewer’s Alley in the East Crossroads is getting a new kind of taproom, Kortney Lee and Lisa Bledsoe shared. In a freshly bottled collaboration, Tea-Biotics Kombucha opened Missouri’s largest kombucha taproom Friday in the former home of Community Groceries Crossroads Market. “Beer is brewed; Kombucha is brewed, as well,” said Lee, who owns Community Groceries…
Crowdfunding platform for small businesses launches local hub for KC entrepreneurs
Editor’s note: KC BizCare is a partner of Startland News. A newly announced partnership with the international non-profit Kiva is expected to boost Kansas City entrepreneurs who have had difficulties securing traditional bank loans — offering access to social underwriting and affordable starting capital. Kiva Kansas City (Kiva KC), a crowdfunded microloan program for small businesses,…
Digital Sandbox KC secures $450K to support startups’ prototyping, proof-of-concept needs
As Digital Sandbox KC marks its 10th year in 2024, the popular funding program — and a key marker of emerging success for young tech startups in Kansas City — has earned a new round of financial backing from the State of Missouri. Spread over three years, a $450,000 MOBEC (Missouri Building Entrepreneurial Capacity) project grant…