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
10 years later: Google Fiber boosted city’s ‘capacity for collaboration,’ former mayor says
Instant success catalyzed by the arrival of high-speed internet 10 years ago uploaded more than hype for Kansas City, said Sly James, noting Google Fiber’s significant role in reshaping the community as a tech city to envy. Opening unparalleled innovation and civic brand-building opportunities, Google’s selection of Kansas City, Kansas, and Kansas City, Missouri, as…
Entrepreneur of the Year: Zig when others are zagging — and don’t be afraid of the word ‘no’
Bold strategies helped lead BacklotCars to one of Kansas City’s biggest-ever startup exits, said Justin Davis, and ultimately brought the lauded founder to the stage Wednesday to accept one of UMKC’s Entrepreneur of the Year honors. “Taking ‘no’ for an answer wasn’t an option,” the co-founder and CEO of BacklotCars, a web-based, dealer-to-dealer automotive platform, told…
New grant from Porter House KC helps business owners ‘Scale Deep’; applications close Oct. 24
An additional funding opportunity for select small businesses is now available thanks to a seed planted years ago by The Porter House KC. The nonprofit has partnered with the JPMorgan Chase Foundation for the new Scale Deep Grant, which will disperse $30,000 between three small businesses for back office support, equipment cost, rental assistance, and…
Founder: Build your startup on relationships — not tech — to survive seismic industry shifts
Nurturing healthy relationships with clients and partners is the most sustainable way to build a business, said Dan Prince, reflecting on his time growing a custom software development company in Kansas City. “You grow a business by your reputation, by doing the best work for people that you can possibly do. I was told a…