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
Hair and beauty emergency? On-demand app matches stylists with last-minute needs nearby
Inspired by the need for a last-minute blowout at a hotel in Florida — as well as her life-changing experience with contract work — Ruth Shrauner turned to tech that she hopes will reshape the foundation of the beauty industry. The Shawnee-based founder and CEO plans to launch her app — Poshed On The Go…
‘Credit score for startups’: Foresight founders aim to replace pitch decks with investability scores
Every founder deserves a fair opportunity to succeed, said Jannae Gammage, which is why she partnered with Charlotte Clark to launch a platform that would help entrepreneurs make value-driven decisions — while empowering investors to invest in them. A core idea behind the new startup: entrepreneurs believe tech over people. “I have been working side-by-side…
‘Funds and coaching equally crucial’: GIFT reports $460K for Black-owned entrepreneurs as business center books up
In its second fiscal year, the Kansas City-based nonprofit Generating Income For Future Generations (G.I.F.T) has more than doubled its grant amount for Black-owned businesses — but there’s no hidden secret to that success, said Brandon Calloway. “We simply acknowledged this big elephant in the room that everybody already knew existed and created a path…
Recreational golf can be lonely without community; this Olathe-built app brings players together on the green
He set out to create an all-encompassing, tech-enabled golf platform that would make his favorite sport more fun, accessible, convenient, and transparent — but Somanath Chilukuri already knew the hazards of the crowded course ahead of him. “Today there is so much app overload on people,” said Chilukuri, an Olathe IT professional and the founder…