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
A test of Fit Truk’s core strength: People assume it’s a franchise, mobile gym owner says
One of Hailee Bland Walsh’s biggest affirmations came in the form of a question: Is Fit Truk a franchise? “As someone who has built businesses from the ground up, that is very validating and a huge compliment,” said Bland Walsh, co-founder of the fully-equipped outdoor gym truck, as well as the owner of City Gym…
Demo Day: UMKC E-Scholars partners with KC Arts Institute for more authentic entrepreneurial representation, director says
Art and entrepreneurship so often go hand-in-hand, noted Alex Krause Matlack. “Many artists will inevitably become entrepreneurs because they can create their own brand or business to showcase their craft,” explained Krause Matlack, the director of Entrepreneurship Scholars (E-Scholars) at the University of Missouri-Kansas City. “This semester, E-Scholars has a new partnership with Kansas City…
‘Just dudes who dance and we’re not ashamed of it’: Twin influencers chassé their way to 100K+ TikTok followers
Paul and Luke Harwerth were born in “the-middle-of-nowhere” Nebraska, they said half-jokingly, yet the rise of YouTube in the early 2000s allowed them to fully explore their passions despite perceived geographic challenges. “We didn’t start dancing until I saw ‘High School Musical,’ and then I was like, ‘I want to do that!’” Luke shared, laughing…
Why an interactive digital business card could replace LinkedIn for startup, small business leaders
People want to get their foot in the door, Jess Phillips said, laying out her plan for a newly launched social media platform that opens professional connections with an insightful twist: an interactive digital business card offering data on who visits and why. Free of the awkward sales pitches and forced conversations that often come…