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
New industry-specific LaunchKC accelerators expected to bring more dollars, winners
Applications for this year’s LaunchKC program are going vertical, said Drew Solomon, announcing plans for three industry-specific accelerators — two of which will launch new funding-rich demo days in the fall. “We’ve always wanted to grow and expand not only the competition, but the program as a whole,” said Solomon, chair of the LaunchKC program.…
WATCH: Faces of KC entrepreneurship find strength in numbers, community resources
A new video from KCSourceLink highlights the faces of Kansas City entrepreneurship — featuring makers, innovators, tech founders and social entrepreneurs — and their connection to the resource network and ecosystem infrastructure in Kansas City. “It takes very special people to be able to put everything on the line,” says Reggie Gray, executive director of Black…
We Create KC report: Half of top VC-backed companies tapped early-stage support
In 2018, 50 percent of the top venture capital-funded companies in Kansas City got their start with early-stage investment programs that emerged after 2012, according to We Create KC 2019, KCSourceLink’s sixth annual state of entrepreneurship report. “That high percentage shows us how important these early-stage investment programs are to our entrepreneurs and our ecosystem,”…
KCultivator Q&A: Jonathan Bender boils down his talents to curate KC food scene
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. The KCultivator Series is sponsored by Plexpod, a progressive coworking platform offering next generation workspace for entrepreneurs, startups, and growth-stage companies of all sizes. He’s mastered the art of pairing the perfect cookie with the crispest…