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
Firebrand Fein: KC needs more audacious startups, ‘crazy ideas’ to attract investors
Kansas City companies need to buck the Midwestern, risk-averse mindset and sell audacious plans to investors, said John Fein. “I would just love to see more crazy ideas, more big game type ideas,” said Fein, founder and managing partner at Firebrand Ventures. “We invest when [the startup] starts to generate revenue, so they have to…
StartupGrowKC bootcamp: Building smart and intentional teams alongside ECJC
Founders can expect to emerge from the Enterprise Center in Johnson County’s StartupGrowKC bootcamp series with greater knowledge of the skills needed to grow their business, said Kathryn Golden. “[Founders will see] the fuller life cycle of what they will need to consider [to be successful],” said Golden, programs manager at ECJC, a nonprofit organization…
Startup leader hears calling in Kauffman legacy, selected to join Kauffman Foundation trustees
Money alone won’t truly satisfy an entrepreneur, nor will it build a stronger Kansas City, said Matt Condon — lessons learned from the late Ewing Kauffman. “Having a successful company isn’t good enough,” said Condon, a veteran startup leader who recently completed a year as chair of the Greater Kansas City Chamber of Commerce. “Impacting…
The Nerdery powers down, exiting Kansas City in move to consolidate investments
Once topping Inc. Magazine’s fastest-growing companies list, The Nerdery is now pulling back — closing its Kansas City office and redirecting the paths of 28 metro employees, the company revealed this week. “This decision is by no means a reflection of the performance of the team in Kansas City, who have all done a fantastic…