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
6 ways to be a startup community hero (for non-entrepreneurs)
Melissa Roberts, marketing director of the Enterprise Center of Johnson County, shares how those interested in helping the startup community can effectively engage entrepreneurs. In my work at an entrepreneurial service non-profit in Kansas City, I get to meet many passionate, community-minded people each day. Often, those people have no connection to our startup community, other than…
Major network provider taps SquareOffs for ‘Rant Offs’
SquareOffs recently landed a client that may place its web-based debate technology in front of millions of more people. The company partnered with digital media network Rant Inc. to offer its online debate and polling tech to engage Rant’s readers and increase their advertising revenue. “It’s one of the bigger contracts that we’re apart of,”…
Week of events creates startups, builds entrepreneurial community
The Kansas City entrepreneurial community is prepping for a week-long celebration of startups and entrepreneurship. 1WeekKC, which kicks off on May 29 and continues throughout the entire first week of June, will include a series of events created to empower entrepreneurs to come together, share ideas, get inspired, celebrate and connect. A group of community…
Techweek, Launch KC winners have shot at more money
The winning company at a demo day competition during Kansas City’s coming Techweek conference will earn a chance at nabbing significantly more dough. In addition to a $50,000 LaunchKC grant, the winning firm would have a shot at an added $50,000 from a national competition. LaunchKC — an initiative to attract 10 tech firms to relocate to Kansas…