State funding to support embryonic tech ventures

$5 million meant to transform knowledge into ventures

Email | Print By Milt Capps

Eric Cromwell

Tennessee may soon provide micro-capital funding to help nurture promising science and technology start-up-businesses in their earliest formative stages.

The state plans to unveil such a funding program this fall as part of its new Innovation Tennessee initiative, according to Joe Rolwing, executive director of the Nashville-based Tennessee Biotechnology Association. Innovation Tennessee's goal is to create high-skill, high-wage jobs and retain existing ones, primarily in the technology sector, through public/private partnerships.

Rolwing said Eric Cromwell, director of technology for the Tennessee Department of Economic and Community Development, unveiled the funding plan during the TBA's recent board meeting.

Cromwell declined to confirm elements of the initiative or other details. "We are still in the process of working through details," he said. Observers said the details might be unveiled during Gov. Phil Bredesen's annual economic-development conference in September.

Rolwing said he believes a total of $4 million to $5 million will be available initially through the program for businesses in life sciences and other science and technology sectors. The grants are slated to be below $100,000 each, with many totaling only a few thousand dollars, he said.