daniel-biss-facebook

A bill sponsored by State Rep. Daniel Biss (D-Evanston) that will increase venture capital investment in Illinois to support high growth entrepreneurial companies was approved by the state House Tuesday.

A bill sponsored by State Rep. Daniel Biss (D-Evanston) that will increase venture capital investment in Illinois to support high growth entrepreneurial companies was approved by the state House Tuesday.

Senate Bill 107 expands the Technology Development Account (TDA), authorizing the State Treasurer to allocate up to 3 percent of the Treasurer’s investment portfolio in Illinois venture capital funds.

Currently, the TDA program is capped at 1 percent of the portfolio. The bill also requires venture capital funds participating in TDA to invest at least twice as much capital as they receive from the State Treasurer in Illinois companies.

“I am proud to be the Chief House Sponsor of Senate Bill 107,” Biss said in a news release. “It is not often that we have the opportunity to pass legislation which simultaneously earns money for the taxpayers and creates good high wage jobs, but this legislation does just that by creating an excellent investment opportunity for the state while filling a critical venture capital gap that will allow Illinois entrepreneurs to start successful high-tech businesses.”

The Technology Development Account has invested $32 million in Illinois venture capital funds. Those funds have invested more than $115 million in Illinois companies, which attracted another $465 million from additional investors. Companies receiving TDA investments created more than 3,300 direct and indirect jobs in the state.

“It is crucial that we continue to focus on innovation and entrepreneurship in our state,” Biss said. “Historically, Illinois has lagged in venture capital investment compared with other high tech states, and this deficit has hampered our ability to grow a vibrant high tech economy. It is my belief that Senate Bill 107 will substantially bolster Illinois’s status as global leader in innovation.”

The bill, which has also passed the Senate, awaits the Governor’s signature before it becomes a law.

Bill Smith is the editor and publisher of Evanston Now.

Leave a comment

The goal of our comment policy is to make the comments section a vibrant yet civil space. Treat each other with respect — even the people you disagree with. Whenever possible, provide links to credible documentary evidence to back up your factual claims.

Your email address will not be published.