CHICAGO, June 1, 2011 /PRNewswire-USNewswire/ -- Today TechAmerica applauded the Illinois General Assembly for supporting Senate Bill 107, also known as TDA II. This important legislation, once enacted, will increase the amount of available venture capital in Illinois to support early stage and entrepreneurial businesses. Key legislative champions in the Illinois General Assembly included Senator Dan Kotowski and Representative Daniel Biss. More than eighty additional sponsors signed on to support this legislation in the House and Senate. The bill now goes to Governor Quinn for his signature.

"The highest priority in Illinois is putting people back to work," said Senator Dan Kotowski.  "Senate Bill 107 will help create a healthy business climate that ensures economic vitality and spurs job growth. Encouraging the development of innovative Illinois-based businesses will truly benefit our state. These businesses create high-paying, long-lasting jobs.  I am sponsoring this legislation because these businesses can lead to a stronger Illinois economy, improving the quality of life for everyone."

"I am proud to be the Chief House Sponsor of Senate Bill 107," said Representative Daniel Biss. "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 track record of Illinois' Technology Development Account (TDA I) is worth emphasizing. To date, $32 million of State money went to venture capital firms investing in Illinois companies. Those firms 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 in-direct jobs in the state. Senate Bill 107 (TDA II) will both replenish and increase the amount of the state's investment portfolio allowed to be invested in technology-focused private equity/venture capital funds. The program will also seek capital from private institutional investors to be invested side-by-side with the Treasurer's capital.

"Passage of TDA II is a step in the right direction for Illinois," said State Treasurer Dan Rutherford. "TDA II will enable up to two percent of the investment portfolio to be used to target the technology business and ensure that at least twice as many dollars the state commits will be invested directly in Illinois companies. That's a huge step toward what could be a significant improvement in our economy."

"We thank the Illinois General Assembly and Treasurer's office for supporting this important program, and for providing yet another resource to accelerate our growing industry and entrepreneurial community in Illinois," said T. Kendall Hunt, Chairman, CEO, VASCO Data Security International, Inc. Chair, TechAmerica Midwest, and member of the Illinois Innovation Council. "We would also like to recognize the Illinois Venture Capital Association for their exceptional work and for making this issue their top legislative priority."

In addition to the strong support from legislators and the Illinois Venture Capital Association, additional members of the newly formed Illinois Technology Alliance (ILTA) also collaborated to support Senate Bill 107 through their existing legislative programs. Formed earlier this year, members of the Illinois Technology Alliance work together to advance policy initiatives that support job creation and economic strength for critical industry sectors, including high tech manufacturing, information technology, biotech, life sciences and venture capital. Founding members of the Illinois Technology Alliance include the Illinois Venture Capital Association (IVCA), Illinois Science & Technology Coalition (ISTC), Illinois Biotech Industry Organization (iBIO®) and TechAmerica.

"All the pieces are in place to help Illinois become the center of innovation and entrepreneurship in the country," said Ed Longanecker, Executive Director, TechAmerica. "We remain committed to supporting all innovation-driven public policy initiatives to grow our economy and industry."

About TechAmerica

TechAmerica is the leading voice for the U.S. technology industry – the driving force behind productivity growth and jobs creation in the United States and the foundation of the global innovation economy. Representing approximately 1,000 member companies of all sizes from the public and commercial sectors of the economy, it is the industry's largest advocacy organization and is dedicated to helping members' top and bottom lines. TechAmerica is also the technology industry's only grassroots-to-global advocacy network, with offices in state capitals around the United States, Washington, D.C., Europe (Brussels) and Asia (Beijing).It was formed by the merger of AeA (formerly the American Electronics Association), the Cyber Security Industry Alliance (CSIA), the Information Technology Association of America (ITAA) and the Government Electronics & Information Technology Association (GEIA).Learn more about TechAmerica at www.techamerica.org.

Contact:
Anne Caliguiri Savoie at 703.284.5305 or anne.savoie@techamerica.org
Ed Longanecker at 630.282.4332 or ed.longanecker@techamerica.org

SOURCE TechAmerica

Back to top

RELATED LINKS
http://www.techamerica.org