DES MOINES, Iowa, July 19, 2013 The Iowa Innovation Corporation today announced the release of a Request for Proposal (RFP) for the position of fund manager for the new Iowa Innovation FundSM. HF 615, approved by the Iowa Legislature and signed into law by Governor Branstad, enables the Iowa Innovation Corporation to develop an investment fund to support Iowa companies. The fund will fill the critical gap between angel and venture capital funding for Iowa businesses poised for growth.
"The Iowa Innovation Corporation believes that the Iowa Innovation FundSM will help strengthen early stage funding in Iowa's financing continuum by leveraging up to $32 million per year in new capital investments for Iowa-based businesses with high-growth potential," said Karen Merrick, Chief Operating Officer of the Iowa Innovation Corporation.
Cara Heiden, vice chair of the Board of Directors, stated, "Overall, the goal of the Fund is to secure sustainable growth in innovative companies located in Iowa, by investing in promising Iowa companies so that an evergreen fund can be developed to ensure a continuous supply of capital for future investments. Obviously, the fund manager's skills are critical to our success. "
For the State of Iowa, success of the initiative will be measured by:
- Firm Formation and Growth (U.S. Census Bureau)
- Growth in High Impact Firms (U.S. SBA Office of Advocacy)
- Investments per capita (U.S. Census Bureau)
Overall, the Iowa Innovation Corporation will look for an experienced fund management firm with a passion for growing Iowa's economy through innovation, and the capacity demonstrated through a proven track record to market, invest, and manage the Fund. The Iowa Innovation Corporation will establish a selection committee, including industry representation, to advise in evaluating responses to this RFP.
About the Iowa Innovation Corporation
The Iowa Innovation Corporation is Iowa's "innovation intermediary." Its mission is to collaboratively align current resources and secure future ones to accelerate the growth of innovative businesses in our state. It is a long-term vision of economic prosperity based on a commitment to "Grow Iowa's Own."
SOURCE Iowa Innovation Corporation