NH-ICC Updates
Venture Money May Flow to NH- Your Help Needed (from NH-ICC Newsletter 11/15/2011)
Early stage seed capital fuels our innovation economy. A shortage of these dollars is choking NH’s tech startups at a moment when our innovators, and our economy, need them most.
A new initiative spearheaded by the NH-ICC intends to change the math, and help these crucial dollars flow to NH again.
Last fall, Managing Director Mark Galvin and Board Member and UNH Professor Michael Swack approached the NH Business Finance Authority (BFA) with an idea to leverage federal monies to attract seed capital to NH.
Through the Small Business Jobs Act passed by Congress, the BFA received several million dollars that could be used to ignite venture capital activity. Yet without state approval, the BFA couldn’t act.
Together the team pursued legislation to allow the BFA to put these federal dollars to work. Led by Representative Marilinda Garcia (R-Salem & Windham), a bipartisan coalition passed HB 605 in June. Signed by Governor John Lynch, the Innovation Business Job Growth Program Act became law on September 11th.
The law empowers the BFA to “promote investment in qualified venture capital funds by guaranteeing or insuring portions of the principal of investments in such funds.” Investors in an approved venture fund partnering with the BFA can receive significant downside risk protection on funds invested in NH startups.
Galvin and the NH-ICC are now working with the BFA and several interested venture capital firms to shape the program, to inject badly needed capital into the hands of NH-based innovators.
Support the Innovation Business Job Growth Program
Love this new initiative and want to express you support?
The NH-ICC is seeking supportive emails that we can use to demonstrate to state and federal policymakers that the NH Innovation Business Job Growth Program is valuable and much-needed. Express yourself in writing and send to
tom@nh-icc.org
Are you a NH-based startup seeking seed capital? Or is your startup interested in relocating to New Hampshire, and gaining the benefit of this new program? Send your supportive inquiries to NH-ICC Managing Director Mark Galvin at
mark@nh-icc.org
And finally, send your letter of thanks to Representative Garcia and her fellow cosponsors, as well as to BFA Executive Director Jack Donovan at
JackD@nhbfa.com