TTDC Releases Final INCITE Co-Investment Fund Program Guidelines

Wednesday, December 28, 2011 | 02:01 pm

Approved Investor Application Forms Now Available

NASHVILLE – The Tennessee Technology Development Corporation (TTDC) released final program guidelines today for the INCITE Co-Investment Fund. The final program guidelines and other information pertaining to the program can be viewed on TTDC’s website at www.tntechnology.org/incite.

The INCITE Co-Investment Fund was created by the Tennessee Department of Economic and Community Development (ECD) to increase access to seed-, early- and expansion-stage capital for Tennessee businesses using $29.7 million in federal funds. Funding was awarded to Tennessee by the U.S. Department of the Treasury as part of the State Small Business Credit Initiative. TTDC is administering the program on behalf of ECD.

In addition to the program guidelines, TTDC has released the Approved Investor Application forms which can also be found on TTDC’s website. The Approved Investor process is now open and interested parties are invited to submit applications to TTDC. TTDC expects to open the Qualified Investment Process in late January.

“The INCITE Co-Investment Fund will provide much needed access to capital to grow innovative companies in our state,” Bill Hagerty, commissioner, ECD, said. “I encourage interested parties to submit an application and be a part of making Tennessee the No. 1 location in the Southeast for high quality jobs.”

"Tennessee continues to make great strides in aligning state resources, our world renowned research institutions and the private sector to improve our competitive position,” Dr. Leslie Wisner-Lynch, president and CEO, TTDC, said. "We appreciate the continued confidence of the administration in selecting TTDC as fund administrator and our strengthening role in supporting the state's innovation-based economic development initiatives."

Inquiries about INCITE Co-Investment Fund should be emailed to incite@tntechnology.org.

About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies which help make Tennessee the No. 1 location in the Southeast for high quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd.

About the Tennessee Technology Development Corporation

The Tennessee Technology Development Corporation is a legislatively created, non-profit organization created to encourage science and technology business development in the state. TTDC works in partnership with the Tennessee Department of Economic and Community Development and is funded under an agreement with the state. Designed to improve the statewide business climate for innovation and entrepreneurship, TTDC serves as a complement to ongoing business recruitment and expansion efforts of state and local officials.

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Media Contact: Shannon Sumrall, ECD
Office: (615) 253-4897
E-mail: shannon.sumrall@tn.gov