TTDC Releases Additional INCITE Co-Investment Fund Detail

Thursday, February 09, 2012 | 03:55 pm

Qualified Investment Applications Can be Submitted Starting Feb. 15

NASHVILLE –
The Tennessee Technology Development Corporation (TTDC) released final details of the INCITE Co-Investment Fund today including the Qualified Investment Application, Co-Investment Agreement, and Required Terms. All these documents, as well as revised 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 will provide much needed access to capital that will spur the growth of innovative companies in our state,” Bill Hagerty, commissioner, Tennessee Department of Economic and Community Development, 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. I applaud Governor Haslam’s foresight and willingness to help sow the seeds for entrepreneurial growth in Tennessee.”

The INCITE Co-Investment Fund was created by 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.

“The INCITE Co-Investment Fund will connect the state’s high-growth, high-potential businesses and their investors with additional capital to support these businesses through critical stages of growth.” Dr. Leslie Wisner-Lynch, president and CEO of TTDC said. “We are pleased to serve as the Fund’s administrator and look forward to opening the second application phase later this month.”

TTDC also announced that Qualified Investment Applications can be submitted starting at 3:30 p.m. CST on Wednesday, Feb. 15, 2012.

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: Laura Elkins, ECD
Office: (615) 532-1910
E-mail: laura.elkins@tn.gov