SAN ANTONIO & CORPUS CHRISTI, Texas--(BUSINESS WIRE)--The South Texas Regional Center of Innovation and Commercialization (STRCIC) today announced the formation of its Emerging Technology Fund (ETF) Regional Board. The Board is an integral part of the state-wide RCIC network and is key to the STRCIC process of ETF applications.
Jim Poage, President & CEO of the STRCIC and SATAI, said, “We are proud to spur technology company formation and development in the South Texas region by advising technology innovators and assisting them in the overall ETF process. The individuals selected for our ETF Board represent a wide variety of industry expertise, are engaged in a variety of regional organizations, and are committed to growing the technology economy in South Texas.”
Craig K. Clement, Executive Vice President and Director of AdviTech, Inc., serves as the initial Chairman of the Regional Board. “Craig brings a unique perspective to the Regional Board as an entrepreneur who has been through the process and received ETF funding,” stated Poage. In subsequent years, the Chairman of the STRCIC ETF Regional Board will be elected by the Regional Board.
STRCIC Emerging Technology Fund Regional Board
The STRCIC has streamlined the ETF process through an easy to use online system. Submitted applications are screened and reviewed by a non-biased committee composed of professionals from throughout the South Texas region. This committee in turn recommends the most competitive applications to the ETF Board. The new ETF Regional Board reviews the screening committee’s recommendations and the entrepreneurs’ deals are forwarded to the state for review by the ETF’s state-wide 17-member advisory committee. The final decision regarding ETF funding is made by the Texas Governor, Lt. Governor and Speaker of the House. A map of the 32-county region and more information about the Emerging Technology Fund can be found at www.strcic.com.
About South Texas RCIC (STRCIC)
The South Texas Regional Center for Innovation and Commercialization (STRCIC) is one of six regional agents for the ETF. The STRCIC is a 501(c) (3) non-profit corporation that works to identify technology-based entrepreneurial ventures, increase cooperation between industrial, financial, and Institutions of Higher Education and encourage the formation of commercial enterprises based on advanced technologies. As a resource to its client companies, the STRCIC has a full-time staff, experienced volunteers and a strong collaborative partner organization. For detailed information about the Emerging Technology Fund and the South Texas RCIC, visit the web site www.strcic.com.
SATAI exists to Inspire technology innovation and commercialization, Create technology companies, and Grow them into viable businesses in the San Antonio and Bexar County regional economy. From 2003 - 2009, SATAI portfolio clients have raised more than $159 million in external financing. SATAI, as the host of the South Texas RCIC, is the South Texas portal for the Texas $200M Emerging Technology Fund, and all applications in a 32-county region from Nueces County (Corpus Christi) to Bexar County (San Antonio) go through SATAI. For more information on SATAI, visit www.satai.us. SATAI derives support from the City of San Antonio, the University of Texas at San Antonio, the State of Texas, Bexar County, private companies, individuals, and public institutions.
About Texas Emerging Technology Fund (ETF)
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007 and again in 2009. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the House. To date, the TETF has allocated more than $130 million in funds to 102 early stage companies, and $153 million in grant matching and research superiority funds to Texas universities.