The aim is to make more money available. However, it seems as if $30.5-million is still frozen and sitting idle. It took two years to handle the first round and that only went to venture capital firms.
What part of 'jump start' is not being understood?
I'd say that Harrisburg and the business incubator weenies have made another great illustration of failure and folly.
Draper Triangle Ventures gets $5M from Pa. to invest in start-ups - 2005-10-19 The Commonwealth Financing Authority divided $29.5 million among seven venture capital firms to invest in young Pennsylvania research and development companies.
The money is part of a $60 million package created two years ago to jump-start start-ups by making more capital available.
The remainder of the money will be assigned at a later date, said Kevin Ortiz, a spokesman for the Department of Community and Economic Development.
The sole Pittsburgh recipient was Draper Triangle Ventures, one of the most active investors in companies in Southwestern Pennsylvania, which drew $5 million.