TX: Gov. Perry Announces $3.35 Million in TETF Investments
13 Oct, 2010
Highlights importance of sound fiscal policies to Texas’ success
Gov. Rick Perry today attributed the strength of the Texas economy to low taxes, a reasonable and predictable regulatory climate and an educated workforce, which together have helped Texas employers lead the nation in job creation. The governor spoke at the Dallas Regional Chamber of Commerce, where he also announced a total of $3.35 million in investments to three companies through the Texas Emerging Technology Fund (TETF).
“While we certainly have our challenges and are not immune to the global economic crisis, Texas is better off than most states thanks to our people, our businesses, and our state’s sound tax, regulatory and education policies,” Gov. Perry said. “As Texas faces budget challenges in the upcoming legislative session, we will face them head-on with the clear priorities, fiscal discipline and hard work that have made Texas a national jobs and economic force.”
The TETF investments announced today are as follows:
Iridescent Networks of Dallas is receiving a $250,000 investment to commercialize software that allows high quality video delivery over the internet to any device at a lower cost than is currently available. The company will work with the University of Texas at Dallas to complete product development.
Neuro Resource Group (NRG) of Dallas is receiving a $1.5 million investment to commercialize and manufacture “InterX”, a non-drug pain management therapy that reduces medication in-take and swelling, and improves range of motion. The device is already used by more than 60 professional sports teams, 20 U.S. military installations and major medical centers serving acute or chronic pain sufferers. The company will work with the University of Texas at Arlington.
DataInfoCom of Austin is receiving a $1.6 million investment for the commercialization of its software, OSMOSYS, which allows companies to predict the specific outcomes of their most valuable business processes. This technology provides practical, quantitative insights about complex business activities to help improve future business results. The company will work with the University of Texas at Austin.
The TETF is a $200 million initiative created by the Texas Legislature in 2005, 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. The TETF is a valuable contributor to the job-friendly environment that has made Texas a national leader in technological development, innovation and job creation. To date, the TETF has allocated more than $177 million in funds to 123 early stage companies, and $161 million in grant matching and research superiority funds to Texas universities.
Texas’ economy continues to receive national attention. Meredith Whitney, a noted analyst who accurately predicted the national banking crisis, recently listed Texas as the national leader in state financial health in her report about the perilous condition of most state governments. Of the 15 largest states, only Texas and Virginia earned overall positive rankings.
National Journal and The Atlantic recently named Texas the leading state for the national economic recovery. In July, CNBC named Texas America’s Top State for Business. Texas was also recently named the “Best State to Do Business” by CEO Magazine for the sixth year in a row, and four of Texas' metro areas were listed as “America's Recovery Capitals” by Forbes and Moody’s Economy.
No other state is home to more Fortune 1000 companies, and Texas is the nation's leading exporting state for the eighth consecutive year. Texas created more jobs than any other state in the nation not only since the beginning of 2010, but also over the last 10 years.
For more information about Gov. Perry’s initiatives, please visit http://governor.state.tx.us/initiatives/