Texas Gov. Signs Higher Ed Bill Ending Fund Touted by Perry
[Former Gov. Rick] Perry launched the Emerging Technology Fund in 2005 to provide state venture capital to high-tech startups. While Perry has cited the fund as part of his record of economic development as governor, reports of unfulfilled job claims and bankruptcies of companies that had received TEF grants prompted years of criticism. In 2011, a scathing report by the state auditor found the fund lacked sufficient guidelines for “transparency and accountability.” [Texas Gov. Greg ]Abbott announced in January his interest in eliminating it entirely. Along with ending the fund, SB 632 establishes the Governor’s University Research Initiative, a new fund the Legislature created at Abbott’s request to attract top researchers to public universities.