Fayetteville, AR (PRWEB) February 22, 2013
Yesterday, Calvin Goforth, Chief Executive Officer and Founder of VIC Technology Venture Development™ (VIC™), announced the formation of the VIC Investor Network, a new fund that will significantly accelerate and expand technology venture development in Arkansas. The VIC Investor Network will place $250,000 start-up capital into every new portfolio company that VIC forms. Start-up capital is the most difficult funding to acquire. The VIC Investor Network funding will allow VIC to jumpstart its new portfolio companies and significantly shorten the average company development time.
Dr. Goforth made the announcement at VIC’s offices, following a presentation by Mitch Horowitz, Vice President & Managing Director of Battelle Technology Partnership Practice of Cleveland, Ohio. Mr. Horowitz led an in-depth 2012 Battelle study entitled Arkansas' Knowledge Economy Initiatives. He spoke about the importance of technology based economic development for Arkansas’ future economy, the benefits of the state’s incentive programs for encouraging such development, and he introduced the unique role VIC plays: “VIC fills key challenges and gaps for technology based economic development efforts by bringing together the initial management, product development, business development, and administrative teams needed to launch successful companies based on university inventions.”
With the VIC Investor Network in place, VIC will now be adding four new companies to its portfolio each year. This is approximately triple VIC’s previous rate of expansion. VIC estimates that over 100 high paying jobs of the future will be created in VIC portfolio companies over the next 3 years. VIC will also be adding additional sites across the country as it has developed and proven a uniquely effective business model for translating university research into outstanding young technology companies.<
Copyright©2012 Vocus, Inc.
All rights reserved