State of Georgia boosts commitment to grow Georgia’'s venture community

ATLANTA, September 21, 2009 – The drive to bring increased venture capital to Georgia is receiving a boost from the state, as the Georgia Centers of Innovation step up with a top-level sponsorship of the 2009 Venture Atlanta Conference, the largest gathering of venture capitalists in Georgia. Thanks to deep industry expertise, university-level research, product commercialization, client connections, and key state resources including potential investors networks, the Centers of Innovation program accelerates the growth of technology-based companies in Georgia and supports through this initiative the Atlanta CEO Council, Technology Association of Georgia and the Metro Atlanta Chamber in the 2009 Venture Atlanta Conference to be held at the W Midtown on October 13 to 14, 2009.
'We believe that having a vibrant venture capitalist community located in Georgia will encourage more technology companies to grow and expand here and want to further build a vibrant private investment community in Georgia,' said Kenneth Stewart, commissioner of the Georgia Department of Economic Development. 'Attracting high-growth companies and investment pools into our state is key to the health and growth of Georgia's economy. We are already equipped with the talent, research universities, global access and the spirit of innovation these companies seek, and growing our venture capital resources will only add to our appeal.'

Venture Atlanta is the largest gathering of venture capitalists in Georgia and represents an opportunity for emerging Georgia companies to accelerate their growth by meeting top-tier venture capitalists from around the country. The 2008 edition of the conference drew nearly 500 people and attracted more than 100 VCs from top firms around the country to hear investment opportunities from 21 Georgia companies. This year's conference will be held at the W Midtown October 13-14, 2009.

According to the National Venture Capital Association:

  • the annual venture capital investment in Georgia averaged $380 million from 2003 – 2008;
  • $410 million in venture capital were invested in Georgia in 2008, ranking the state 14th in the country;
  • 91% percent of the 2008 venture capital investment into Georgia firms came from out of the state.

Georgia's 2009 No. 1 ranking for entrepreneurial activity by the Kauffman Foundation attests the strong regional entrepreneurial culture. The state continues to develop a compelling environment for such companies to grow and succeed.  its business environment for technology companies by establishing the Georgia Research Alliance (GRA) Venture Fund in 2008, which provides seed and early stage capital to move research from Georgia universities to commercialization. The fund's $10 million investment from the State of Georgia is matched by private investors on a 3 to 1 basis. Other financial resources include the Bioscience Seed Fund, the Georgia Life Sciences Facilities Fund, and the Strategic Industries Loan Fund.

From making it easier to access capital to providing support for innovation and technology-based companies through incubators and access to university research, Georgia's commitment to growing the private investment community is strong. The Georgia Centers of Innovation make it easier for early-stage companies to thrive by providing strategic and technology-oriented support to businesses in the areas of aerospace, agribusiness, energy, life sciences, logistics and advanced manufacturing.  In addition to the centers, the Georgia Research Alliance connects companies to the state's deep academic research.

Georgia's highly-skilled talent pool makes it another appealing location for companies to grow. The University System of Georgia is among the largest in the country and graduates approximately 44,000 students each year. More specifically, metropolitan Atlanta universities rank No. 1 in engineering and No. 2 in computer/information.

'Georgia offers early-stage companies a variety of reasons to start and thrive here,' said Sterling Wharton, director of the Georgia Centers of Innovation.  'Perhaps as a consequence of that, the demand for venture investment in our state continues to grow at a significant pace, and we must help these companies get access to the capital they require to succeed.'

The Georgia Department of Economic Development (GDEcD) is the state's sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a location for film, music and digital entertainment projects, as well as planning and mobilizing state resources for economic development. For more information, visit www.Georgia.org.