Jamie McGee Nashville Tennessean Published 12:37 PM EDT Sep 11, 2018 Nine years after launching, the state-funded venture capital program, TNInvestco, has helped create nearly 1,850 jobs as of 2017, a number showing little change from the previous year. Investments groups selected by the state in 2009 and 2010 have allocated about $131 million to 187 companies, according to the program’s annual report. The program, funded through tax credits for insurers, cost the state $200 million, and Tennessee has spent about $108,000 per job created. While the ultimate goal of the program was job creation, lawmakers who approved the program under former Gov. Phil Bredesen also sought to generate profits for the state that would go towards investments in rural areas. The state has recouped $15.1 million of the $200 million it committed to the program through the sales or exits of the Tennessee businesses invested in, more than double its earnings from 2016. Follow-on funding, money that has been invested in Tennessee companies after they received TNInvestco capital, grew to $590.5 million in 2017, up from $502.3 million in 2016. Jobs created totaled 1,800 in 2016, 2 percent lower than in 2017. Tax revenue generated from businesses benefiting from TNInvestco investments will not be released until the… Read full this story
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