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Tech Rules

Need cash? If you're a high-tech venture, try state funding.

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This story appears in the November 1998 issue of Entrepreneur. Subscribe »

When they consider economic development, state governments know high-tech is king--and they're putting up hard-earned taxpayer dollars to grow these industries. Indeed, according to Robert Heard, president of the National Association of State Venture Funds, about $784 million in state funds has been committed nationwide to encourage high-tech development.

Entrepreneurs seeking capital from a state-run venture fund are finding that while these programs operate like private funding organizations, subtle differences can work in their favor. "State venture funds are not going to be quite as driven to obtain a return on investment," says Dan Berglund, executive director of the State Science and Technology Institute (SSTI) in Columbus, Ohio, a national clearinghouse of state technology programs.

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