The nonprofit arm of Gov. Terry Branstad's proposed economic development authority will focus on innovation, a key to the governor's goal of creating 200,000 jobs in Iowa, the state's economic development director said Monday.
The proposed nonprofit gives the state the infrastructure needed to create a seed fund to assist startup companies, Durham and Robert Riley, a Des Moines businessman, said in a meeting with Des Moines Register reporters and editors.
"Economic development should be 80 percent based on innovation," said Riley, a member of the Iowa Innovation Council. "Your father's Oldsmobile of going out and bribing companies is not a sustainable system."
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