CHICAGO, July 25, 2011/PRNewswire-USNewswire/ -- TechAmerica today applauded Illinois Governor Pat Quinn for signing Senate Bill 107, the Technology Development Act (TDA II), legislation critical to the expansion of the state's technology sector. The new law expands a program to increase the amount of venture capital funds available through the Treasurer's Technology Development Account which is focused on supporting early stage technology and entrepreneurial businesses in Illinois.
"TDA II further illustrates the commitment of the Illinois legislature and Governor Quinn to strengthen our economy through innovation and support of our technology-based businesses," said T. Kendall Hunt, Chairman, CEO, VASCO Data Security International, Inc., member of the Illinois Innovation Council, and Chair of TechAmerica Midwest. "TechAmerica and our members are proud to have supported this legislation as part of our continued efforts to improve and strengthen the business environment in Illinois."
Originally established in 2003, the Treasurer's Technology Development Account has invested $32 million of state money into venture capital firms investing in Illinois companies. Those firms, in turn, invested more than $115 million in Illinois companies, which attracted another $465 million from additional investors. Companies receiving TDA investments created more than 3,300 direct and in-direct jobs in the state.
To read the full, original article click on this link: TechAmerica Applauds Illinois Governor for Signing Legislation to Support Innovation and Entrepreneurship -- CHICAGO, July 25, 2011/PRNewswire-USNewswire/ --
