Despite drawing $4.42 billion in venture capital in the last six years, Pennsylvania must attract much more early-stage investments in order to transition to "the next economy," said a study by the Brookings Institution released today.
The amount of capital invested in Great Lakes states, such as Pennsylvania, is "too small" relative to what early-stage companies require and how much is needed to "create new deals that will achieve good financial returns," said the report.
Brookings' report suggests Great Lakes states create a "fund of funds" of between $1 billion and $2 billion in investment capital to help transform their economies in the 21st century. The idea would be to leverage entrepreneurial resources, especially those spawned by universities, to grow early-stage companies.
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