Austin, Texas, recently recognized by Kiplinger’s Personal Finance and others as the best city for startups, is able to keep up with its reputation with the help from the reopened Texas Emerging Technology Fund. The fund, which attracts high-tech jobs and helps startups get off the ground, ran into money problems last month and had not released a statement whether or not it was going to continue taking applications until last Tuesday. The Austin Chamber of Commerce published a newsletter last Tuesday that said the fund will reopen its application process and continue the program Legislators started in 2005 that invested $200 million in innovative technologies started in Texas.
The fund reopned its application process after a short pitfall in reserves. When funding dropped below $63 million in 2009, Texas Emerging Technology Fund representatives were not able honor grants already promised to its recipients. Hoping to preserve Texas’ technology industry, late last month the Federal Emergency Management Agency presented the Texas Emerging Technology Fund with $46 million, just enough to extend their program for the next 6 months. Applications for the Texas Emerging Technology Fund are accepted by the Central Texas Regional Center for Innovation and Commercialization for those in Central Texas. The Central Texas Regional Center for Innovation and Commercialization is a program managed by the Austin Chamber of Commerce and typically gives about $20 million to $30 million in grants each quarter.