A proposal team led by Technology 2020, or Tech 2020, in Oak Ridge has received a $250,000 federal grant to create a seed capital fund. The goal is to establish a permanent source of professionally managed, seed-stage investment capital focused on technology-generating institutions, entrepreneurs, and young companies in Tennessee, a press release said.
The grant was announced this week by U.S. Secretary of Commerce Penny Pritzker.
Tech 2020 led a proposal team that included Memphis Bioworks Foundation, Meritus Ventures, and Innova Memphis. The team proposed to create the “TennesSeed Fund.”
The TennesSeed Fund team will receive the $250,000 grant, and it will be supported by Meritus and Innova to conduct an assessment of best practices, and then organize and launch a new seed fund focused on “proof of concept” financings in Tennessee. The initial focus of investments will be intelligent and sustainable transportation and logistics, which is an industry cluster where Tennessee has a competitive advantage bolstered by strong research, development, and commercial activity, a press release said. [Read more…]