By Milt Capps
Published Wednesday, October 7, 2009 9:53 am
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TNInvestco announced its ten semi-finalists earlier today:
• Council & Enhanced Tennessee Fund, LLC• Innova Fund II, LP
• Limestone Fund, LLC
• Memphis Biomed Ventures Tennessee I, LLC
• NEST-TN, LLC
• Solidus-TNInvestco LLC
• Tennessee Angel Fund
• Tennessee Community Ventures Fund, LLC
• Tri-Star Technology Fund, LLC
• XMi High Growth Development Fund, LLC
TNInvestco had earlier gotten 25 approved applications for certification as investment companies under the state's Tennessee Small Business Investment Company Credit Act.
Next, the ten finalists will be interviewed by ECD Commissioner Matt Kisber, Revenue Commissioner Reagan Farr and TN Board of Regents Vice Chancellor Dale Sims, who was previously Tennessee's Treasurer, in which capacity Sims also helped oversee the Tennessee Consolidated Retirement System, and its investment allocations. [For notes on the finalists, also see the VN Blog.]
Firms chosen for TNInvestco premium-tax credit allocations in $20MM lumps should have word on or about Nov. 1, 2009. Meanwhile: On Friday, a TNInvestco spokesman told VNC the names and contact information of about 29 entrepreneurs who had, to that point, inquired about pitching the new TNInvestcos will be sent to all firms that are ultimately selected as TNInvestcos.
During at least one earlier briefing, TNInvestco officials had indicated there'd be at least a modicum of judgment used in deciding whether an inquiry from a self-described entrepreneur warranted passing-along to the winning TNInvestcos.
Note: Tennessee Technology Development Corporation's formal role in this round of TNInvestco selection has now ended, according to the TNInvestco process memo.
TTDC earlier helped shape the TNInvestco legislation, helped develop a matrix for comparison of applicants' bids and was asked to provide background and commentary on individual applicants.
TTDC has now turned its attention to a review of its priorities, which will continue when the TTDC board of directors meets in Nashville, Oct. 15. ♦