Tech Fund Out of Money

State money set aside to help new tech businesses get off the ground has apparently run out. The Emerging Technology Fund is supposed to help new companies that are in the business of developing new technologies. But as Bill Stamps reports, some businesses will have to put their plans on hold.

If you’re an entreprenuer planning to open a restaurant, a convenience store, or even a day care center, there hasn’t been a lot of money available since the economy went south. But if your business is on the cutting edge of technology, then you could apply for money from the Houston Technology Center. The state believes it’s making an investment in the future by helping your business grow. The problem is the state made a few miscalculations and there’s not as much money available right now as they thought.

Walter Ulrich is CEO at the Houston Tech Center.

“It is expected that some if not all of those funds will come through, so I believe that the situation is that we are simply having a pause in the program, not the termination of the program.”

Ulrich says the program has been around five years and has helped about 35 Houston businesss get started. For now, he says they’ve stopped taking applications until further word from the state, which he believes is just a matter of time.

“I would expect that before the end of this calendar year, the program would be back in operation again, worse case first quarter of next year.”

Companies that have already been approved will still get money that’s been allocated; as for the future the program, the people who run the Houston Technology Center say they’re not worried.

Bill Stamps, KUHF News.