Rep. Tim Pawlenty, R-Eagan, sponsored the bill in the Minnesota House, but said he is concerned about the structure of the fund because it gives the state an equity stake. Pawlenty said he discussed his worries about government entanglement in the private sector with members of the administration and plans to meet with them this week. He suggested creating a tax incentive to help bring biomedical technologies to market, rather than providing a state appropriation. Pawlenty said he is hopeful the Legislature will act on the seed fund this year, but acknowledged that it is not a top issue for many lawmakers. It s an obscure issue, he said.
Many legislators don t appreciate the subtle importance of it.
Under the administration s proposal, BICI would consist of a CEO and a seven-member board of directors. Officials expect the new ventures to begin generating revenues within five to seven years. Although the fund is a joint proposal between the state and the University of Minnesota, Ventura said it is an economic development project, not a request for funding in higher education. Earlier in the session, Ventura recommended funding the university s budget at a much lower level than the school requested. The university and the Ventura administration may not agree on everything, but we do agree on this proposal, Ventura said.