Georgia has taken strategic steps in recent years to create fertile ground for local entrepreneurs and to address a primary roadblock to success, namely access to capital. The Georgia legislature passed, and
Georgia has taken strategic steps in recent years to create fertile ground for local entrepreneurs and to address a primary roadblock to success, namely access to capital. The Georgia legislature passed, and renewed, the Angel Investor Tax Credit to draw high wealth investors off the sidelines following the 2008 recession. The move raised Georgia’s regional competitiveness and retained some early stage businesses that were actively being recruited by investors in neighboring states.
Subsequently, the Georgia General Assembly passed legislation establishing Invest Georgia, a public-private fund to funds program. This time, the impetus for action was to incentivize venture capital investment in early and growth stage Georgia-based companies. And earlier this year, lawmakers passed Senate Resolution 1132 creating the Senate Study Committee on Venture Capital Investment. Lt. Governor Casey Cagle appointed several lawmakers and private sector representatives, including MAC President Hala Moddelmog. The committee (listed below) is tasked with determining future funding for the IG program and providing additional recommendations on expanding capital access for Georgia-based companies.
As illustrated in the 2016 State of the Industry Report, commissioned by the Technology Association of Georgia (TAG), significant gaps in capital resources and deal flow exist when comparing Georgia to other states.
Members of the Senate Study Committee on Venture Capital Investments
Senator Brandon Beach (R-Alpharetta), Chairman
Senator Judson Hill (R-Marietta)
Senator Elena Parent (D-Atlanta)
Chris Carr, Commissioner, Georgia Department of Economic Development
Hala Moddelmog, President, Metro Atlanta Chamber
Lynne Riley, Commissioner, Georgia Department of Revenue
Gardner Garrad, General Partner, TTV Capital (Georgia based venture capital fund)
Jeff Muir, General Partner, Fulcrum Equity Partners (Georgia based private equity fund)
Blake Patton, Representative of Advanced Technology Development Centers
Sam Burch, General Counsel, University System of Georgia
Sean Banks, Chair, FinTech Society of TAG