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June 29, 2016

MAC's Moddelmog appointed to VC study committee

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.

  • Georgia's total invested capital in 2015, which includes venture capital, corporate investment, private equity and angel funding, totaled $2.94 billion, which placed the state in the national top 10 at number 7.
    • This amount was raised from 231 deals and represented a market share, or percentage of the overall total, or slightly more than 2 percent.
    • California (#1) had 3875 deals with 39.55% market share; New York (#2) had 1407 deals with 11.24% market share; Texas (#3) had 751 deals with 8.52% market share.
  • Georgia is a Top 5 state in access to capital, according to a comprehensive index compiled by CNBC, the business news network. Georgia posted an index score of 46 in 2015 to surge into 5th place from the previous year's 11th place spot.
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

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