TNInvestco: TN's Hat in the Ring

Capital-short for decades, Tennessee has put its hat in the ring to compete in the New Economy. Within about 120 days of Gov. Phil Bredesen signing the Tennessee Small Business Investment Company Credit Act -- introduced by bipartisan legislative sponsors, and creating what we now known as TNInvestco -- state officials have not only crowned six winning firms, tagged two more for possible future funding and drawn a total 25 competitive venture-capital groups into the formal competition...they've also galvanized the venture and entrepreneurial communities of Tennessee, at a time of dire economic and fiscal circumstances. It will be years before we'll know just how sagacious the TNInvestco picks prove to be... but, already certain is the fact that there is a deep reserve of entrepreneurial energy within Tennessee, which, despite the welcomed litany of prior successes, is just beginning to be tapped. The challenge, now, is to ensure these activities benefit the entire state and its people, and set the stage for further innovative steps.