Many recommendations from State Auditors report already being implemented
Texas Insider Report: AUSTIN Texas Gov. Rick Perry today emphasized the importance of the Texas Emerging Technology Fund (TETF) following the release of an audit of the program by the State Auditors Office (SAO). The SAO report finds no fraud or violation of state law in the operation of the TETF nor does it find any political basis for the awarding of TETF money. The Governors Office (OOG) is already implementing many recommendations from the report and will continue utilizing the TETF to invest in emerging technology companies and bring top researchers to Texas.
In Texas weve fostered an environment that encourages individuals to risk their capital and create innovative groundbreaking technologies that have the potential to impact lives not just in our state but around the world" Gov. Perry said. The program has continued to improve research at our universities by bringing world renowned research teams to Texas and is helping put Texas on the path to becoming the next Silicon Valley. My office looks forward to implementing additional recommendations to improve the accountability and transparency of this important program."
The Governors Office and SAO have been working together on the audit for several months. Additionally the OOG has completed an internal review and consequently created a Compliance and Oversight Division (COD) consisting of experienced auditors and contract compliance staff within the OOG to improve the offices review of companies that receive TETF funds and strengthen decision-making processes.
The creation of the new COD is just one step that the OOG has taken in its continual efforts to improve the operations and results of the TETF program. The SAO has identified several additional recommendations and the OOG looks forward to implementing those that will maintain public confidence in and promote the legislative purpose of this important program.
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governors request and reauthorized in 2007 and again in 2009. A 17-member advisory committee of high-tech leaders entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor lieutenant governor and speaker of the House. To date the TETF has allocated more than $196.2 million in funds to 132 early stage companies and nearly $173 million in grant matching and research superiority funds to Texas universities.
The Governors Office has issued a response to the State Auditors Office report which can be viewed at
http://governor.state.tx.us/files/press-office/ETF_Audit_Response_Final_Version_042811.pdf.
To view the State Auditors Office report please visit
http://www.sao.state.tx.us/reports/main/11-029.pdf.
For more information on the TETF please visit
http://www.emergingtechfund.com.
