A number of Houston tech jobs could be negatively affected by cuts to a statewide funding program. Visit http://houston.jobing.com/cat/tech to find available jobs.
The Texas Emerging Technology Fund could lose up to 85 percent of its funding under the proposed state budget. The five-year old, $155 million program is aimed at encouraging research and development of new technologies throughout the state.
Officials are looking to cut several programs as the state is currently facing a budget shortfall between $15 billion and $27 billion. However, cuts the TETF alone would only make up a small segment of the $13.7 billion officials hope to cut, according to the Houston Business Journal.
Unfortunately, any cuts to the program would be felt throughout the local and state economy. According to the Gulf Coast Regional Center for Innovation and Commercialization, about 39 companies in the Houston area alone have received a total of $45.5 million since the program was founded.
"In Texas, we understand that high-tech companies don't just happen overnight but are a product of forethought, sound vision and planning, and strategic investments by both the public and private sectors," Gov. Rick Perry said on the TETF website. "Through our Emerging Technology Fund, we are bringing the best scientists and researchers to Texas, attracting high-tech jobs and helping start-up companies get off the ground faster."
The TETF initially received $200 million from the state to invest in new technologies, and during the last few years, the program has given about $300 million to start-up companies and university research projects. The Texas Legislature usually refunds the program every two years.
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