Washington Technology Center (WTC) is partnering with the Washington State Investment Board (WSIB) to broaden investment in Washington-based companies. The two state agencies have teamed with the goal of identifying technology companies that present investment opportunities for WSIB and, by receiving support, have the potential to grow into viable commercial ventures and contribute to the state’s economic growth.
“The Memorandum of Understanding between the Washington Technology Center and the Washington State Investment Board has created a relationship that is already benefiting both entities,” offers Janet Kruzel, Investment Officer for Private Equity for the Washington State Investment Board.
“WTC staff has included WSIB staff in meetings in several cities across the state and provided introduction to a number of the key Washington angel and economic development groups,” Kruzel explained. “We are impressed with WTC’s willingness and ability to reach out to all interested parties, and with the skills and motivation of the WTC staff in how they lead and contribute to ongoing projects,” she noted.
This collaboration came about via WSIB’s Economically Targeted Investment (ETI) policy, an initiative designed to facilitate the exchange of information between the agency’s General Partners and organizations, like WTC, that have established working relationships and programs in place that assist early-stage companies looking for investment and whose business efforts make them a viable candidate for funding. The WSIB currently invests $55.8 billion of assets for 33 separate funds.
In turn, WTC will partner with regional technology-focused organizations like Sirti to funnel investment opportunities to WSIB general partners, connect potential investors with emerging Washington-based businesses looking for capital, and strive to keep these investments within local communities. The overall goal is to create a statewide network that improves communication and access to investment opportunities and funding for Washington companies.
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