§211G-3 - Findings and purpose.
[§211G-3] Findings and purpose. A critical shortage of seed and venture capital resources exists in the State and that shortage is impairing the growth of commerce in the State. A need exists to increase the availability of venture equity capital for emerging, expanding, relocating, and restructuring enterprises in the State, and an increase in return-driven, venture capital investments in such enterprises in the State will help to diversify the State's economic base. Accordingly, this chapter is enacted to:
(1) Mobilize equity and near-equity capital for investment in a broad variety of venture capital partnerships in diversified industries;
(2) Retain the private sector culture of focusing on rate of return in the investing process;
(3) Secure the services of high quality managers in the venture capital industry;
(4) Enhance the venture capital culture and infrastructure in the State so as to increase venture capital investment and promote venture capital investing within the State; and
(5) Accomplish the foregoing purposes in a return-driven manner with the goal of minimizing any adverse impact on state tax revenues.
The legislature finds that the creation of a state private investment fund, as provided under this chapter, serves an important public purpose by answering the need to increase venture capital and expand the growth of commerce in the State. [L 2004, c 215, pt of §1]