Arizona Governor, Phoenix mayor hope to start tech fund without Legislature

Technology leaders, Gov. Janet Napolitano and Phoenix Mayor Phil Gordon will bypass the skeptical state Legislature and try to set up a state investment fund as a private entity.

There was a push last year to have the Legislature establish a $100 million state investment pool to partner with venture capitalists and bankroll high-tech and life-science firms in the state.

Arizona lags far behind other states in terms of venture capital investment and seasoned high-tech entrepreneurs. The new fund is seen as a way to foster growth in both of those areas.

Mike Sunnucks and Adam Kress
The Business Journal

Full Story: http://www.bizjournals.com/industries/banking_financial_services/venture_capital/2005/01/17/phoenix_story4.html