The legislature has approved the recapitalization of the Vermont Seed Capital Fund. This commitment ensures that our local startups will have the necessary resources to navigate the current economic landscape. I appreciate the time each of you invested in advocating for this vital support.
November 7, 2020
Final supporters
Statement of Support to Recapitalize the Vermont Seed Capital Fund
Due to COVID-19 impacts, there is acute demand for high risk, startup and scaling stage capital for Vermont's technology enabled businesses across most all sectors. The need is to retain and grow jobs, fund capital expansions, support growth and complete business pivots.
Angel, institutional and banking capital resources are lower, revoked or unavailable for many of Vermont's highest potential and highest paying firms. Additionally, some sources of capital have become predatory with investment or lending terms to the detriment of the companies and founding teams.
If the Legislature desires to prioritize support for startups and scaling firms like these to recovery and thrive, then a $10 million recapitalization of the existing Vermont Seed Capital Fund is strongly encouraged from the $1.25 Billion in CRF funding or from other state sources. The Fund is "shovel ready" to quickly and responsibly invest into eligible companies across Vermont.
Background: Formed during the 2009 financial crises by the Vermont Legislature and Governor, the Vermont Seed Capital Fund is managed by the Vermont Center for Emerging Technologies (VCET). This $5.1 million revolving capital fund has two public mission driven investors: VCET (a 501 c3) and the Vermont Economic Development Authority (VEDA). In addition to assisting the formation of scores of capital rounds for companies, the Fund has invested in 23 companies to date, but more capital today is necessary to continue this work if a Vermont priority. These 23 companies have cumulatively now:
- Raised over $182 million in capital (>40x capital leverage)
- Earned over $134 million in revenues
- Provided over $125 million in payroll
- $72,000 is the average Vermont wage.
Thank you for joining this this Statement of Support to show the Vermont Legislature and Governor that the technology enabled sector has capital access needs today to hire, grow and help Vermont recover from pandemic.
Updates
Reached 250 supporters
September 2, 2020
September 1, 2020
The feedback from local business owners regarding the scarcity of reliable capital remains consistent and troubling. I am currently coordinating with several policy advisors to ensure this necessity is clearly understood by the state legislature.
Reached 100 supporters
August 31, 2020
August 30, 2020
Our petition is approaching one hundred signatures which serves as a vital milestone for our credibility. Please forward this link to your professional contacts to ensure we reach this threshold before the upcoming legislative session begins.
6 Comments
Support local businesses!!!!
VT needs to keep these businesses here. Our economy is gonna tank if we dont help them now.
Predatory lending is killing innovation. state needs to step up.
10 million is nothing compared to what we lose if these jobs disappear. lets get this done.
My brother runs a small tech firm in burlington and they are struggling bad. please help them out!
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The legislature has approved the recapitalization of the Vermont Seed Capital Fund. This commitment ensures that our local startups will have the necessary resources to navigate the current economic landscape. I appreciate the time each of you invested in advocating for this vital support.
November 7, 2020
Final supporters
Statement of Support to Recapitalize the Vermont Seed Capital Fund
Due to COVID-19 impacts, there is acute demand for high risk, startup and scaling stage capital for Vermont's technology enabled businesses across most all sectors. The need is to retain and grow jobs, fund capital expansions, support growth and complete business pivots.
Angel, institutional and banking capital resources are lower, revoked or unavailable for many of Vermont's highest potential and highest paying firms. Additionally, some sources of capital have become predatory with investment or lending terms to the detriment of the companies and founding teams.
If the Legislature desires to prioritize support for startups and scaling firms like these to recovery and thrive, then a $10 million recapitalization of the existing Vermont Seed Capital Fund is strongly encouraged from the $1.25 Billion in CRF funding or from other state sources. The Fund is "shovel ready" to quickly and responsibly invest into eligible companies across Vermont.
Background: Formed during the 2009 financial crises by the Vermont Legislature and Governor, the Vermont Seed Capital Fund is managed by the Vermont Center for Emerging Technologies (VCET). This $5.1 million revolving capital fund has two public mission driven investors: VCET (a 501 c3) and the Vermont Economic Development Authority (VEDA). In addition to assisting the formation of scores of capital rounds for companies, the Fund has invested in 23 companies to date, but more capital today is necessary to continue this work if a Vermont priority. These 23 companies have cumulatively now:
- Raised over $182 million in capital (>40x capital leverage)
- Earned over $134 million in revenues
- Provided over $125 million in payroll
- $72,000 is the average Vermont wage.
Thank you for joining this this Statement of Support to show the Vermont Legislature and Governor that the technology enabled sector has capital access needs today to hire, grow and help Vermont recover from pandemic.
Updates
Reached 250 supporters
September 2, 2020
September 1, 2020
The feedback from local business owners regarding the scarcity of reliable capital remains consistent and troubling. I am currently coordinating with several policy advisors to ensure this necessity is clearly understood by the state legislature.
Reached 100 supporters
August 31, 2020
August 30, 2020
Our petition is approaching one hundred signatures which serves as a vital milestone for our credibility. Please forward this link to your professional contacts to ensure we reach this threshold before the upcoming legislative session begins.
6 Comments
Keep the money in vermont. Dont let the corporations take everything.
Support local businesses!!!!
VT needs to keep these businesses here. Our economy is gonna tank if we dont help them now.
Predatory lending is killing innovation. state needs to step up.
10 million is nothing compared to what we lose if these jobs disappear. lets get this done.
My brother runs a small tech firm in burlington and they are struggling bad. please help them out!
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Keep the money in vermont. Dont let the corporations take everything.