Giannoulias urges House to pass tech jobs bill
Senate unanimous on need to create, retain high-paying positions

March 15, 2010

A bill that would attract new technology businesses to Illinois and create high-paying jobs across the state was approved unanimously today by the Illinois Senate.

“I urge the House to follow the Senate’s lead and pass a bill that could help make Illinois the Silicon Prairie,” said Illinois State Treasurer Alexi Giannoulias, who authored SB3655. “We need to match other states’ investment in the high-tech sector so we can compete in this industry of the future.”

SB3655 would authorize the State Treasurer’s Office to allocate up to 2 percent of the state’s investment portfolio in the Technology Development Account, up from 1 percent today, without adding any administrative costs or resources.

In the last four years, the state has committed nearly all of the current TDA allocation to 18 venture capital firms in Champaign, Chicago, Effingham, Evanston and Northbrook. Only $6.5 million remains in TDA today, and it could be gone by the end of the year. The fund is operating at a 0.42 percent return on investment.

Through Illinois venture capital firms, the state has invested in 35 Illinois  companies that have created thousands of good-paying jobs and compete in a wide range of industries including software, telecommunications, biopharmaceuticals and life sciences, business services, financial services and alternative energy.

Two Illinois companies which have recently received TDA funding include Sittercity, America’s largest Web site for matching parents with local babysitters and nannies, and Appolicious, an independent Web site that rates and recommends apps for mobile phones.