• Welcome and introduction of members. Chairman Elkins interested in increased efficiencies for state government, making sure the state is attractive to businesses.
• E-commerce, cloud, nano-technology, R&D, renewable resources (without gov.t subsidies)
RON CHICHESTER – patent attorney
• We do a good job with low taxes, less regulation, need to continue to make Texas attractive through other commons – intellectual – education (especially University). Ex: Google came out of Stanford.
• Big changes coming in patent law – 1st to file. May be good for TX? Has been a big boy’s game.
• Texas one of 4 states not part of “uniform trade secrets act.” (TX/NY/N Car/Mass). Easier playing field? Players would know where they stand. Judge made law right now.
• TX/CA/NY the big players in technology.
• Venture capital drying up? Cost of entry has gone down, so tech companies may not need the same level of investment.
• We should LEAD on cybersecurity.
KAREN ROBINSON – DIR
• CIO for state
• DIR has implemented 2010 sunset recommendations to extent possible.
• Take cybersecurity VERY seriously.
• Intrusion detection – 75-110 million attacks a month.
• Cybersecurity Council established last session, players from different areas of state. Fed/State/Higher ED/Industry. 9 members on council. DIR administers.
• State-wide security assessment program established. Voluntary participation to understand risk. 2 exceptional items related to this program.
• TEXAS.gov -web portal being increased, handles 2 million transactions/month ($400 million for the state).
• DIR PRIORITIES – data privacy & protection services, cloud, state using the data center.
• Back-up in San Angelo for catastrophic events.
• Chairman wants to tour facility in next 2 weeks.
PATRICK BOSWELL – ETF
• Created in 2005 by the state legislature.
• 3 incentive programs – direct investments, research award matching and acquisition of research superiority.
• We have invested about 200 million (140 companies) and contributed about 16 million to research.
• We are a little ahead, essentially even on our investment.
• Return is measured through variety of measures, including capitol raised by company, price of stock at last sale, etc.
• 12 of the 140 companies either closed (3), in bankruptcy (4) or in some type of litigation with the state. Vast majority still operating.
• 3 phased vetting process.
• CA does not have a similar fund.
• Angie Chen Button – “don’t throw the baby out with the bathwater, but make sure the bathwater is clean.”
ELLERY BUCHANAN (Fiberio) and PAUL BUNDSCHUH (Ideal Power Convertors, just outside HD52) then spoke on the positive impact the ETF had on their businesses.