What is the TNInvestco Program?
The goals of TNInvestco are to develop Tennessee’s entrepreneurial infrastructure, bring additional capital into the state, diversify the state’s economy and create “anchors,” or “clusters,” of business innovation that result in the creation or spin off of new companies and the attraction of new talent to Tennessee.
For more information on the TNInvestco program, please visit their website at: www.TNInvestco.gov
Who are the TNInvestcos?
The funds selected to comprise the TNInvestco program include:
What type of companies should apply for TNInvestco funding?
The purpose of the TNInvestco Act is to encourage and support investments in qualified small businesses that have the potential to transform the State of Tennessee’s economy. Companies like FedEx and HCA were founded by entrepreneurs and eventually backed by venture capital investors. These companies have had a transformational impact on the state’s economy through the jobs, wealth and tax revenues made possible directly, or indirectly, by the efforts of the entrepreneurs that turned vision into reality and the investors that fueled their ambition.
In order to be considered a qualified business to be a recipient of TNInvestco funding, companies must meet the following criteria:
- The business must be headquartered and its principal business operations are located in Tennessee
- At least sixty percent of its employees are located in Tennessee
- It has not more than one hundred employees
- It is not principally engaged in:
- Professional services provided by accountants, doctors, or lawyers
- Banking or lending
- Oil and gas exploration
- Direct gambling activites
- It is not a franchise of and has no financial relationship with a TNInvestco or any affiliate of TNInvestco prior to a TNInvesto’s first qualified investment in the business.
MB Venture Partners Policy on Minority-Owned and Women-Owned Businesses
MB Venture Partners and our portfolio companies, in which we invest, shall strive to maximize the participation of minority-owned businesses and woman-owned businesses to reflect the racial, ethnic and gender diversity of Tennessee’s population. Additionally, TNInvestco is an equal opportunity program and does not discriminate in employment or investment on the basis of race, color, religion, sex, national origin, citizenship status, age, disability, political affiliation or belief.
Through the TNInvestco program, MB Venture Partners has capital available to invest in businesses including, but not limited to, minority-owned businesses and woman-owned businesses pursuant to the restrictions in the Tennessee Small Business Investment Company Credit Act. Each TNInvestco, including MB Venture Partners, shall coordinate its efforts to strive to maximize participation in minority-owned businesses and woman-owned businesses with the efforts of the State of Tennessee’s Department of Economic and Community Development (ECD).
“Minority-owned business” means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more individuals who are members of any racial or ethnic minority within the state and whose management and daily business operations are under the control of one (1) or more members of any racial or ethnic minority within the state.
“Woman-owned business” means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more women and whose management and daily business operations are under the control of one (1) or more women.
Additionally, the ECD has the Business Enterprise Resource Office (BERO) that offers procurement assistance and development opportunities to small and minority- and women-owned businesses. For more information go to their website at: www.state.tn.us/ecd/bero/
For more information on the TNInvestco program, go to the website at: www.TNInvestco.gov