Perry’s Tech Fund Allows For $6 Million In Potential Losses

AUSTIN (February 4, 2013)--Gov. Rick Perry's pet fund for high-tech startups in Texas is leaving room for $6 million in potential losses because of troubled investments, a new report shows.

That allowance for bad debt is a drain on the value of the Texas Emerging Technology Fund.

According to an annual report from Perry's office, the tech fund is now worth $2.4 million more than what the state has given to more than 130 private companies.

Perry's office says the report included the potential losses to give lawmakers a clearer picture of the fund's condition.

The tech fund has handed out more than $184 million since 2005.

Perry calls the fund an innovative spark plug for the Texas economy, but critics have targeted the program over performance and politics.

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