Musings of a West Texas Business Venture

Regional Center of Innovation and Commercialization

I attended a meeting today (the West Texas Regional Technology Conference, or WTRTC) for a few hours at the Texas Tech Merket Alumni Center (it always reminds me of the meerkat). The general overview was on the State of Texas Emerging Technology Fund (ETF) which Governator Rick Perry signed into law. This meeting was specifically about the establishment of a Regional Center of Innovation and Commercialization (RCIC) which "will consist of partnerships between universities, companies, and nonprofit groups." Mark Ellison, the governor's rep for EFT stopped in to edumicate the rest of us. I was expecting to be bored.

I arrived a few minutes late (had to make some decisions on a sorting algorithm), and showed up 3rd to last, just in time to grab the last available seat right next to the door. I managed to catch a glimpse of all the "who's who" of Lubbock, including some VC's, some angel investors, some business owners, some Tech management, some Tech / SPC professors, and a plethora of people who had little to add to the RCIC other than to siphon some money into their pockets.

Mark Ellison wasted no time in dispensing with formalities and explained that all deals would have to be universally approved by the appointed board of 17 members. Who are these 17? They have to be nominated. And they won't be on the board unless they have SIGNIFICANT EXPERIENCE MAKING MONEY. And that was wonderful. I almost clapped. Seriously. Has anyone stopped and checked out the local groups (in Lubbock or elsewhere) where someone happens to have their own fiefdom? Lubbock is no different.

[It's quite amazing to me that Lubbock continues to have issues with property taxes, and the mayor of the town is a real estate mogul. And/or that eminent domain has been used for some scrupulous reasons ... supposedly for the growth of Lubbock?]

Anyway, I was told that I should be in attendance, since I fit into one of the following:

1. Technology companies and their trade associations.
2. Service providers such as law firms, accounting firms, etc.
3. Venture capital firms, angel investors, banks, and other financial institutions.
4. Existing incubators or accelerators.
5. Local work force boards
6. Local and regional economic development entities.
7. Universities, community colleges, and technical schools.
8. High school superintendents
9. Other interested groups and individuals.

Mark also made a point to explain that funding would be unavailable to anyone who was not being supportive of the RCIC's purpose (everyone gets access) and that the RCIC in the region (or more than one) must be collaborative. In this case, the word refers to "multiple commercial and university interests". I saw some very un-happy faces, people who were hoping to create some junk company, filter money to non-existent ideas, and amazingly keep the money, and the people involved, still in the loop.

Sorry. Keep tapping those shoes together.

Wonderful, wonderful job Mark!

posted by Anthony Presley @ 4:43 PM