Iowa start-ups have created 600 new jobs with the help of a state economic development program, a new study shows.
The “Iowa Demonstration Fund” helps small and medium-sized Iowa companies in advanced manufacturing, biosciences and information technology. Businesses with a high-growth potential get help to develop their products so that they can ultimately attract more private sector investment.
Between 2007 and 2012, the Demonstration Fund awarded $13 million to 101 companies. There has been a 24 percent return on investment, plus millions in tax revenue generated each year. Six hundred new jobs have been created in the development of construction machinery, medical devices, food products, animal vaccines, anti-cancer therapeutics, computer systems and software.
The Demonstration Fund is an innovative effort to ensure Iowa remains globally competitive in jobs, products and services. For more information on the program, visit http://tinyurl.com/dxes5xj.