Lawmakers Back State-Supported Fund for Startups (Business Financing‪)‬

In this time of budget cuts and repudiation of anything that remotely smacks of government intervention in the private sector, how is it possible for the New Hampshire Legislature to pass a law creating a new government program that will pump $2 million to $6 million into risky, high-tech startups? The goal is for the New Hampshire Innovation Business lob Growth Program to help create at least one new venture capital fund that would pick which New Hampshire startups are most likely to succeed and benefit the public good. And the fund not only hopes to leverage millions of dollars of private capital, but also would be able to draw millions of dollars from state retirement funds--at the same time the state is cutting retirement benefits for future state and local workers.