Iowa Innovation Corp. looking for manager for new fund

The Iowa Innovation Corp. is looking for a fund manager for a newly created fund designed to encourage investment to assist technology-based businesses in Iowa.

"There is now going to be $8 million of tax credits every year under the (Iowa Economic Development Authority) cap that would give a 25 percent credit to people who invest in funds that are designed to assist only Iowa companies who are innovative and in the targeted industries and help them to grow," said Karen Merrick, COO of the Iowa Innovation Corp.

"So the funding is different. There is a gap that has been recognized across the nation, and it's the role of the Innovation Corp. and the state to look at those problems areas that are stopping companies from growing or from even beginning start-up companies."

That gap is known as the "valley of death" in funding, Merrick said.

The Iowa Innovation Fund was approved by the Iowa Legislature in the most recent session.

The Iowa Innovation Corp. will not be an investor in the fund. Instead, the group will help the fund manager entice others to invest in the fund to help small businesses, Merrick said.

Responses to the request for proposal for the individual or company to be the fund manager are due by Aug. 19. The fund manager is expected to begin after the first week of September, she said.

Merrick did not disclose the salary for the position.