South Dakota Governor Awards $500K for Center to Help Technology Businesses

A $500,000 state grant approved Thursday by South Dakota Governor Bill Janklow will help create a center in Sioux Falls for fledgling technology businesses.

The center — termed the technology business accelerator project — is being developed by Forward Sioux Falls, a joint-venture economic development partnership between the Sioux Falls Area Chamber of Commerce and the Sioux Falls Development Foundation. The center will offer leased space and provide business development services such as accounting, legal assistance and business planning.

To date, Forward Sioux Falls has raised approximately $2.5 million for the project. The funding includes the new state grant, a federal grant of $800,000 and $1.2 million of Forward Sioux Falls IV funds. The state grant comes from the South Dakota Future Fund.

The goal of the accelerator is to diversify the regional economy by helping entrepreneurs establish the next generation of technology-related businesses. The project’s task force is in the final stages of completing architectural, construction and organizational planning. In October, the task force will present the final project recommendations and budget to the Forward Sioux Falls Joint Venture Management Committee and seek approval to begin the construction process.

Developing the accelerator is the first step in establishing the Southeast Technical Institute and USDSU area of Sioux Falls as a core area for education, research and technology business development. More information is available at: http://www.state.sd.us/news/index.cfm