$2-million from Technology Fund goes to Texas Tech
Gov. Rick Perry (photo)
Gov. Rick Perry announced a $2 million investment through the Texas Emerging Technology Fund (TETF) to Texas Tech University to recruit renowned experts in nanophotonics technology, establishing a world-class center in applied nanophotonics at the College of Engineering’s Nano Tech Center.
"The Emerging Technology Fund continues to enable us to draw the brightest minds in research and innovation to our state, spurring the commercialization of university research, and ultimately positioning Texas as a strong competitor in the global marketplace," said Gov. Perry.
"Continued expansion of our research and development capabilities in critical fields, such as nanophotonics, will create more jobs and generate substantial capital investments, further diversifying and enriching our economy."
The university leveraged the state’s TETF investment to attract a $5.35 million donation from AT&T and $2 million from Texas Tech for a total of $9 million towards recruiting a top-tier team of experts in nanophotonics technology that will supercharge existing research strengths at the university’s Nano Tech Center.
Nanophotonics involves the creation and manipulation of advanced materials at the nanoscale that can produce and sense light. The research has significant implications in the fields of defense, telecommunications, homeland security and the future of commercial and residential lighting, and promises enormous payoffs in economic growth.
The National Institute of Standards and Technology estimates that the global economic impact of nanotechnology will reach $1 trillion per year by 2015. Bolstering Texas Tech’s nanophotonics research program will enable Texas to play a leading role in this cutting-edge field, contributing to the long-term economic prosperity and competitiveness of the state.
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request and was reauthorized in 2007. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the Governor, Lieutenant Governor and Speaker of the House. To date, the TETF has allocated $109 million in funds to Texas companies and universities.
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