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Senate urges Regents endowments to invest a small share in state innovation funds
Summary
Senate File 24 53 encourages Regents university endowments to direct up to 1% of unrestricted assets into state‑registered innovation funds to bolster local startups; sponsors said donors' restrictions would be respected and clarified amendments were adopted before passage.
Senator Bussello outlined SF2453 as a measure to grow Iowa‑based startups by encouraging Regents universities to invest a modest share of unrestricted endowment assets in state‑registered innovation funds. He said the bill proposes “1% of unrestricted, explicitly unrestricted, assets in the endowment should be invested in these venture innovation funds” to keep more investment and companies in state.
Amendment S5091 clarifies that donor‑restricted funds are excluded, and supporters argued the bill aims to strengthen ties between university research and in‑state commercialization. Several senators praised the approach as a vehicle to create jobs and retain startups. The amendment was adopted and the bill passed by roll call with 45 ayes, 0 nays.
