Start a State Venture Capital Fund
The diversification of Texas’s economy since the bloodbath of the eighties is the reason we have been relatively staunch amid the current recessionary environment. Big business has been fleeing “business hostile” states to move to “business friendly” Texas. Don’t change our business-friendly climate—keep ’em coming! One source of diversification where we appear to be somewhat lacking, however, is in the availability of venture capital for start-ups. Consequently, I suggest the creation of a state $1 billion venture capital fund to assist worthy entrepreneurs in creating promising Texas ventures, with grants limited in both annual number and individual amount.
Kelleher is the founder and chairman emeritus of Southwest Airlines. He lives in San Antonio.