Rick Perry’s $4.5 Million Friend

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Shortly after his previous company declared bankruptcy in 2008, a guy named David Nance started up a new venture, Convergen LifeSciences Inc. He himself invested only $1,000 in Convergen, but was able to get the company off the ground with a $4.5 million investment from a venture capital fund.

Venture capital folks usually prefer founders to have a wee bit more skin in the game than that, but this was a very special venture fund: the Emerging Technology Fund, a $200 million fund created by Rick Perry to invest taxpayer money in Texas startup companies. And David Nance was a very special founder: he had donated more than $100,000 to Perry’s campaigns over the previous decade. So even though a regional panel turned down Nance’s original application, when he appealed to a statewide advisory committee his application was approved unanimously.

More details here, based on reporting from the Austin American-Statesman here. Apparently this came up as an issue in Perry’s last campaign, but details were sparse at the time and the American-Statesman’s reporting only surfaced a couple of months ago. As always, it’s good to have friends in high places.

Via Mark Kleiman.

LESS DREADING, MORE DOING

This is the rubber-meets-road moment: the early days in our first fundraising drive since we took a big swing and merged with CIR to bring fearless investigative reporting to the internet, radio, video, and everywhere else that people need an antidote to lies and propaganda.

Donations have started slow, and we hope that explaining, level-headedly, why your support really is everything for our reporting will make a difference. Learn more in “Less Dreading, More Doing,” or in this 2:28 video about our merger (that literally just won an award), and please pitch in if you can right now.

payment methods

LESS DREADING, MORE DOING

This is the rubber-meets-road moment: the early days in our first fundraising drive since we took a big swing and merged with CIR to bring fearless investigative reporting to the internet, radio, video, and everywhere else that people need an antidote to lies and propaganda.

Donations have started slow, and we hope that explaining, level-headedly, why your support really is everything for our reporting will make a difference. Learn more in “Less Dreading, More Doing,” or in this 2:28 video about our merger (that literally just won an award), and please pitch in if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate