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EDGE Fund Comes to an End (May 30, 2012)

OKLAHOMA CITY (AP) - A fund created more than a decade ago under Democratic Gov. Brad Henry's administration to invest in high-tech businesses is being shut down.

In 2006, the EDGE fund was born with a $150 million appropriation, and earnings were used to help research-based start-up companies cross the bridge to commercial viability. Applications for grant money were highly competitive, and awards were handed out to 17 different companies over the last five years.

But the Republican-controlled Legislature and GOP governor, who have touted the need for a pro-business environment in Oklahoma, raided the fund, shut down the program and used the revenue to fund a backlog of endowed chairs at state colleges and universities. The bill passed the House on the final frenetic day of the legislative session.

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