Phoenix: AERO

NEWS RELEASE CONTACTS: Sal Rivera
Date: March 19, 2008 602-241-8550
srivera@aeroaz.org

AERO TARGETS FUNDING TO SEED INNOVATION

Non-profit committee will focus on capital formation

Phoenix – Generating science discoveries and technology development will help drive
Arizona’s economy, which is why the Arizona Economic Resource Organization (AERO)
has targeted capital formation among its top priorities. AERO is a private-public
nonprofit collaboration focused on developing long-term strategies for global success,
diversifying Arizona’s economy, and increasing innovation- and knowledge-based
industries in the State.

AERO board members Bill Hardin, an attorney with Osborn Maledon in Phoenix, and
Larry Hecker, principal of Hecker & Muehlebach in Tucson, will co-chair the committee.
“We must intensify our efforts to develop capital formation initiatives that enhance
Arizona’s global competitiveness,” says AERO board member Bill Hardin. “Recent
successes such as Science Foundation Arizona, the 21st Century Fund and the Angel
Investor Tax Credit Program only begin to address the State’s need for investment in
promising, home-grown innovations.”

“Increased seed funding and venture capital investments are essential if we are to
achieve the tremendous potential of today’s science and technology entrepreneurs,”
says AERO board member Larry Hecker. “As Governor Janet Napolitano points out,
today’s garage-based business with a good idea could become tomorrow’s Google.”
AERO continues to build infrastructure and identify individuals from different sectors and
regions of the state to serve on the Board. The group will provide a bird's eye view of
policy and guidance, in cooperation with Arizona Global Network, and other business
and economic development entities across the State.

The Arizona Economic Resource Organization (AERO) is a nonprofit 501(c)(6)
organization that has begun work on coordinating the State's economic development
efforts to increase the region's visibility and ability to compete in the global economy.
AERO consists of individuals and representatives from private business, nonprofit
groups, the public sector, communities, the Arizona Department of Commerce, state
universities and institutions of higher learning. AERO's mission is to provide policy
guidance and assistance to economic development entities and communities across the
state.

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