Companies supported by the Business Innovation Act are currently generating more than $1 billion in economic impact each year in Nebraska. The program was started in 2012 as a vital source of funding for early-stage startups in the state.

According to a recent analysis, “these businesses have added 2,386 new jobs in the state with annual wages of $182.5 million since initial participation in BIA programs.” They also contribute to economic impact via tax revenue that stays in Nebraska. The program is widely lauded by startup investors, founders and economic development professionals as a success.

However, a proposed budget cut making its way through the Nebraska Legislature would cut nearly one-third of the funding for BIA programs. Nebraska startup leaders say this could have a devastating impact on high growth founders and innovation in the state.

Read more in the story on SPN.