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Friday, January 23, 2009

The government is "investing" in technology

I work in the technology industry for a private employer. According to this article, next year may be shaping up to be a good one for Toledo. I'm all for the expansion of technology, but only if they are doing it free from government subsidies.

From what I can tell, this is not the case. It turns out these guys get lots of funding from the state, to the tune of $15 million. It's funny how they still claim to be private-sector driven and funded development company right on their home page. But when you get down to it, they have twice as much money coming from the government as they do from private sources.

At first, I was excited to hear about new technology companies in the Toledo area. It's great when people invest in technology development, but ultimately, state "investment" is a bad idea. I would much prefer if the government wasn't sticking its nose in the technology sector. The extra money creates an incentive for people to embark on riskier projects that otherwise would not have made sense in a normal economic environment. It also takes money that people would normal spend on every day needs and misallocates it to places where it doesn't really belong. Shame on this company for claiming to be privately invested.

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