In June 2005, at the request of Governor Rick Perry, the Texas Legislature approved HB1765 creating the $200 million Emerging Technology Fund (ETF). The primary goals established for the ETF are:

Expediting innovation and commercialization of research
Attracting, creating or expanding private sector entities that will promote substantial increases in high quality jobs
Increasing Texas higher education applied research capabilities. Governor Perry appointed a 17-member advisory committee to make recommendations to the Governor, Lieutenant Governor and Speaker of the House on collaborations, investments, research grants, and recruitment associated with the ETF.

The ETF is made up of three funding Subchapters:

Subchapter D - Commercialization Award (Investment) (Contact a Regional RCIC)
Subchapter E - Research Grant Matching (Processed through the ETF office in Austin)
Subchapter F - Research Superiority Grants (Processed through the ETF office in Austin)