The Midwest is well known as fly-over space for venture capitalists, so several groups in the Midwest are looking at how to turn on the spigot. It appears to be a chicken and egg dilemma: what comes first, the venture capital or the deal?

The Kansas Bioscience Authority (KBA) has decided to approach the problem from both directions: Beef up the venture capital and give emerging businesses the services they need to succeed.

KBA is attracting venture capital by investing in venture capital firms. The organization has committed to investing $50 million in eight nationally prominent funds in return for a state presence by each of the firms.

In addition, KBA has created Heartland BioVentures as a virtual incubator to attract the best ideas and get the companies that surround them venture ready.

Hopefully, this match of venture and deals will hatch a few nest eggs.