Established in 1988 with initial funding of $6 million, Alaska Science & Technology Foundation (ASTF) has invested in various projects to promote economic development, public health, and technological innovation in Alaska. Managed by the Alaska Permanent Fund Corporation, ASTF's endowment has generated approximately $120 million in net income over the past 14 years. ASTF co-invests with the $22 billion Permanent Fund in new and existing firms that utilize science or technological innovation to grow their businesses and benefit Alaska's economy. The foundation selects projects with strong business plans and management capability, aiming to create new jobs and revenues. Some successful examples include funding for Alutiiq Manufacturing Contractors, which produces arctic grade prefabricated homes, Alaska Fresh Cut, which produces fresher chopped salads and cut fruits, and a project that blends fish oil with diesel to generate electricity. ASTF also supports knowledge projects, such as funding for a demonstration project on surimi decanter technology and earthquake hazard mapping for Anchorage.