Hicks on Wednesday was appointed to replace William E. Morrow on the 17-member panel.
Morrow was the subject of a 2010 Texas Rangers investigation into a stock deal with the tech fund's former director. The Dallas Morning News reports the review found no wrongdoing.
The committee makes recommendations to Texas leaders on which start-up technology projects should be funded with taxpayers funds.
A preliminary state budget plan released Tuesday, as Texas faces a projected shortfall of at least $15 billion, proposes slashing Emerging Technology Fund spending from $109 million to $21 million.
Hicks is president of Austin-based Capstar Partners LLC, which is a private investment firm.