SSTI Digest

Editor’s note: SSTI is committed to helping its members create economies that are equitable and inclusive. The following article is part of a series highlighting how different organizations ensure all people within their communities can benefit from today’s economy and lessons learned in their work.

The National Advisory Council on Innovation and Entrepreneurship voted today to accept proposed recommendations for a national competitiveness strategy. One recommendation is establishing a National Innovation Council to coordinate entrepreneurship-related federal government activities nationwide. This council would prioritize efforts related to critical technologies through various actions, including “requiring mandatory reporting of demographics of venture capital (VC) investments” and “supporting the development of best practices and standards for evaluating the effectiveness of entrepreneur support programs.”

This month, 65 Fellows will begin their two-and-a-half-year field placements with host organizations nationwide as part of the Economic Recovery Corps (ERC) funded by the Economic Development Administration. Fellows will spearhead projects that, according to according to an International Economic Development Council (IEDC) press release, "advance new ways of doing economic development to build more resilient, inclusive, and equitable economies." The 65 selected projects are located across 44 states and territories. Of the 65 host sites, 62% are rural, 23% are mixed (urban, suburban, and rural), and 15% are urban. Nine of the 65 projects are led by tribes or involve a tribal organization as a primary partner. Each project receives a dedicated, fully funded Fellow for 2.5 years.

The number of graduate students in science, engineering, and health has grown from approximately 328,000 to 760,000 from 1975 to 2021, a 132% increase, according to the National Science Foundation’s (NSF) Survey of Graduate Students and Postdoctorates in Science and Engineering (GSS). When compared to a 60% increase (from 9.7 to 15.4 million) in total undergraduate enrollment across all fields of study over the same time period, the scale of growth can be better seen. However, while the number of graduate students in science has seen an upward trend over the 46-year period, the number of graduate students in engineering has stagnated since 2014.

NSF has announced 10 projects as the first cohort of Regional Innovation Engines. The 10 project teams span 18 states. Each of the 10 teams will receive $15 million for the first two years of the awards and could receive $160 million over the full ten years dependent on availability of funding and successful performance.

In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, the common themes from Alaska, Michigan, and Maine were issues of opportunity, affordability and housing. Michigan and South Carolina governors proposed initiatives and programs that seek to assist in providing access to post-secondary education, their states’ economic competiveness, and securing jobs of the future for their residents. The following highlights have been excerpted from State of the States or budget addresses given between Jan. 24, 2023 and Jan. 30, 2024. Additional addresses and states will be covered in future Digest issues.

South Carolina Research Authority (SCRA), a public, non-profit corporation chartered in 1983 by the State of South Carolina , had over a $1.19 billion impact on the state’s economy in 2023. Their recently published annual report shows what’s included in the billion-plus-dollar impact, determined by a study conducted at the University of South Carolina Darla Moore School of Business. SCRA provides funding and support to accelerate the growth of academic startups; lab and administrative workspaces; facilitation and funding for partnerships between and among industry, startups, and academic institutions; assistance and funding for the relocation of technology-based companies to South Carolina; and coaching and funding for startups that may also receive investments from its affiliate, SC Launch Inc.

The White House recently published a data tool, accompanied by a downloadable excel file housing two datasets, with recent investments from the Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act (IRA). The tool and data provide a view of the spending that is occurring across the United States from the two acts. In addition to a categorical breakdown of awards, agency, department, project name, funding source, and more are available for each award.

A spate of super-sized donations has recently benefited various organizations and higher education institutions. They include what is reported as the largest single contribution to a historically Black college or university (HBCU), $100 million to UNCF, and $350 million from the Lilly Endowment, Inc. for projects in Indiana.

The United States has one of the most diversified economies of any nation, yet also the most dynamic; over the past five years, from 2018 through 2022, the U.S.’ agriculture, forestry, fishing, and hunting industry has grown 53%, while other industries such as manufacturing and construction have grown at a slower pace—17% and 23% respectively—compared to a 25% increase in overall gross domestic product.

SSTI’s 2024 Annual Conference dates & location set: Dec 10-12 in Arizona!

Coming off one of its most successful events ever, SSTI is happy to announce the nation’s largest annual gathering of leading practitioners and policymakers working toward regional innovation and growth through technology-based economic development will be held at the Sheraton Grand at Wild Horse Pass in the Gila River Indian Community in metro Phoenix on December 9-12, 2024.

In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, the common themes from Hawaii, Massachusetts and North Dakota were addressing the cost of housing. Hawaii and Massachusetts governors discussed addressing climate change, and North Dakota’s governor called for the creation of a new office focused on rural communities. The following highlights have been excerpted from State of the States or budget addresses given between January 17, 2023 and January 23, 2024. Additional addresses and states will be covered in future Digest issues.