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Ohio Third Frontier reinvests in Dayton-, Toledo-based entrepreneurial support

April 13, 2017

The Ohio Third Frontier Commission (Third Frontier) has announced investments in entrepreneurial service providers (ESP’s) in the Dayton and Toledo regions. A new collaboration focused on health innovation will lead the initiative in Toledo, while an existing entrepreneurial center will lead programming in Dayton. Both regions had been among Ohio’s largest without a dedicated ESP. The state also awarded funds for its first joint-university program at Cleveland State University and Kent State University, and for commercialization activities at Cincinnati Children’s Hospital.

Recent Research: Multinationals, deindustrialization, and regional economic development

April 13, 2017

Much has been written – both here and elsewhere – about the role of trade and automation in declining U.S. manufacturing employment. Recently released preliminary research published by the U.S. Census Bureau’s Center for Economic Studies finds U.S. multinationals were responsible for a disproportionate share of manufacturing employment declines from 1993 to 2011. These results underscore the challenges facing economic development in deindustrializing regions, particularly those reliant on the branch plant economy.

SSTI invites applications for 2017 Creating a Better Future Awards program

April 06, 2017

SSTI is pleased to announce the call for applications for the 2017 SSTI Creating a Better Future Awards program. The new title of the program is intended to better reflect the ever-changing field of tech-based economic development and celebrate exceptional initiatives that create a better future through science, technology, innovation and entrepreneurship.

As a recipient of a Creating a Better Future Award, your initiative represents a standard of excellence that has been recognized by your peers through a competitive selection process.

Useful Stats: Contraction of VC investing continues

April 06, 2017

The number of companies receiving venture capital investments during the first quarter of 2017 dropped 24 percent compared to a year ago, according to the latest NVCA-Pitchbook Venture Capital Monitor, released Tuesday.  Venture capitalists also parted with 12 percent less money during the quarter, suggesting to the report’s authors that 2017 is on pace to compare to 2013 levels.

Recent exits by VDOs nurturing innovation cycles

April 06, 2017

Billion dollar acquisitions and IPOs of young startups capture a lot of media attention, but they are not the norm for the market by any means. Exits do not need to be measured in the billions of dollars to have significant economic development benefit for the states and regions that make sustained investments into startup innovation firms. An SSTI analysis of the Pitchbook and Crunchbase investment databases reveals a number of recent exits by venture development organizations (VDOs) that may provide funding to re-invest in even more innovation-based startups in their regions. Our analysis reveals that many of the acquired companies appear to be maintaining their local operations as they use the acquisition funds to scale. Several examples from the past quarter alone demonstrate the value of the VDO approach to supporting regional prosperity.

Tech Talkin’ Govs: Kasich zeroes in on innovation

April 06, 2017

Ohio Gov. John Kasich is one of the last governors to deliver a state of the state address, which he did Tuesday evening. The former presidential contender assured the audience that he is “not running for anything,” but wanted to thank those who worked on managing the state budget. He used the address to focus on a variety of topics, including tech and innovation initiatives in the state, and educational efforts to support those industries. Kasich did not read a prepared speech and the following comments were taken from a transcript of his address:

Money and incentives key to STEM teacher recruitment

April 06, 2017

To recruit more STEM students to teach in their field after graduation, pay them more money says a study by the American Physical Society (APS). Recognizing that innovation relies heavily on STEM initiatives and an educated workforce, the APS in collaboration with the American Chemical Society, Computing Research Association, and Mathematics Teacher Education Partnership set out to learn what discourages students in STEM from eventually teaching the subjects. Although STEM students who responded to a survey indicated they may be interested in the teaching profession, their misconceptions about salary and other factors seem to be keeping them out of teaching.

ARC awards an additional $2.5M to improve Appalachia’s coal-impacted communities

April 06, 2017

On March 28, the Appalachian Regional Commission (ARC) announced nearly $2.5 million in grants to expand and diversify the economy in coal-impacted communities across multiple states. With this latest announcement, ARC has now invested $75.5 million (leveraging an additional $142 million in investments) to diversify the economy in 236 coal-impacted counties across nine Appalachian states through the Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) Initiative. The new round of investments are intended to create and retain hundreds of jobs in advanced manufacturing and agriculture; build a workforce pipeline through the region’s community colleges; and, identify additional economic opportunities for economic growth.

Publicly funded biomedical research paves way for private R&D

April 06, 2017

Although the U.S. National Institutes of Health may face decreased funding under the new presidential administration, recently published research in Science argues that public investments in biomedical research play an important role in driving private sector R&D. In an analysis of 365,380 grants awarded by the U.S.

Government innovation offices popping up

March 30, 2017

Government offices focused on innovation have been around for several years, yet some states and even the federal government are seeking new ways to incorporate the concept into their offices. This week the White House announced a new Office of American Innovation, while earlier this month Rhode Island used its Office of Innovation to launch a new effort called the Government Innovation League, and in January Ohio’s governor proposed funding a new state office focused on innovation, emerging technologies and their job-creation potential.

State grants, partnerships focus on workforce needs in several states

March 30, 2017

Noting a growing need for additional education to meet workforce needs, several states have announced programs focusing on education and workforce needs, channeling state funding to grants that will focus on aligning learning opportunities with business and industry needs, or creating new initiatives in the private sector. Reaching a higher educational attainment among a greater percentage of the workforce by 2025 is also a goal set by several of the states.

Legislative & Federal News for March 30, 2017

March 30, 2017

In a document provided to Politico and now widely circulated, the White House revealed its budget reductions for FY 2017. While the budget is currently under a continuing resolution through April 28, the proposed funding numbers largely reflect a partial-year implementation of the administration’s FY 2018 budget blueprint.