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Useful Stats: Business applications trending up, share of high-propensity applications trending down, 2005-2023

Business applications have greatly increased over the last two decades, jumping 119% from 2005 to 2023. However, the rate of high-propensity business applications—applications identified by the Census Bureau as having higher likelihoods of turning into businesses with payroll—have decreased as a share of all applications every year since 2005, despite having grown 22% over the same period. Breaking these numbers down by states shows uneven trends, with the difference in shares of high-propensity business applications in 2005 and 2023 decreasing by over 20 percentage points in most states.

Ben Franklin Technology Partners reports more than $30 billion impact over the last 40 years

Ben Franklin Technology Partners, a technology-based economic development program serving all 67 Pennsylvania counties, reported in its 2023 Annual Statewide Impact Report that, since its inception more than 40 years ago, it has boosted Pennsylvania’s economy by more than $30 billion, generating more than 58,000 jobs in client firms plus an additional 101,000 spinoff positions, for a total of 159,000 new jobs that otherwise would never have existed.

The Rural Partners Network announces nominations for rural innovators

The Rural Partners Network, an all-of-government program that helps rural communities find resources and funding to create jobs, build infrastructure, and support long-term economic stability, is asking the public to nominate rural innovators who are positively impacting their rural communities. Individuals of all ages, including youth, are eligible. According to an announcement on their website, nominated individuals could be engaged in either the public or private sectors, including local, state, Tribal, and territory governments; nonprofits; businesses; philanthropy; or academia.

Registration is now open for the SSTI 2024 Annual Conference

Registration is now open for the SSTI 2024 Annual Conference in Phoenix, December 10-12, at the Sheraton Grand at Wild Horse Pass, located in the Gila River Indian Community.

A bipartisan group of Senators releases recommendations for AI policy

On Wednesday, a bipartisan group of senators published Driving U.S. Innovation in Artificial Intelligence: A Roadmap for Artificial Intelligence Policy in the United States Senate. The roadmap encourages the executive branch and the Senate Appropriations Committee to reach the $32 billion per year non-defense AI innovation spending level proposed by the National Security Commission on Artificial Intelligence. It also includes a list of recommendations for legislation to regulate artificial intelligence. The recommendations include prioritizing funding for a cross-government AI R&D effort at all relevant government agencies and departments. The recommendation mentions explicitly an all-of-government AI-ready data initiative. It also directs research priorities in “responsible innovation, including but not limited to fundamental and applied sciences, such as biotechnology, advanced computing, robotics, and materials science.”

Where are all of the successful accelerator participants?

Accelerators are practically everywhere in the U.S., and a look at Pitchbook data on May 13, 2024, seems to confirm that. For the five years of 2019-2023, Pitchbook tagged 18,808 different companies as having received “accelerator/incubator funding.” Conceptually, they were all startups when they received that funding and will be at widely varying degrees of evolution today (the status for 1,730 of them, for instance, was listed as “out of business”). Only 765 were classified as being one of four statuses that might be most easily considered as positive exits:  1. publicly held; 2. in IPO registration; 3. an operating subsidiary of another firm through a merger or acquisition; or 4.  integrated into another firm through a merger or acquisition and no longer tracked separately. 

New Resource: Video provides insight into EDA’s Economic Adjustment Assistance Funds

SSTI has released a new video in our Federal Funding Video Library featuring Trent Thompson, economic development representative with the Economic Development Administration’s Denver Regional Office. In this interview, we discuss how EDA’s Economic Adjustment Assistance (EAA) funds can be leveraged to support technology-based economic development (TBED) activities. The interview provides practical advice on the application process, examples of previously funded TBED projects, and strategies for aligning these funds with your region’s needs.