SSTI Digest

A recent study by Iowa State University researcher David Swenson suggests the ISU Research Park's substantial and diverse economic activity bolsters Iowa's economy. Focusing on current tenants, Swenson's research shows that the park links directly to almost $88 million in total industrial output. Businesses that provide goods and services to park customers and employees are said to generate an additional $46.3 million in economic activity.

U.S. Senator Olympia Snow (R-Maine) recently introduced a bill to boost the flow of venture capital to small businesses by allowing tax-exempt entities, such as pension funds and university endowment funds, to invest in Small Business Investment Companies (SBIC) without incurring unrelated business taxable income.

Governor Tom Vilsack has announced a plan to invest $50 million into the creation of a life sciences initiative to help establish Iowa as a leader in the life sciences. Developed with the Regents Universities, Iowa Business Council and leaders in Iowa's biotechnology industry, the biotech plan's success hinges on a three-part strategy:

Iowa Governor Tom Vilsack announced that the Director of the Iowa Department of Economic Development, C.J. Niles, will be stepping down effective December 31.  Mary Lawyer, the department's chief of staff, will serve as interim director.

Economic development leaders within the Cedar Rapids/Iowa City Technology Corridor have joined other areas of the U.S. in marketing the area as one unified region. Elected representatives from 10 cities and two counties located in the Cedar Rapids/Iowa City Technology Corridor recently signed a joint proclamation as a statement of support for the Corridor’s targeted industry cluster development regional efforts. This effort, focusing on the strength of the regional economy, is designed to attract prospective businesses and industry to the Corridor. 



For planning and marketing purposes, the Cedar Rapids/Iowa City Technology Corridor is defined as a region including the metropolitan areas of Cedar Rapids and Iowa City and adjacent communities represented by Priority One and Iowa City Area Development (ICAD). Representatives of Priority One — an economic development division of the Cedar Rapids Area Chamber of Commerce — and the nonprofit ICAD worked to define the regional economy and to determine both short- and long-term development prospects. The approach utilized industry clustering concepts outlined in a state-funded research project. 



During the spring of 2001, the Iowa Department of Economic Development approached representatives of the Cedar Rapids/Iowa City Technology Corridor with a proposal to conduct a pilot study that would explore ways to bring targeted industry clustering concepts into practice on a regional level. 



An extensive trip schedule to visit prospective target industries is planned for this year. 

The NASVF Net News reports Alexa Heffernan has been named Executive Director of the Iowa Business Council. Myrt Levin retired in December.

The Rural Policy Research Institute, a consortium of Iowa State University, the University of Missouri, and the University of Nebraska, has published a Directory of State Assisted Venture Capital Programs on-line. The 17-page directory includes five sections listing: 16 publicly funded and publicly managed venture capital funds; 31 state-assisted private venture capital funds and quasi-public venture capital funds; 22 state tax credits or incentives for individuals or businesses making venture capital investments; 58 state sponsored or assisted angel networks; and 27 state-sponsored or assisted venture capital fairs. Each list is organized by state and includes contact information. The Directory can be downloaded from:

http://www.rupri.org/front.html

Governor Tom Vilsack has unveiled a plan to enhance Iowa’s science and technology base. In his 2001 budget proposal, the governor has proposed $10 million in state funds to create Centers of Excellence in the life sciences, information solutions, and advanced manufacturing areas. Iowa's Regent’s Universities and the Iowa Department of Economic Development will inventory current assets, evaluate the potential for critical mass commercialization of new products and processing methods, and develop a continuous cycle for Iowa's advancement in these areas.