SSTI Digest

The Department of Commerce, National Institute of Standards and Technology is seeking applications for the director, Technology Innovation Program. This position is perfect for you if you are ready for a challenge and are committed to making significant improvements in the operations of one of the world's premier research and science organizations. NIST is located in Gaithersburg, Montgomery County, MD. This is a great opportunity to have a tremendous impact on an agency's programs and enjoy the benefits of working outside the Washington beltway.

As the cost of a college education continues to rise and good paying jobs are seemingly scarcer than ever before, many Americans are questioning the value of a college degree. A recent survey from the Pew Research Center found 57 percent of Americans believe the U.S. fails to provide good value for the money students and their families spend, and about four in ten college presidents say the system is headed in the wrong direction. At the same time, however, studies find the lifetime earnings of college graduates to be much higher than those of high school graduates. Further, students majoring in engineering, computers and mathematics can expect to make more money than any other undergraduate major.

Maine Gov. Paul LePage has nominated George Gervais, the acting commissioner of the Maine Department of Economic and Community Development as commissioner. His nomination must be reviewed by the Joint Standing Committee on Labor, Commerce, Research and Economic Development and confirmed by the Senate.

The fifth installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Maryland, Montana, Oklahoma, Texas, and Utah. The first four installments are available in the Jan. 5, Jan. 12, Jan. 19 and Jan. 26 issues of the Digest.

Subra Suresh, dean of engineering at the Massachusetts Institute of Technology, has been nominated by President Barack Obama to be the next director of the National Science Foundation.

The Montana Department of Commerce has announced that it will provide $2.5 million in grants to support bio-medical research. Montana-based, private nonprofit research institutions are eligible to apply for the funding, which may be used to expand, renovate and purchase equipment for biomedical research. The grants also may be used to expand infrastructure that will enhance scientific collaborations within the Montana University System. The program is part of a longer-term effort in Montana to improve its research infrastructure and promote the state as a recognized center for bio-medical research.

The Montana Legislature adjourned last week after passing an $8 billion biennial budget for FY10 and FY11. The state Department of Commerce was allocated $74.9 million over the biennium, $1.7 million more than the governor's request. Newly funded initiatives within the department include $3.7 million over the biennium for workforce training grants through the New Worker Training program, $1.6 million for tribal economic development projects, $2 million for high-performance computing and $2.5 million in FY10 for biomedical research grants. No funding was provided for the Montana Fund-of-Funds, which was created under the 2005 Montana Equity Capital Act but has yet to be funded.

Gov. Jim Douglas plans to merge the Vermont Departments of Economic Development and Housing and Community Affairs. Douglas's deputy chief of staff Betsy Bishop was appointed commissioner of the Department of Economic Development. She replaces Mike Quinn, who stepped down after serving six years in the position.

A long-delayed equity capital program in Montana is on its way to becoming a reality. Montana, which received no venture capital investment in 2006 according to the PricewaterhouseCoopers Moneytree survey, has struggled to attract the interest of venture capital firms. The Montana Equity Capital Investment Act, sponsored by State Sen. Jeff Mangan and signed by Gov. Brian Schweitzer in 2005, was intended to make the state more attractive to outside investors, but never seemed to get off the ground.

 

As reported in the April 18, 2005 issue of the SSTI Weekly Digest, Senate Bill 133 called for the creation of a $60 million Montana Equity Fund to attract out-of-state investment and increase in-state venture activity. A governor-appointed board was to contract with an outside investor group to capitalize and manage the Equity Fund and a subfund targeted toward investments in strategic industries. The $60 million would be issued in tax credits to investors to offset any shortfalls in scheduled returns on their investments.

 

The Fund, however, was not created right away. In the subsequent two years, concerns about the law's constitutionality and the availability of funding continually delayed its implementation.

 

Gov. Schweitzer finally announced the appointment of five Montana Capital Equity Investment Board members in October to move forward with the fund. When the Board met earlier this month, members decided to move forward with the program and dismissed the idea of filing a "test case" to verify the constitutionality of the law. Instead, the Attorney General, Mangan and other state officials gave testimony relating to the program.

 

Board members are now ready to move forward with the program and are currently investigating fund-of-fund programs in other states to find a suitable model.

 

The text of the Montana Equity Capital Investment Act is available at: http://data.opi.state.mt.us/bills/2005/billhtml/SB0133.htm

The Montana SBIR Outreach Program is changing its name to the Montana Technology Innovation Partnership.

Venture capital investments in Montana may have become a little more attractive last Friday as the Montana House of Representatives passed the Montana Equity Capital Investment Act, moving the legislation to Gov. Brian Schweitzer for his consideration and expected signature.