Tech-based ED Roundup

Arkansas Biotech Research Threatened With 20% Cut

In order to meet the higher priority needs of the state, the Arkansas Tobacco Settlement Commission should reduce its medical research funding by 20 percent, according to an independent report from the RAND Corp. Although the report praised the Arkansas Biosciences Institute for its success in attracting nearly $3 for every dollar of tobacco settlement money spent, it recommends that the commission reallocate 20 percent of its funding to programs aimed at reducing obesity, physical inactivity and cancer.

The Arkansas Biosciences Institute currently receives 22.8 percent of the state’s annual share of tobacco-settlement funds or roughly $11 million to $12 million per year, according to an article in the Arkansas Democrat-Gazette. However, the 24 percent of the institute’s share received by Arkansas State University should remain the same, the report states. Commissioner John Ahlen, director of the Arkansas Science and Technology Authority, criticized the report for recommending reduced funding to a successful program, the Democrat-Gazette observes. The Commission will withhold sending their recommendations to the governor until they have further reviewed the report.

Kentucky Targets Ag Biotech, Creates Consortium

To encourage the growth of biotechnology jobs, and attract life sciences companies to the state, Gov. Ernie Fletcher recently announced the creation of the Life Sciences/Biosciences Consortium. During a press conference last month, Gov. Fletcher said that Kentucky is in unique position for moving into advanced agriculture. However, the state must first retool a business recruitment system that was historically geared toward manufacturers, he added. The consortium is comprised of government, industry and education representatives who will work to boost the development of the biotech industry through technology transfer and commercialization.

Massachusetts Creates University Tech Clearinghouse

As part of Gov. Mitt Romney’s $100 million economic stimulus package approved last year, the Massachusetts Technology Transfer Center is being created to focus on using research to spur new jobs. The governor's Science and Technology Initiative measure builds on the success of tech transfer centers and will streamline and accelerate technology transfer between research facilities and industry. According to an article in the Lowell Sun, experts in technology transfer from the University of Massachusetts (UMASS), state business development agencies and the private sector will join in the collaboration. The center will be based at UMASS and have regional offices in the campuses at Lowell, Amherst, Dartmouth, Boston, and Worcester.

New Jersey Ups Stem Cell Research Commitment

Facing increased competition from other states to become leaders in stem cell research, Gov. James McGreevey has agreed to provide an additional $3 million in state funding to the New Jersey Stem Cell Institute atop the initial $6.5 million previously allotted by the state, the Home News Tribune reports. Rutgers and the University of Medicine and Dentistry of New Jersey also have agreed to contribute $1 million each to the institute.

Ohio Workers' Comp to Invest $30.5 Million in VC

The Ohio Bureau of Workers’ Compensation (BWC) will invest $30.5 million in seven venture capital firms, which the state hopes will successfully identify new and existing companies in Ohio that have business plans that closely parallel the Third Frontier Project. According to the Ohio Department of Development, the BWC put out a request for proposals in December seeking venture capitalists to fund Ohio start-up companies that are involved in technology-based industries such as biomedical and fuel cell research. Three of the seven venture capital firms chosen are located in Ohio.

Rhode Island 2005 Budget Mixed For TBED Initiatives

Although the state legislature agreed to support most of Gov. Don Carcieri’s fiscal year 2005 jobs-focused budget requests, the Rhode Island Economic Development Corporation (RIEDC) is disappointed it did not back the entire package, based on an article in The Providence Journal.

Tension between the Gov. Carcieri and the General Assembly stems from the governor's decision to veto the legislature’s last three major bills, although the governor and RIEDC claimed a victory when the legislature agreed to put two major initiatives on November’s ballot. Voters will be asked for approval to borrow $50 million to build a technology research center at the University of Rhode Island and $48 million for infrastructure changes of the Quonset Davisville Port and Commerce Park.

The Assembly also approved $1.5 million to help the state’s institutions of higher education with collaborative biotech and biomedical research projects, despite cutting $1 million for the Samuel Slater Technology Fund, which makes loans and provides grants to start-up technology companies. Also rejected was RIEDC’s request to borrow $25 million to set up a small business loan and investment program.