SSTI Digest

California's Treasurer Phil Angelides called earlier this month for the nation's largest and third largest pension funds to invest at least $1.5 billion into environmental technologies and environmentally responsible companies. The goal of Angelides' initiative is to improve long-term financial returns for pensioners and taxpayers through investments in the burgeoning environmental technology sector, while also reducing the risks to the pension funds posed by corporate environmental liabilities.

The treasurer’s Green Wave initiative calls on California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System to invest a combined $500 million in private equity investments, venture capital, and project financing to develop "clean" technologies that can provide the pension funds with positive, long-term returns. The two pension funds have a total of $250 billion in assets.

The United States Patent and Trademark Office (USPTO) has announced the top 10 U.S. universities receiving the most patents during calendar year 2003. The University of California tops the list for the tenth consecutive year.

While the first seven places went to the same research institutions as 2002, with some rearrangement of order, the 8-10 places were improvements. Cornell rose 11 places from its 2002 finish to join the 2003 list tied for the 10th spot with the University of Florida.

The top 10 and the number of patents were:

Victor Hwang has been promoted to the position of president at Larta.

On Jan. 18, the San Diego Union-Tribune ran a series of three interesting articles examining the biotech sector. One story considers, now that a number of local biotech firms are completing clinical trials, where will they develop their multimillion manufacturing facilities. The other two articles look at selected state and local efforts around the country to support the biotech industry, including Washington, D.C., St. Louis, and Marshfield, WI.

Diane Wirth is new executive director of the Valley Economic Development Corp., a public-private organization for the San Jacinto Valley.

The Greater Antelope Valley Economic Alliance has appointed Tony Moon as its new president.

The University of Southern California (USC) will serve as the first Homeland Security Center of Excellence, the U.S. Department of Homeland Security (DHS) announced last week. DHS anticipates providing USC with $12 million over the course of the next three years for studying risk analysis related to the economic consequences of terrorist threats and events.

The first HS-Center is designed to address both the targets and means of terrorism, with emphasis on protecting critical infrastructure systems such as electrical power, transportation and telecommunications. As part of the agreement, USC will offer its expertise in natural disasters, system safety and nuclear threats. Two centers within USC's School of Engineering, the Integrated Media Systems Center and the Information Sciences Institute, also will contribute research in advanced computer modeling and cybersecurity.

Does it matter whether a start-up takes money from a large venture firm or a small venture firm? According to the just-released VentureOne Deal Terms Report, the answer is a resounding yes.

Using responses from executives at 269 companies that raised venture capital in 2002 and the first four months of 2003 paired with research from VentureOne, the report found that big venture firms – those with assets under management of $1 billion or more – take larger stakes in early rounds. In fact, investors in rounds led by large firms were likely to end up with 40 percent to 60 percent of a company more than half the time. In comparison, investors in deals led by small firms attained that kind of stake only 34 percent of the time.

The University of California, San Diego's CONNECT program will begin a search for a new director since Fred Cutler's resignation at the end of September.

In signing his state's fiscal year 2003-04 budget on August 2, California Governor Gray Davis shaved General Fund expenditures by $7 billion in an effort to address a $38.2 billion budget shortfall. Among those cuts was funding for the California Technology, Trade and Commerce Agency (TTCA), the state's principal catalyst for innovation, investment and economic opportunity.

Gov. Davis stated in a press release that "neither party would embrace" his original budget request, which included funding for TTCA. The approved $71.1 billion spending plan is minus $17 million to $18 million per year for the agency, to be phased out by January 1, 2004. Some of the work performed by TTCA will be carried on by the Business, Transportation and Housing Agency, including management of the Small Business Loan Guarantee and Manufacturing Technology Programs.

TOP Reauthorized and To Grow, Says Senate Commerce Committee The Technology Opportunities Program (TOP), a highly-competitive, merit-based grant program for stimulating digital network technologies in the U.S., might survive after all. The Senate Committee on Commerce, Science, and Transportation adopted S. 1478 on July 31, reauthorizing the National Telecommunications Information Administration (NTIA) for four years and effectively restoring funding for TOP. Under the reauthorization act, NTIA would receive $18.9 million in 2004 and $21.2 million annually by FY 2008. TOP, which was proposed for elimination by the Bush Administration, would receive $15.9 million in FY 2004, $16.3 million in FY 2005 and $17.9 million in FY 2008.

Joint Venture: Silicon Valley has named Russell Hancock as its new president and CEO.