SSTI Digest

Nearly 10 million people are expected to participate in events during this year’s Global Entrepreneurship Week, launched November 16 by the Global Entrepreneurship Network (GEN). The first Global Entrepreneurship Week was held in 2008 with representatives from 37 countries. Now in its eighth year, more than 160 countries across the world will hold entrepreneurship-related events during the week. Although activities vary greatly in size and scope, they generally touch on three themes: Highlighting the role that earlystage investors play in developing entrepreneurial ecosystems; Spotlighting activities that inspire the next generation of entrepreneurs; and, Exploring the efforts of policymakers to support the development of entrepreneurs in cities. At the onset of the week, GEN announced the launch of a new online platform for managing startup competitions. Startup Compete is a global networking site and competition platform that facilitates connections between entrepreneurs, mentors, and advisors. Nonprofit partners can pay $500 per competition to use the tool. Other notable events facilitated by GEN during the week include: An update to the Global…

To support the growth of Northeast Ohio’s entrepreneurial ecosystem, The Greater Cleveland Partnership (GCP) announced a limited-partner investment in JumpStart's new for-profit $20M venture capital fund. Co-investing alongside other VCs and private-sector investors, the JumpStart NEXT Fund will invest in Ohio-based companies that need to raise $2 million to $8 million in private capital to continue their growth. GCP is a membership association of companies and organizations in Northeast Ohio, serving as the region’s chamber of commerce for the region. In 2001, GCP helped create Northeast Ohio’s regional economic development system, which includes JumpStart, a venture development organization tasked with supporting entrepreneurs and growing companies. Currently, JumpStart operates a nonprofit Evergreen Fund that invests seed capital in high potential Northeast Ohio companies and matches them with an experienced Entrepreneur-in-Residence. Earlier this month, the city of Cleveland and three private developers announced their plans to invest in JumpStart’s Evergreen Fund. According to Crain’s, the Cleveland Foundation would invest $…

Governors in Massachusetts and Rhode Island have released details about their plans to boost innovative businesses in their respective states. Massachusetts Gov. Charlie Baker offered a strategic plan to guide his administration’s economic development efforts, with an emphasis placed on fostering a culture of innovation and entrepreneurship. Rhode Island Gov. Gina Raimondo announced the launch of three new incentive programs aimed at research-driven companies. Opportunities for All: The Baker-Polito Strategy and Plan for Making Massachusetts Great Everywhere avoids specific program recommendations, for the most part, but outlines a number of areas for action to boost the statewide economy. The administration notes that Massachusetts is a nationwide leader in educational attainment and innovation-related employment, but both business formation and job growth have fallen in recent years. New policies are needed to address the growing skills gap for middle-skill jobs and growing regional inequality. As the global economy pivots toward knowledge-intensive industries, the Baker administration perceives an opportunity for Massachusetts to leverage its advantages…

Amazon announced the launch of Amazon Catalyst, a pilot grant program at the University of Washington to fund promising research to address complex global challenges, such as immigration and climate change. Awards will range from “tens of thousands” to $100,000 per grant. Amazon has not set a limit on the number of awards they will make, and will consider research in humanities and social sciences, as well as better funded areas like medicine and engineering. Students, faculty and staff are eligible to apply. There will be no deadlines or competition for the funds. Instead, applicants will meet with a three-person team, to be named by Amazon. Recipients will retain ownership of the research, while Amazon will receive non-exclusive royalty-free licenses. Learn more at: https://catalyst.amazon.com/.

The Employment and Training Administration (ETA) announced approximately $100 million in grant funds for the TechHire partnership grant program. The ETA anticipates that it will make up to 35 grants to support  pilot and scale public-private workforce development partnerships that can rapidly train workers for and connect them to well-paying, middle- and high-skilled, and high-growth jobs across a diversity of H-1B industries such as Information Technology (IT), healthcare, advanced manufacturing, financial services, and broadband.  In addition to targeting H-1B industries, TechHire partnership grants may be used to support job creation in industries which are in-demand and/or high growth to the partnership’s service region.  Applications are due March 11, 2016. Read the announcement…

On November 12, Gov. Jay Nixon announced $1 million in state funding to ARCH Grants to provide entrepreneurial support to St. Louis startups. ARCH Grants is a nonprofit organization that provides $50,000 equity-free grants and pro-bono services to entrepreneurs who locate their early stage businesses in St. Louis. This is Gov. Nixon’s third announcement in two months awarding funds to the state’s regional organizations that make up Missouri’s entrepreneurial ecosystem. In September, Gov. Nixon awarded $1.19 million in grants to three Kansas City organizations to support the region’s startup community. Last month, Gov. Nixon also announced a total of $675,000 in state funding to organizations in Springfield. Read the announcement: https://governor.mo.gov/news/archive/gov-nixon-announces-1-million-arch-grants-support-st-louis-startups

Toyota Motor Corporation recently announced a five-year, $1 billion investment in robotics and artificial intelligence R&D in the U.S. Under the plan, a headquarters for the effort will be located near Stanford University in Palo Alto, CA with a second location near the Massachusetts Institute of Technology in Cambridge, MA. Dr. Gill Pratt, former program director at the Defense Advanced Research Projects Agency (DARPA) will lead the effort. As reported in The New York Times, the investment is seen as Toyota’s effort to compete with other companies that are embracing intelligent and self-driving automotive technology. Ford, Uber, Google and others have all recently announced investments in the future of the automobile industry that reflect particular visions of how innovative technologies emerge. In September, Toyota announced a $50 million investment at Stanford and M.I.T., oriented toward intelligent automotive software development. That five-year effort will continue, and will involve the creation of joint fundamental artificial intelligence research centers at each university. In addition, Toyota will launch a new company, Toyota Research Institute (TRI),…

In his 1962 State of the Union address, John F. Kennedy said, "The time to repair the roof is when the sun is shining."  Despite its foggy reputation, perhaps no region has had the sun shine on them more economically since that speech than California’s Bay Area. Currently, in spite of its strengths as a hub for talent, research, and innovation, the Bay Area lacks a cohesive and comprehensive regional economic strategy for sustaining economic growth, weathering business cycles and supporting shared prosperity. To combat this, A Roadmap for Economic Resilience: The Bay Area Regional Economic Strategy serves as a roof-repair-guide of sorts, offering viable solutions to support regionalism,  facilitate infrastructure investment, address housing affordability, encourage adaptive workforce development, and improve access to transportation options. The roadmap is a project of the Bay Area Council Economic Institute, a think-tank focused on economic and policy issues facing the nine-county Bay Area region. According to the report, five examples of regional economic strategies were used to provide additional insight into the planning process. What makes…

The development of common metrics is increasingly used at the state and regional level as a method to ensure the coordination of likeminded stakeholders. While choosing which metrics to use is at the root of this process, identifying ways in which to communicate this information to interested parties is also important. With an emphasis on innovation and entrepreneurship, this article highlights the ways in which governments and nonprofits are using dashboards to highlight their successes, identify their shortcomings, and gather data to inform next steps. Virginia Gov. Terry McAuliffe recently announced updates to the Commonwealth Innovation and Entrepreneurship Measurement System (IEMS), a web-based portal to track key metrics and outcomes related to Virginia’s innovation economy. A project of the Center for Innovative Technology, categories of metrics tracked by IEMS include: research and development; the “talent pipeline”; access to capital; business dynamics; and research commercialization. The dashboard was originally created as part of the Commonwealth Research and Technology Strategic Roadmap, an effort of the Virginia General Assembly to link…

Findings suggest that – in certain market segments – investors might not need to expect lower returns as a tradeoff for impact, according to a new study from the Wharton School of the University of Pennsylvania – Great Expectations: Mission Preservation and Financial Performance in Impact Investments. In the study, researchers look at two of the most important aspects of impact investing: financial returns and long-term impact. The study explores the widespread assumption that impact investment private equity funds cannot achieve market-rate financial performance. Wharton School researchers evaluated the financial performance of 53 impact investing private equity funds — representing 557 individual investments — relative to public market indices such as the Russell 2000 and other benchmark indexes. They also examined expectations of a portfolio company’s social or environmental mission when its impact investors seek liquidity. After conducting the study, the researchers conclude that impact funds in the sample that reported seeking market-rate return — which is only one segment of the broad spectrum of impact funds —…

California-based companies performed about $81.7 billion in research and development (R&D) in 2012, according to the latest data available from the National Science Foundation (NSF). That figure represents about 27 percent of all private R&D funding in the U.S. Not all of that funding, however, derived from the companies themselves. The federal government provided about 9.3 percent of the funds for California-based company R&D in 2012. Companies in New Hampshire and Virginia received the highest percentage of total private R&D funds from the federal government, with 47 percent and 44 percent respectively. Most U.S. R&D is performed and funded by private companies. The academic sector is the second largest performer of R&D, and the federal government is the second largest funder. NSF reports that U.S. private companies performed about $302.3 billion in R&D in 2012, up from $294 billion in 2011. About 81.8 percent of this R&D was funded by the companies themselves, while another 10.1 percent was funded by the federal government. Nonfederal sources outside the companies contributed the remaining funds. NSF’s Business R&D and…

As a part of the Obama administration’s Big Data Research and Development Initiative, the National Science Foundation (NSF) announced four awards this week, totaling more than $5 million, to establish four Big Data Regional Innovation Hubs (BD Hubs). The four BD Hubs divide the U.S. into regional collaborations, each focused on different Big Data challenges: The South Hub, encompassing 16 states and the District of Columbia, will be jointly coordinated by Georgia Institute of Technology and the University of North Carolina; The Northeast Hub, containing nine states, will be coordinated by Columbia University; The Midwest Hub covers 12 states and will be coordinated by the University of Illinois at Urbana-Champaign; and, The West Hub covers 13 states, including Alaska and Hawaii. It will be jointly coordinated by the University of California, San Diego, the University of California, Berkeley, and the University of Washington. Each of the hubs will pursue Big Data research in key regional priorities such as materials and manufacturing, climate and the environment, smart cities, and managing natural resources. In addition to the BD Hubs, NSF also…