SSTI Digest

This article is part of SSTI's series on trends in state technology-based economic development legislation in 2014. Read our other entries covering legislative action on patent reform, research capacity, capital & tax credits, technology commercialization & infrastructure and  workforce & STEM.

Lawmakers approved funding for a bond program that dedicates $50 million for re-tooling community colleges with the latest equipment, but failed to pass a larger proposal that would allow universities to compete for $100 million in bond funds for capital improvements to enhance engineering programs. The budget also includes $2 million to establish a new fund for global marketing of Michigan’s automotive sector and support of public-private collaborations with the auto industry.

The two bond issues were touted by Gov. Rick Snyder in the proposed budget as investments to enhance the talent base of the state through universities and community colleges. Lawmakers included in the approved FY15 budget $4.6 million for first year of debt service on the community college bond, which aims to equip the schools with newer equipment to aid in better delivery of educational programs – especially those focused on high-skill, high-demand occupations. Community colleges will compete for the funds and must demonstrate employer demand within their region.

Crowdfunding is touted by its proponents as a model that can democratize and neutralize gender bias in the existing small business investment community, for both female investors and entrepreneurs. Crowdfunding proponents point toward the disproportionate number of middle-aged men who are angel investors or work in the venture capital industry. In 2007, 86 percent of angel investors were men. Crowdfunding proponents also point out that less than 10 percent of all companies that receive venture capital funding are run by women. Although equity crowdfunding for all is stilled delayed by the SEC, two recent academic research studies have found that reward-based crowdfunding in the U.S. and peer-to-peer (P2P) lending in Germany and the United States appear to be opening up opportunities for female entrepreneurs and investors.

Spencer Eccles, executive director of the Utah Governor's Office of Economic Development, is departing state government to form a private investment company.

Travis Sheridan, currently the assistant vice president for innovation and entrepreneurship for the St. Louis Economic Development Partnership, will become the new executive director of the Venture Café Foundation.

Bill Turpin has been appointed president and CEO of the Missouri Innovation Center.

This week, the White House hosted its first Maker Faire where President Obama announced a number of new public-private collaborative efforts to spur U.S. manufacturing entrepreneurship. In order to capitalize on the recent spike in manufacturing entrepreneurship, the administration is enlisting more than 90 mayors and local leaders to make new spaces available for manufacturing and prototyping. The White House also plans to make it easier for entrepreneurs to access federally owned equipment for research and production, expand federal agency support for smaller manufacturers and invest $150 million in advanced materials research.

Department of Commerce Secretary Penny Pritzker announced this week that the department would be accepting applications for new members to serve on the National Advisory Council on Innovation and Entrepreneurship (NACIE). The council advises the secretary on issues related to innovation, entrepreneurship and job skills training.  The secretary uses the council as a vehicle to facilitate dialogue between the agency and the innovation community. Members will be drawn from a mix of geographic locations, as well as from the private, government, academic and nonprofit sectors. Up to 30 NACIE members will be appointed for two-year terms. Read the announcement …

A pilot collaboration between the National Science Foundation (NSF) Innovation Corps (I-Corps™) and the National Institutes of Health (NIH) will offer a nine-week boot camp to help biomedical researchers bring their discoveries to market. Academic researchers and entrepreneurs who have received SBIR/STTR Phase One awards from participating NIH institutes may apply to the I-Corps at NIH™ for training in building scalable business models around their technologies. The list of participating NIH institutes includes the National Cancer Institute, the National Heart, Lung and Blood Institute, the National Institute of Neurological Disorders and Stroke and the National Center for Advancing Translational Sciences.  Learn about the program…

Two recent reports highlight volatile state fiscal conditions on the revenue and spending side of state budgets. Preliminary data for April 2014 show large and widespread declines in overall personal income tax revenues, thus creating challenges for many states with resulting shortfalls, particularly those that rely most heavily on personal income taxes, according to a state revenue special report from the Nelson A. Rockefeller Institute of Government. Meanwhile, on the spending side of state budgets, NASBO’s latest Fiscal Survey of States reports increased spending in 42 states, which is attributed mainly to K-12 education and Medicaid. 

This is part two of a two-part series on the effects of policy dynamics on university innovation and focuses on state polices in three Southern U.S. states; part one focused on national policies from OECD nations.

A growing number of metropolitan areas are incorporating urban density and connectedness into their innovation strategies by fostering innovation districts devoted to research commercialization, entrepreneurship and housing for highly skilled workers, according to a new report from the Brookings Institution.  The districts combine the concentrated research activities of science parks with the accessibility and economic ties of city neighborhoods. These districts, which have emerged in the heart of Detroit, Houston, Pittsburgh and others, offer desirable work and living environments for talented workers, valuable connections for researchers and entrepreneurs, and strong potential for regional economic transformation for metro areas.

The U.S. Economic Development Administration and Harvard Business School have unveiled a new website that provides easy-to-navigate, granular data on U.S. economic clusters. The project aims to strengthen regional and national competitiveness by providing up-to-date, high-quality data on the economic performance of regions across the U.S. Users can browse a cluster dashboard, which maps out the strength of specific industries by region, or receive in-depth economic data on a particular region. In addition, the site provides a guide to organizations and businesses that are supporting cluster growth in their local economies. View the project…

Tuesday, June 17 is the final day to submit your application for the 2014 Excellence in TBED awards. Awards are presented in six categories representing the various approaches found in thriving, innovation-based economies. Tell us how your work to encourage economic growth is impacting your region, and you may be invited to share your success and present best practices to a national audience in Chicago, September 14-16. Learn more and apply: http://www.sstiawards.org/.