SSTI Digest

Investing money from the state's pension fund, Colorado will partner with local CEOs and technology companies to create a $150 million VC fund to help get local tech startups off the ground, according to multiple news sources. The fund, expected to launch by summer, would be run by a consortium of business leaders who would contribute around $10 million each, while the state would be the largest LP, contributing money from pension funds, according to an article in TechCrunch. Colorado's fund would focus purely on tech and span all stages of funding, the article states. Read more...

In the January 2011 edition of the Harvard Business Review, Michael Porter and Mark Kramer called for a redesign of the existing business model and their role within society. Instead of simply embracing corporate responsibility and corporate giving, businesses should work to create shared value within their community by helping to support local clusters and institutions to address societal needs and issues. In the face of great uncertainty for the overall venture capital industry, it seems that some corporations might be heeding their advice. Over the last few years, there has been a rapid rise in the number of corporate-backed venture capital funds with long-term acquisition and absorption as the driving force. However, the lack of early stage capital in regions across the country also may be ushering in an era of public-private partnerships to create industry-led, locally focused venture capital funds.

Recent research on the evolving role of universities finds the emergence of an entrepreneurial society has contributed to a broader and more fundamental role for universities — that is to provide thinking, leadership and activity to enhance entrepreneurship capital. University-based entrepreneurship programs and initiatives seem to have gained steam following the recession with federal support for programs to enhance entrepreneurial efforts in states and regions and increased interest from students and out-of-work individuals. Freestanding entrepreneurship schools and creative programming to encourage risk taking are two recent examples of the evolving role of universities in the knowledge-driven economy.

Sharp decreases in the price of domestic natural gas have challenged growth in the U.S. renewable energy industry. In response, the White House, with support from national business leaders, has re-focused public-private investment toward smart grid technology — efforts focused on developing the infrastructure for decentralized power networks that communicate and coordinate information between energy producers and consumers.

The Federal Laboratory Consortium for Technology Transfer (FLC) announced that it is accepting submissions of success stories for its 2013 edition of Federal Laboratories & State and Local Governments: Partners for Technology Transfer Success — a publication highlighting outstanding partnerships between federal research laboratories and city, state or regional government entities across the country to support tech-based economic development. All content must be submitted by June 3 to be eligible for the 2013 edition. Read the release...

In the wake of a potential overhaul to the state's economic development strategy, Gov. Lincoln Chafee received two reports analyzing the strengths and weaknesses of Rhode Island's existing industry clusters and identifying potential new opportunities. The reports provide guidance for consideration by the Sustainable Rhode Island Initiative, a multi-agency effort to develop an integrated approach for the state related to land use, transportation, housing and economic development. Recommendations include the appointment of an individual to lead and oversee economic planning efforts of the state and the creation of a statewide incubator network and investment in entrepreneurship and small business creation and growth.

President Obama nominated Ernest Moniz as the next secretary of Energy, Gina McCarthy as administrator of the Environmental Protection Agency, and Sylvia Mathews Burwell as director of the Office of Management and Budget. The nominations require confirmation by the Senate.

Draper Triangle Ventures is opening a Columbus, OH, office. Will Indest, formerly of TechColumbus, has been named managing director.

Jim Stefansic has been named commercialization director of Launch Tennessee. The position previously was held by James Stover, who stepped down from his full-time role in 2011 but served as a consultant to LaunchTN in the interim.

Jasper Welch has been named president & CEO of the National Business Incubation Association.

A recent Office of Science and Technology Policy (OSTP) memorandum instructs major federal research agencies to provide open access to federally funded research and digital scientific data. All federal agencies with an extramural research budget that exceeds $100 million will participate, following the example of the National Institutes of Health (NIH), which implemented a similar policy in 2008. Over the next six months, these agencies will draft plans to ensure that any results of federal research published in peer-reviewed scholarly publications are available to the public. Depending on implementation, open access could lower overhead costs for research projects, accelerate scientific discovery and create new opportunities for entrepreneurs who organize, analyze and curate large data sets.

In his State of the State address, Gov. Neil Abercrombie stressed the importance of investing in innovation to diversify the state's economy and grow Hawaii's economic base, traditionally rooted in military and tourism. To this end, the governor wants to back startup companies with $20 million over two years for what he considers the critical building blocks of an innovation ecosystem: research commercialization, entrepreneur mentoring and the mobilization of startup investment capital. The HI Growth Initiative aims to attract support from the private sector and is geared toward businesses in digital media, food tech, med tech, information technology, clean energy, and other knowledge-based and creative industries. If approved, funding and programs would be managed by the Hawaii Strategic Development Corp. Read more....

Americans need to rethink their view of manufacturing and the role it plays in regional economies across the country, according to a new report issued by a special Massachusetts Institute of Technology (MIT) commission on innovation. The MIT commission found that many U.S. policymakers and citizens still view manufacturing as a small group of traditional, shrinking industries. However, the commission contends manufacturing is a diverse, evolving group of industries in which new products and knowledge frequently emerge from firms of all sizes throughout the country.

As the additive manufacturing (3D printing) industry rapidly matures across the country, city governments and civil society leaders are advocating for the creation of makers spaces in their communities that offer open access to 3D printing technologies. This minimal investment in community infrastructure has the potential to generate diversified sources of locally-based economic growth.

Pramod Khargonekar has been selected to serve as the National Science Foundation's assistant director for the Directorate of Engineering.

Dan Blake will join the Wisconsin Technology Council as the director of its Wisconsin Angel Network in mid-March. Blake succeeds Zach Brandon, who recently became president of the Greater Madison Chamber of Commerce.

Robert Sternberg, who currently serves as provost and senior vice president at Oklahoma State University, has been named president of the University of Wyoming.

Susan Froshauer has accepted the position of chief executive officer and president of CURE (Connecticut United for Research Excellence), effective April 1.