SSTI Digest

With assets totalling more than $15 billion, the Indiana Public Employees Retirement Fund (PERF) has decided to place $100 million into higher-risk equity placements through its first Indiana Investment Fund. The fund will exclusively target venture capital deals within Indiana, according to the PERF news release. Like pension funds in many states, PERF has a requirement to place a certain percentage of its assets in private equity. The PERF goal is 5 percent and includes real estate deals as well. The new fund will help, as only one-half percent of PERF assets presently are invested in a manner to meet the requirement.



The Indiana Investment Fund I will be managed by Credit Suisse, which is chipping in $5 million to raise the total available for placement to $100 million. Indiana business investment opportunities in the $1 million to $15 million range will be targeted. PERF's traditional investment decisions, for comparison, are typically in the $50 million to $100 million range.

The opportunity for innovation and the need for angel capital are not limited to the major metropolitan areas and large research universities, as the board of trustees for Taylor University and leaders of the Grant County Economic Growth Council in rural Indiana will attest. The east-central Indiana county is home to just over 70,500 residents and, soon, two angel funds.



Taylor University, a Christian-based liberal arts college with an enrollment of 1,875 students, recently created an angel fund to encourage and support an entrepreneurial climate at the university and the Upland, In., community. In addition, the Grant County Economic Growth Council, based in Marion, In., is in the early stages of establishing a local angel fund to be a part of the Indiana Venture Network.

Maryland General Assembly approval of a $1 million boost for the Maryland Industrial Partnerships (MIPS) Program, one of the nation's oldest continually run programs to support university-industry research projects leading to technology commercialization, marks a 74 percent increase above the $1.35 million program budget for 2006. The increase was proposed by Gov. Robert Ehrlich in his fiscal year 2007 supplemental budget.



MIPS was authorized by the state in 1987 to promote the development and commercialization of products and processes through industry-university research partnerships. The program provides funds to Maryland companies to pay for university research. Since its inception in 1987 through 2003, 32 rounds of awards were completed.

While the Phoenix Metropolitan Statistical Area (MSA) has the recipe for a creative economy - people in creative occupations, industries with a creative workforce, and an environment that supports creativity - it falls short of the national average in more than 75 percent of all creative occupational categories, a new study by the Maricopa Partnership for Arts and Culture (MPAC) finds.



Creative Connections: Arts, Ideas, and Economic Progress in Greater Phoenix provides an in-depth examination of the region's strengths and weaknesses in building a creative economy and offers recommendations to attract and retain talent to the area. According to the report, Phoenix boasts a workforce of more than 100,000 people in creative occupations, including arts, design, culture and those rooted in new ideas and methods -- science, engineering and advanced technology, for example. These occupations represent 10 percent of the total wages in the region, with average wages of $56,729, compared to $33,705 for the region overall.

If you know any secondary school teachers or, like millions of Americans, you are heavily involved in high school graduation season right now, you know that the Class of `06 is not like the Class of `05 or the upcoming Class of '07. Assemblages of students tend to develop discernable class personalities as they march from kindergarten through grade 12, distinct and possibly very different than most of their individual personalities. Some classes handle the rigors and rituals of fund raising, homecoming, basketball season, prom and senior-itis better  than others. 



That may be the case too for academics and test taking, too, but trends across several classes suggest something undesirable happens regarding science and math education as kids proceed through the American education system. The Nation's Report Card 2005, released before Memorial Day weekend, reports twelfth grade student performance in the science portion of the National Assessment of Educational Progress (NAEP) dropped between 1996 and 2005. Fourth grade performance during the same period rose.

Complete descriptions of the position openings described below are available at http://www.ssti.org/posting.htm.

Much of the U.S. policy debate regarding the impact of globalization has focused on workforce preparedness and the need for American industry to sustain innovation. Bills before Congress urge increased spending on R&D, especially in the physical sciences and engineering. Much of the data that has helped fuel the competitiveness discussion has focused on indices and statistical reports presenting the U.S. in comparison to other nations. 



A new report, however, sheds new light on the issue by considering the very essence and practice of multinational corporations, which are in large part the fundamental drivers of the global economy.

Marketing tech-based economic development (TBED) programs can be challenging, particularly with the diverse nature of its target audiences of entrepreneurs, existing companies, financial sources, university researchers and, oftentimes, legislators. Sometimes, even the name of the program can cause misconceptions, particularly when a new initiative is outside the traditional services or roles offered by the TBED organization. A recent example of this comes from South Carolina.



Striving to change the public's perception of a program designed to invest in and support start-up companies, the South Carolina Research Alliance (SCRA) renamed its Innovation Centers program to SC Launch! last winter.



The concept of Innovation Centers give the impression of bricks and mortar, said Jim Stritzinger, executive vice president and general manager of SCRA's Public Interest Research department. "The intent of the program is not to build buildings, but to make companies successful," Stritzinger said. "The buildings will come later."

Summer classes, camps and special programs to stimulate and sustain K-12 students' interests in science and math will be found all across the country during the next few months. A less frequently occurring phenomenon will be taking place in the Great Lakes Region of Iowa, helping a select group of college students to combine entrepreneurship, rural economic development, and recreation.



Twenty-four students from three Iowa state universities will participate in a week-long program at the Iowa Lakeside Laboratory on West Lake Okoboji designed to enhance their understanding of rural entrepreneurship opportunities within the state. The facility traditionally offers undergraduate and graduate experiential science courses in a natural setting.

The U.S. automotive industry is one of the nation's oldest modern manufacturing sectors, and, similar to many other older populations, is increasingly making its home in the South. Despite this fact, the sector remains heavily centered in the Midwest, according to a new article from the Federal Reserve Bank of Chicago. The Geographic Evolution of the U.S. Auto Industry reveals 47 percent of the nation's motor vehicle employment still resides in three states: Michigan, Indiana and Ohio.

The National Science Foundation (NSF) has published its online statistical resource center for state-level statistics on various science and engineering (S&E) indicators. Drawing data from the most recent updates to seven annual NSF surveys and U.S. Census statistics, the profiles includes downloadable Excel or PDF versions of state statistics for:

Although technology sector employment is down slightly from previous years, Washington firms received twice the aggregate amount of venture capital (VC) funding compared to last year, and the state remains above the national average in educational attainment, according to the sixth annual Washington State Index of Innovation and Technology.



The index, produced by the Washington Technology Center (WTC), is divided into two parts - state measures and regional comparisons. State measures benchmark Washington against all 50 states, while regional comparisons look at how the technology economy is impacting 12 communities across the state.