SSTI Digest

In an effort to help spur economic prosperity, several universities have unveiled new initiatives to connect potential entrepreneurs with university resources and help integrate the entrepreneurs into their region’s innovation ecosystem. In partnership with other organizations, these programs are intended to position each respective university as a driver of regional economic development through the provision of education, training initiatives and other support services. The initiatives include new programs at Clarion University in Pennsylvania, Carroll University in Wisconsin and New York University (NYU).  The Blackstone Charitable Foundation also announced it will expand LaunchPad, a university-led entrepreneurship program, to a partnership that includes three universities in Southern California. As part of the Make It in PA initiative, Gov. Tom Corbett committed $300,000 to support the Clarion Regional Innovation Support Program (CRISP), an initiative aimed at supporting entrepreneurship through a collaborative regional support system. CRISP will be comprised of the Clarion University Center for Applied Research & Intellectual Property Development, the…

John Sider has accepted a position with Pennsylvania State Senator Vincent Hughes and the PA Senate Democratic Caucus to work on economic development policy and projects, effective April 1. Currently, Sider is the managing director of statewide initiatives at Ben Franklin Technology Partners. Vic Nole has joined the Buffalo Niagara Medical Campus, Inc. as director of business development and entrepreneurial activity. Norris Tolson, who has been the president and CEO of the North Carolina Biotechnology Center since 2007, will retire from the organization on June 30.

Los Angeles County (CA), New York County (NY) and Cook County (IL) topped the list of places where people older than 25 with graduate or professional degrees moved to between 2007 and 2011, according to the latest data from the U.S. Census Bureau’s County-to-County Migration Flows Tables. Middlesex County (MA) and Fairfax County (VA) also ranked among the top destinations for highly educated transplants. The Census report provides data on domestic migration at the county level, including data on income and educational attainment. The report reveals that large flows of educated workers move both into and between these top counties. Read the Census report…

A proposal first announced during Gov. Andrew Cuomo’s 2013 State of the State address came to fruition earlier this month with a request for proposals (RFP) to fund clean energy projects through New York’s newly established green bank. A green bank is a state-sponsored nonprofit lender that provides long-term, low-cost financing support. Its purpose is to increase public-private investing in clean energy while offering consumers lower-cost energy solutions, according to the Green Bank Academy. New York’s $1 billion initiative was capitalized with initial funding of $210 million in December, including $165 million redirected from other clean-energy programs. Through the RFP, the bank seeks financing proposals from industry participants and financial institutions including energy service companies, developers, equipment manufacturers and others. Projects supported by the bank can include solar, wind and other renewable energy generation technologies. Read the press release. Connecticut was the first state to establish a green bank in 2011, but several other states have demonstrated interest. Participants from at least 11 other states wanting to…

After hitting an all-time high in 2012, California’s dominance of the nation’s venture capital activity receded a bit last year. California continues to receive about half of the country’s venture investment dollars and about 40 percent of its dealflow, but in 2013, the state’s share of dollars fell from 53 to 50 percent, according to data from the PricewaterhouseCoopers/National Venture Capital Association (PwC/NVCA) Moneytree survey. Massachusetts, which has been host to about 10 percent of national venture activity in past years, also saw its share of total U.S. activity decline. Gains in second tier venture capital states appear to account for the shift, including upticks in Florida, Maryland, New York, Texas and Virginia. Massachusetts continue to lead the country in terms of dollars and deals per capita, though for the first time that lead was threatened by the rise of Washington, D.C., as a venture capital hotspot. Last week, SSTI reported that national venture capital activity picked up in 2013 following a slower 2012, but investment levels had generally been stable over the past three years. The current level of activity is similar to the…

The FY15 budget proposal outlined last week by Gov. Andrew Cuomo would provide funding to continue many of New York’s innovation-focused efforts while investing in new initiatives, including a genomic medicine network and STEM scholarship program. First announced in his State of the State address, the NY Genomic Medicine Network is a proposed partnership between the New York Genome Center and the University at Buffalo’s (UB) Center for Computational Research to accelerate advances in genomic medicine and develop the burgeoning industry in the state. The budget provides $55.75 million for the New York Genome Center and authorizes $50 million of the Buffalo Billion initiative for UB’s Center for Computational Research. With the investment, the state hopes to attract and grow companies on the Buffalo Niagara Medical Campus, including those with a focus on diagnostics and information technology. Companies would benefit from the research and supercomputing resources provided by UB, according to a press release. The initiative is modeled after the nanotechnology initiative created in Albany, a $1.5 billion public-private investment to create a major…

Now in its 14th year, SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene the 2014 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses. The first edition includes excerpts from speeches delivered in Idaho, Kentucky, New York, Virginia, and West Virginia.  Idaho Gov. Butch Otter, State of the State Address, Jan. 6, 2014 “We also must continue investing in the strong collaborative relationship between our universities and the Center for Advanced Energy Studies. That's why my budget calls for adding $1 million to our annual investment in that facility, which consistently yields incredible returns and value to Idaho's asset portfolio. … “… Partnerships also are at the heart of efforts to improve our Workforce Development Training Fund program. You can expect to see more targeted use of grants for training employees not just for individual businesses, but for the market-driven growth of industry sectors that add value to Idaho's economy. “My focus on…

Gov. Andrew Cuomo announced more than $715 million in funding for 824 projects across the state as part of the third round of funding for the Regional Economic Development Councils initiative. Established in 2011 to improve the business climate statewide, the 10 regional councils support projects tailored to maximize resources and competitive advantages. Many of the new projects to receive funding are tech-focused, including $5 million for the College of Nanoscale Science and Engineering to establish a digital data training center and $1 million for SUNY Buffalo to expand its high-performance computing and data analytics center. Read the press announcement...

New York City Deputy Mayor Robert Steel announced that it will establish a new $100 million venture fund for life sciences research according to Crain's New York. The city will invest an initial $10 million to establish the new biotech venture fund. The city already has an additional $40 million pledged from private-sector partners — Celgene, GE Ventures and Eli Lilly & Co. The city currently is seeking to partner with a venture-capital firm to manage the fund and invest at least $50 million to the fund. The proposed fund would help launch between 15 to 20 life sciences companies by 2020. The city also unveiled plans for the Mount Sinai Institute of Technology, a new technological institute focusing on medical technology. With $5 million in assistance from the city, Mount Sinai's Icahn School of Medicine will partner with Rensselaer Polytechnic Institute to construct the lab space focused on biomedical discovery and development of technology-based healthcare solutions. By 2018, the proposed institute will house 40 faculty members and 140 students and researchers. Read the Crain's New York article...

Eager to attract investment and spur startup activity, city and state officials launched entrepreneurship programs, high-tech R&D centers, and sector-specific facilities as part of the innovation hub trend in 2013. Research suggests that cities and regions with strong, established tech sectors tend to produce more startups. For example, a white paper from the Kauffman Foundation found the recent adoption of entrepreneurship programs in many cities is more an indication of the underlying strength of the region and its base of talent on which those programs can build rather than a cause of startup activity. Using an appendix of the top metro areas by startup density in high-tech and ICT sectors for 1990 and 2010, the study examines the relative performance of the areas over the past 20 years in terms of high-tech entrepreneurship. Specifically, the author wanted to find out what areas saw the biggest increases or decreases in high-tech startup density, compare relative performance by different size MSAs, and discover whether or not the top metro areas identified for 2010 were the same as in 1990. Findings indicate many areas currently considered new startup…

Manufacturers often struggle with overcoming hurdles to growth, such as implementing new technologies and processes that will streamline operations. A new web-based platform launched in New York aims to address these challenges by connecting small- and medium-sized manufacturing businesses with statewide technology resources and expertise, including industry experts from the New York Manufacturing Extension Partnership, universities and private sector businesses. The initiative, called FuzeHub, allows companies to submit requests for assistance to a team of technical and manufacturing professionals with a quick turn-around time of 48 hours. Customer and market development, supply chain development, technology sourcing and technology transfer are some of the services offered. Read the announcement... Case studies and outcomes from its initial connections with manufacturing companies are posted on FuzeHub's website: http://fuzehub.com/.

Follow-on funding, access to technology, talent and resources all can be barriers to commercialization and successfully spinning off sustainable companies. Always seeking a quicker, more viable path to market for technologies and products, university-based programs and public-private partnerships try to tackle these hurdles, which often times are region-specific. Such is the case in Long Island, NY, where a recent partnership between a nonprofit organization and venture capital firm is working to address access to capital concerns. Other recent initiatives addressing region-specific barriers have launched in Indiana and Wisconsin. New-York based Accelerate Long Island (LI) will partner with the area's largest venture capital firm to fund local startups through access to a $213 million fund. A shared interest in advancing research-based startup companies through commercialization helped bring about the alliance. The goal is to move beyond seed funding to give the startups coming through the Accelerate LI pipeline an avenue to potentially access the type of cash to get them going, reports Xconomy. Referring to the area as "capital starved," Accelerate LI…