SSTI Digest

Seats Available for Developing Angel Organizations, Financing TBED Workshops Despite increasing the number of seats available by nearly 50 percent, SSTI is forced to close registration for the full-day preconference workshop, An Introduction to Tech-based Economic Development. Because of the workshop's interactive design, attendance is always capped for this perennial favorite. SSTI will maintain a short waiting list (via the online registration form) in the event of any cancellations. Only people registered for the full conference on October 21-22 will be accepted on the waiting list for the pre-conference session. The remaining two preconference offerings are designed to accommodate larger audiences so seats remain available in each. SSTI preconference workshops are developed to provide more intensive consideration of a particular topic or issue than can be afforded in the full conference. This year, SSTI examines two timely and critical issues of importance to the technology-based economic development (TBED) community — developing local angel networks and…

Randy Burge has announced his resignation as director of the New Mexico Department of Economic Development's Office of Science and Technology. Mike Orshan will serve as acting director beginning Sept. 29. Donald Jakeway will be the new president and CEO for the Michigan Economic Development Corp. Joseph James is the new chief operating officer for the South Carolina Department of Commerce. The Florida Venture Forum named Robin Kovaleski as the first executive director for the organization. Former U.S. Congresswoman Connie Morella has been sworn in as the US Ambassador to the Organization for Economic Cooperation and Development. SSTI extends its sympathies to the family of Indiana Governor Frank O'Bannon. During his interrupted term in office, Gov. O'Bannon proved to be a strong friend of tech-based economic development efforts in the state.

Randy Burge has announced his resignation as director of the New Mexico Department of Economic Development's Office of Science and Technology. Mike Orshan will serve as acting director beginning Sept. 29.

Donald Jakeway will be the new president and CEO for the Michigan Economic Development Corp.

Joseph James is the new chief operating officer for the South Carolina Department of Commerce.

The Florida Venture Forum named Robin Kovaleski as the first executive director for the organization.

Former U.S. Congresswoman Connie Morella has been sworn in as the US Ambassador to the Organization for Economic Cooperation and Development.

SSTI extends its sympathies to the family of Indiana Governor Frank O'Bannon. During his interrupted term in office, Gov. O'Bannon proved to be a strong friend of tech-based economic development efforts in the state.

Approximately $350 million in grants recently awarded by one of the nation's leading biodefense research agencies are intended to lessen the effects of any future bioterror attack. Administered by the National Institute of Allergy and Infectious Diseases (NIAID), the funding will be spread over five years for establishing eight Regional Centers of Excellence for Biodefense and Emerging Infectious Diseases Research (RCEs). Each regional center, receiving between $40-50 million, consists of several partner institutions. The eight leads are Duke University, Harvard Medical School, the New York State Department of Health, the University of Chicago, the University of Maryland, the University of Texas Medical Branch in Galveston, the University of Washington, and Washington University in St. Louis. In light of the terrorist attacks of 2001, Department of Health and Human Services (HHS) Secretary Tommy Thompson said the RCEs will not only prepare the U.S. for a bioterrorism attack, but also enhance the nation's ability to deal with any public health crisis, such as SARS and West Nile virus…

Specialization may be the key to successful economic development strategies based on the life sciences, suggests the September issue of the fedgazette, published by the Federal Reserve Bank of Minneapolis. This month's entire e-zine focuses on two issues of importance to many state and local tech-based economic development professionals — biotechnology and clusters. Because the intellectual capital of the anticipated biotech revolution is highly mobile and the spillovers of bioscience research tend to be localized and concentrated geographically, the broad-brush approaches adopted by many states to build a biotech sector are not likely to have the desired payoff, fedgazette editor Ronald Wirtz writes in the cover article. “One possible strategy is to eschew efforts to catch up to already hot biotech sectors, like biopharma. Rather, economies that benefit from the bio-revolution likely will be those that identify new biotech opportunities and applications coming up the road that also mesh with regional strengths.” It follows then, not surprisingly, that Wirtz suggests the…

The availability and use of equity capital for early-stage investments varies greatly across the country. Seen as an integral component of most tech-based economic development, access to venture capital (VC) is on the agendas of several states — but several different approaches are used to address the problem. Recent announcements in four states illustrate the point: Florida A small portion of Florida's pension fund will go toward venture capital investments, according to the Orlando Sentinel. Though not widely publicized, the state's pension fund managers have decided to invest up to $400 million in venture capital funds — barely one-half of 1 percent of Florida's pension, which is $90 billion-plus. The Sentinel reports the move should help Florida rebound from its "worsening" venture scenario. Florida has experienced a decline in the venture dollars its companies have received, from a 3 percent share of the U.S. total three years ago to 1 percent today. Iowa Gov. Tom Vilsack announced on Monday the creation of a $5 million venture capital fund to help Iowa's…

A new study examining the post-Sept. 11 economy of New York argues the city's traditional approach to economic development, one which has banked on a few favored sectors such as financial and business services, is outdated and should be reconceived. Engine Failure, a report funded by the Rockefeller Foundation, states that many of New York's troubling trends predate the terrorist attacks on the World Trade Center. Such trends – the FIRE (Finance, Insurance and Real Estate) sector losing jobs and market share to the surrounding region and other major cities, among them – were only accelerated by the after-effects of the Sept. 11 attacks and gains in telecommunications technology. Thus, New York's normally reliable industries are expected to produce minimal employment growth in the coming years. Some of Engine Failure's key findings include: New York's share of jobs in the nation's securities industry declined from 36 percent in 1987 to 23 percent in 2002. Since 1987, only 3 percent of all new jobs in the sector nationwide were created in New York State. During the last 12…