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SSTI Digest
Study Finds Maryland Incubators Have Big Impact
The Maryland Technology Development Corp. (TEDCO), RESI (a regional economic studies institute at Towson University), and the Maryland Business Incubation Association (MBIA) presented on Thursday the results of the Maryland Incubator Impact Study — a first-of-its-kind study for the state by measuring the economic impact of Maryland's six public- and university-related high-tech business incubators on the state's economy.
Maryland's incubators are a significant economic boon to the state of Maryland, the study shows, estimating that incubator tenants and graduates generate between $184 and $530 million in gross state product and between $31 and $96 million in taxes annually.
The study also reveals the following:
Indices Provide Insight into State Economies
Innovation indices or S&T report cards can be useful tools for assessing the health and direction of a region or state's economy. The results can be helpful for determining appropriate policies and programs to affect change and measuring progress. Evolving over the past five years, many states, localities and national organizations have prepared indices. Links to past Digest articles covering these reports are massed on the following web page: http://www.ssti.org/Digest/Indices/indices.htm
O'Keefe and Wu Tagged for NASA, TA Posts
The President has nominated Sean O'Keefe to be Administrator of the National Aeronautics and Space Administration. O'Keefe replaces Daniel Goldin, who resigned last month.
O'Keefe is currently the Deputy Director of the White House Office of Management and Budget. Previously he served as the Louis A. Bantle Professor of Business and Government Policy at the Syracuse University Maxwell School of Citizenship and Public Affairs. Additionally, he served as the Director of National Security Studies which provides executive education programs for senior military and civilian Department of Defense managers.
Before joining Syracuse University, O'Keefe was Professor of Business Administration and Assistant to the Senior Vice President for Research and Graduate Education at Pennsylvania State University. He received an undergraduate degree from Loyola University in New Orleans, Louisiana, and a Master's degree in Public Administration from The Maxwell School at Syracuse University.
State and Local Tech-based ED RoundUp
Fresno, California
The Valley Angels Investment Network soon will be administered by San Joaquin Venture Partners, a venture capital fund created in June, and California State University, Fresno, according to a recent article published in the Fresno Bee. Already, the network has nearly 20 prospective angels and 20 service providers and is set to help IQ Biometrix, a computer software company. Next to the Sierra Angels, the Sacramento Angels, the North Bay Angels, and the Tech Coast Angels, the network stands to be one of several such groups in California. Investors interested in becoming angels must have a net worth of $1 million or more or have earned at least $200,000 in each of the past two years. More information is available at: http://www.sjvp.org
Useful Stats: 3rd Quarter VC Stats by State
PricewaterhouseCoopers has released the detailed data for the third quarter results of its Moneytree™ survey. The survey found a total of $6.5 billion was invested in 601 financing rounds — a 23 percent decline in dollars and a 16 percent decline in rounds compared to last quarter. SSTI has prepared a table presenting the state-by-state results.
Dems Take NJ, VA Governorships
Democrats took the year’s only two races for governor, electing Jim McGreevey in New Jersey and Mark Warner in Virginia.
Democrats also took control of the New Jersey Assembly for the first time in 10 years. Republicans, meanwhile, strengthened their control of Virginia's Assembly by 12 seats. The GOP now holds 64 of the 100 seats in the chamber. In Washington, Democrats claimed a narrow majority of the seats in the house, giving the party control of both legislative chambers and the governor's office.
With Tuesday’s election results, Republicans hold 27 governorships, Democrats control 21 seats, and Independents hold Maine and Minnesota. Each party controls 17 state legislatures while 16 are split between the two. Thirty-six states will hold elections for governors next fall. Incumbents in 19 of these states either are not running or are barred by term limits from serving another term.
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Maine Voters Pass $5M R&D Bond
Voters in Maine passed a bond issue authorizing the state to borrow $5 million for biomedical and marine research and development by Maine-based nonprofit and state research institutions.
The bond issue, one of six approved in the state on Tuesday, passed with 52.6 percent of the votes cast. Biomedical R&D will receive $4 million of the bond monies for projects, including an 80,000-square-foot expansion of Jackson Laboratory in Bar Harbor. The lab expects to add 200 new jobs in connection with the facility's expansion. Marine research activities would receive the remaining $1 million.
According to the Bangor Daily News, a $20 million R&D bond issue passed by Maine voters in 1998 (see the Oct. 9, 1998 issue of the SSTI Weekly Digest) has already generated more than $100 million in spinoff benefits, including new jobs, federal research grants and additional industrial R&D contracts.
Tech, VC Rule in 15th Annual Report Card of the States
States that support a vibrant technology sector are attentive to the quality of their economic development efforts and continue toattract venture capital will outperform those that do not, according to the 2001 Development Report Card for the States. The 15th annual report, released yesterday by the Corporation for Enterprise Development (CfED), uses 70 measures to provide a state-by-state assessment of economic development policy in three main areas — Performance, Business Vitality and Development Capacity.
Top performers in this year's report, Colorado, Connecticut, Massachusetts, Washington and Minnesota, all earned straight A's. They were joined by Maryland, New Jersey, Pennsylvania, Utah, and Virginia on an "honor roll" of A’s or B’s. Eleven states received an F in at least one of the three categories.
Advocacy Group En'Visions' New Economy for Duluth, Minn.
A group of community leaders bent on revitalizing the Duluth, Minn., economy and ensuring economic opportunities for the city recently moved one step closer toward accomplishing its goals.
The Bridge Syndicate, a non-profit with more than 300 members, recently made public its plan for economic growth, issuing A Positive Vision for Duluth's Economy.
In the plan, the group's economic development task force of 20 young business owners and professionals focus on three main principles:
Wisconsin Legislature Considers VC Bills
The Wisconsin Legislature presently faces two bills which could greatly boost venture capital funds in the state.
Clearing the Senate October 26, Senate Bill (SB) 296 requires the state investment board to invest up to $50 million in venture capital investment firms and to provide a high-technology business development corporation a grant of up to $2.5 million in FY 2001-02. Intended to help place Wisconsin at the fore of biotechnology, the bill supports the creation, development and retention of science- and technology-based businesses.
Receiving passage by House representatives on October 17, Assembly Bill (AB) 579 would provide capital investments totaling $100 million to companies with a 100 employees or less and a net worth of $5 million or less. The bill would require that the companies also be located in and have their headquarters in Wisconsin.
Useful Stats: Science & Engineering Doctorate Awards by State
The National Science Foundation Division of Science Resource Statistics has e-published early release tables for the Science & Engineering Doctorate Awards: 2000 report. The data show trends in science and engineering (S&E) doctorate awards by S&E field and recipient characteristics, institutions awarding doctorates, and postgraduation plans of recipients.
Among the 10 tables included in the report is an 18-page table presenting institutions conferring S&E doctorates by state, institution, and major field in 2000. SSTI has prepared a table summarizing the 2000 data, standardizing S&E doctorates per 100,000 residents in each state, and ranking the results by state.
The District of Columbia, Massachusetts, Rhode Island, Delaware and Iowa awarded the highest number of S&E doctorates in 2000 per 100,000 residents.
State and Local Tech-based ED RoundUp
Atlanta, Georgia
A task force for the biotech industry is underway in the metro Atlanta region. The Metro Atlanta Chamber of Commerce announced the task force would be co-chaired by Dr. Michael Johns, executive vice president for health affairs and director of the health sciences center at Emory University, and Parker Petit, chairman, president and CEO of Matria Healthcare. With business and academic leaders, public health organizations and researchers, the task force is meeting monthly to develop a long-range strategy and five-year business plan to position the region as a center for biotech innovation, capital, talent and business. Implementation of the Atlanta region strategy is expected to begin later in 2002.