SSTI Digest

With rumors of recession building, several of the nation’s governors are announcing new TBED-focused initiatives in 2008 – many of which will be presented to lawmakers for funding in the coming months. In Illinois, Gov. Rod Blagojevich unveiled two new initiatives encouraging entrepreneurship to grow high-technology businesses throughout the state.  

Jeff Coney was named Northwestern University's first director of economic development.

In his recent combined State of the State and budget address on March 7, Illinois Gov. Rod Blagojevich proposed the formation of the Illinois Community Assets Fund (ICAF), a $100 million venture designed to increase access to capital and financing to economically distressed communities and populations that have had inadequate access to mainstream capital markets within the state. The assets of ICAF would be contained within the State Treasury, and the Illinois Department of Commerce and Economic Opportunity (DCEO) would administer the fund. All $100 million would be distributed within a three-year period.   The ICAF would consist of the following four programs: Community Financial Institutions Participation Fund – $30 million to partner with third-party financial intermediaries and invest in businesses that lack access to traditional lending sources;

It won’t come to any surprise to Digest readers that there’s a connection between universities and economic prosperity. In addition to educating students and advancing science and technological innovation, the localized economic impact of institutions, alone, provides a buffer to economic swings for many mid-sized and smaller cities and college towns. How best to incorporate universities into regional tech-based economic development strategies without compromising core missions is an art not every community has mastered. The issue has captured the attention of the Federal Reserve. The Federal Reserve Bank of Kansas City has long championed rural economic growth through entrepreneurship and innovation, witnessed most readily through the Main Street Economist.

Did your New Year's resolutions involve making a career change? If so and you've yet to fulfill that resolution, visit the SSTI Job Corner at http://www.ssti.org/posting.htm. In addition to the new opportunities described below, the SSTI Job Corner has openings for these positions:

The Illinois Technology Development Alliance (ITDA) is a private, nonprofit 501(c)(3) corporation providing entrepreneur training, commercialization, and technology transition services for government, major research institutions, and corporations. ITDA is looking for a president who will work closely with the organization's board to establish a work plan and priorities to fulfill the mission of the ITDA and will have operating responsibility for the successful implementation of the plan. He or she also will serve as a key public leader in the state and region advocating for the technology sector. The presidents position requires a leader with exceptional experience and capability. More information on this opportunity is available through the SSTI Job Corner at http://www.ssti.org/posting.htm. return to the top of the page

The Center for Applied Innovation, a Chicago-based think tank, appointed Michael Patin as its new executive director.

Lori Clark is the new coordinator of agency relations and research park initiatives at Northern Illinois University.

The third installment to Walkin' the Tech Talkin' Gov Walk (see the April 17 and May 8 issues of the Digest) covers the outcomes of the 2006 legislative sessions for two states, Illinois and Wisconsin. Following is a synopsis of bills passed and budget appropriations relevant to tech-based economic development and the priorities outlined in respective gubernatorial addresses at the beginning of 2006. Illinois

While it is safe to say that new medicines, electronics, educational tools and other inventions have improved the lives of countless people, a new project by the Association of University Technology Managers (AUTM) describes more than 100 such breakthroughs that probably would not exist if not for the practice of technology transfer.

In The Better World Project, launched Friday by AUTM, readers can learn the stories behind the Google™ search engine, Honeycrisp apple, V-chip, cochlear implant, Habitrol® nicotine patch and other products used in health care, environmental protection, agriculture, safety and 16 other fields.

Innovation and tech entrepreneurship take money — different amounts at different stages with different strings. As a result, increasing access to capital is an objective of many state and local technology-based economic development programs.

“States fill a critical gap in available finance for many of the nation’s start-ups," said Sue Strommer, chief executive officer of the National Association of Seed and Venture Funds (NASVF). Discovering just how many programs across the country are working toward filling the financial needs of tech-based innovation is the goal of a current NASVF project to survey programs. All state equity-related financing programs are encouraged to participate before March 15, 2006.

Stem cell research, an expanded tax zone redevelopment initiative and faculty/researcher recruitment are all beneficiaries in the fiscal year 2007 budget proposal submitted by Illinois Gov. Rod Blagojevich last week. In addition, while overall funding for the state Department of Commerce and Economic Opportunity (DCEO) is down 16 percent from the FY 2006 appropriation, the governor's request includes several new programs to assist technology entrepreneurship. Highlights of the economic development portions of the budget are provided below.