After discovering that only 10 percent of the venture capital raised in New Jersey is invested in New Jersey companies, a new venture fund has been established combining private, state, and federal resources. The seed investment fund will be used to assist New Jersey start-up technology businesses get off the ground.
What can policymakers and practitioners do if the statistics and other metrics indicate a state, region or locality is not well positioned for the technology-based economy, but the elected leaders and economic development professionals are plodding along with traditional approaches to job creation and development?
Following on the Summit on Minnesota’s Economy, a 21-member group appointed by the president of the University of Minnesota has unveiled its recommendations to strengthen the state’s economy. The recommendations in Report to the People of Minnesota: Building a Knowledge Economy for Minnesota’s 21st Century are divided among five strategies:
Recommendations in the new report are divided among five strategies:
Western Virginia’s economy is stagnant due to a variety of factors and must get in line with the “New Economy” according to a report commissioned by the Center for Innovative Leadership in Roanoke. A second study by the Center revealed the area's residents appear willing to support activities designed to bring new business and employment to the region.
Despite small improvements, Northeast and Midwest regions lag behind the South and West in terms of dollars returned to states from taxes sent to Washington, according to a report issued by the Northeast-Midwest Institute.
The U.S. Department of Agrciulture and the National Institutes of Health released information on 24 inventions that are available for license. Descriptions and contact information for each invention/patent are presented on the accompanying SSTI webpage
If the first full week of the 2004 state legislative season is any indicator of the year's tone and tempo for tech-based economic development initiatives (TBED), then we're in for quite a ride.
Last Thursday, Gov. Jennifer Granholm signed bills to aid Michigan’s tool and die industry and to promote new venture capital investment in the state’s high-tech industries.
North Dakota Governor John Hoeven dedicated the lion's share of his State of the State Address to promoting a vision of economic growth for the state based entirely on technology-based economic development. The proposals centered on more than a dozen new university-based Centers of Excellence and new tax credits.
New York Governor George Pataki, in his 10th State of the State Address last week, outlined a variety of initiatives designed to further promote tech-based economic development (TBED) in the state. From refining the state's Empire Zones program and strengthening the manufacturing sector to making New York a leader in renewable energy and academic research, the governor's agenda is not short on TBED items.
Idaho Governor Dirk Kempthorne dedicated a portion of Monday's State of the State and Budget Address to describing how tight the 2005 fiscal environment would be for his state. The temporary sales tax will lapse, costing the state $170 million in foregone revenue. The one-time $83 million in federal bailout funds are depleted. State employees will get a 27th biweekly paycheck this calendar year, resulting in an additional budgetary burden of approximately $20 million.
"If our children are to have the kind of jobs we want them to, this type of facility is one of the finest advantages we can give them for many generations," said South Dakota Governor Mike Rounds in his 2004 State of the State Address on Tuesday.
The governor is urging legislators to approve plans to help transform an exhausted 8,000-foot-deep gold mine into a one-of-a-kind national laboratory to study subatomic particles.
Commerce Secretary Don Evans is expected to release today the Bush Administration's plan for economic growth in the manufacturing sector. According to today's Washington Post, the report will "throw President Bush's support to the Manufacturing Extension Partnership... Evans said he will support the program but will demand that the centers coordinate with other programs so they are more efficient."
A new comprehensive study of the state of higher education in the United States says that as a whole, the nation has made large improvements in the percentage of high school students taking upper-level math and science courses.
Solicitations totaling more than $101 million have been released by the Department of Defense, Department of Energy, and the National Science Foundation (see the National Nanotechnology Initiative webpage at http://www.nano.gov for more details on each opportunity). The amount of funding available is one more indication of the importance that nanotechnology is expected to play in the future.
New legislation to help revitalize technology development in Washington, D.C. received unanimous approval from the Council of the District of Columbia and is expected to be signed by Mayor Anthony Williams.
All but one of the metro areas evaluated saw their high-tech industry employment grow during the last five years according to a 135-page report, Cybercities: A City By City Overview of the High-Technology Industry.
An analysis of 122 audits of economic development programs in 44 states revealed many areas for improvement, according to Good Jobs First, a project of the Washington, D.C.-based Institute on Taxation and Economic Policy. Minding the Candy Store: State Audits of Economic Development, released online in September, issues harsh criticism of many public economic development efforts.
"High paying jobs in growth areas are critically needed to offset the decline in wealth and employment from Alaska's North Slope. These new jobs require technical innovation, capital, management, and trained workers."
Continuing to rest on past academic excellence and research achievement would be costly to Greater Philadelphia, according to a new report prepared by the Pennsylvania Economy League. The region's "knowledge industry" must compete with other regions and states to succeed in the New Economy.
Kentucky Governor Paul Patton has appointed Bill Brundage to the serve as the state's first Commissioner for the New Economy. Dr. Brundage will oversee the new Kentucky Innovations Commission, which is attached to the Governor's Office and tasked to oversee the state's $55 million New Economy initiative.
Kentucky Governor Paul Patton has appointed Bill Brundage to the serve as the state's first Commissioner for the New Economy. Dr. Brundage will oversee the new Kentucky Innovations Commission, which is attached to the Governor's Office and tasked to oversee the state's $55 million New Economy initiative.
Margie Boccieri has announced she is leaving the North Carolina Governor's Office to join Southeast Interactive Technology Funds, a Research Triangle Park venture capital firm, as its Vice President of Business Development and Strategy.
Lee Martin has stepped down as executive director from TennesSeed. Tom Rogers, CEO of Tech 2020, has agreed to serve as interim director of TennesSeed for a six-month period.
SSTI welcomes Alan Aldinger to our staff in the new position of Communications Director. Alan comes to SSTI from the office of public relations for Wittenburg University.