Search

Across the globe, the proliferation of innovation-led economic development is typically viewed in an urban context. Despite cities receiving the bulk of the attention, researchers have begun to focus on how to leverage best practices in rural economic development. Just as is the case in nearly all economic development scenarios, practitioners and policymakers working in rural areas benefit from a better understanding of local strengths and opportunities, according to new research from the United States, Canada, and the European Union.

A number of governors around the U.S. have already begun rolling out budget proposals for the next legislative session. This week, SSTI examines gubernatorial spending recommendations related to research, commercialization, STEM education and entrepreneurship in Florida and Wyoming.

Florida

In FY13, federal agencies obligated $29 billion to 995 academic institutions for science and engineering (S&E) activities, according to a recent National Science Foundation (NSF) InfoBrief. The FY13 federal obligation represented a 6 percent decrease in current dollars from the $31 billion that federal agencies obligated to 1,073 academic institutions in FY12 – the third year in a row of declining S&E funding to academic institutions.

Governors in Massachusetts and Rhode Island have released details about their plans to boost innovative businesses in their respective states. Massachusetts Gov. Charlie Baker offered a strategic plan to guide his administration’s economic development efforts, with an emphasis placed on fostering a culture of innovation and entrepreneurship. Rhode Island Gov. Gina Raimondo announced the launch of three new incentive programs aimed at research-driven companies.

To support the growth of Northeast Ohio’s entrepreneurial ecosystem, The Greater Cleveland Partnership (GCP) announced a limited-partner investment in JumpStart's new for-profit $20M venture capital fund.

Nearly 10 million people are expected to participate in events during this year’s Global Entrepreneurship Week, launched November 16 by the Global Entrepreneurship Network (GEN). The first Global Entrepreneurship Week was held in 2008 with representatives from 37 countries. Now in its eighth year, more than 160 countries across the world will hold entrepreneurship-related events during the week. Although activities vary greatly in size and scope, they generally touch on three themes:

On November 12, Gov. Jay Nixon announced $1 million in state funding to ARCH Grants to provide entrepreneurial support to St. Louis startups. ARCH Grants is a nonprofit organization that provides $50,000 equity-free grants and pro-bono services to entrepreneurs who locate their early stage businesses in St. Louis. This is Gov.

Amazon announced the launch of Amazon Catalyst, a pilot grant program at the University of Washington to fund promising research to address complex global challenges, such as immigration and climate change. Awards will range from “tens of thousands” to $100,000 per grant. Amazon has not set a limit on the number of awards they will make, and will consider research in humanities and social sciences, as well as better funded areas like medicine and engineering. Students, faculty and staff are eligible to apply. There will be no deadlines or competition for the funds.

California-based companies performed about $81.7 billion in research and development (R&D) in 2012, according to the latest data available from the National Science Foundation (NSF). That figure represents about 27 percent of all private R&D funding in the U.S. Not all of that funding, however, derived from the companies themselves. The federal government provided about 9.3 percent of the funds for California-based company R&D in 2012.

In his 1962 State of the Union address, John F. Kennedy said, "The time to repair the roof is when the sun is shining."  Despite its foggy reputation, perhaps no region has had the sun shine on them more economically since that speech than California’s Bay Area. Currently, in spite of its strengths as a hub for talent, research, and innovation, the Bay Area lacks a cohesive and comprehensive regional economic strategy for sustaining economic growth, weathering business cycles and supporting shared prosperity.

Toyota Motor Corporation recently announced a five-year, $1 billion investment in robotics and artificial intelligence R&D in the U.S. Under the plan, a headquarters for the effort will be located near Stanford University in Palo Alto, CA with a second location near the Massachusetts Institute of Technology in Cambridge, MA. Dr. Gill Pratt, former program director at the Defense Advanced Research Projects Agency (DARPA) will lead the effort.

The development of common metrics is increasingly used at the state and regional level as a method to ensure the coordination of likeminded stakeholders. While choosing which metrics to use is at the root of this process, identifying ways in which to communicate this information to interested parties is also important. With an emphasis on innovation and entrepreneurship, this article highlights the ways in which governments and nonprofits are using dashboards to highlight their successes, identify their shortcomings, and gather data to inform next steps.

As a part of the Obama administration’s Big Data Research and Development Initiative, the National Science Foundation (NSF) announced four awards this week, totaling more than $5 million, to establish four Big Data Regional Innovation Hubs (BD Hubs). The four BD Hubs divide the U.S. into regional collaborations, each focused on different Big Data challenges:

Last week, the U.S. Small Business Administration (SBA) released a combined synopsis/solicitation with the intention of awarding up to three contracts for entities to head regional innovation cluster initiatives. SBA intends to make three awards including one to an entity that will provide cluster initiative services to a community affected by changes in the coal economy.

Colorado Gov. John Hickenlooper released his administration’s $27 billion budget request for fiscal year 2017, which includes significant refunds for taxpayers and reductions for higher education, hospitals and state buildings.

The Research Foundation for State University of New York (SUNY) is seeking feedback regarding the translation of SUNY research and innovation into meaningful startup company formation, acceleration and growth through targeted venture investing. In particular, the foundation seeks ideas on how SUNY could connect research experts to entrepreneurial leaders, advisors, or mentors in order to build upon emerging industry sector strengths.

In an effort to increase the proliferation and participation of venture capital firms across the 28-nation European Union, changes are needed at the institutional level, according to the capital markets union plan unveiled last month.

On April 5, 2012, President Obama signed Jumpstart Our Business Startups Act (JOBS Act) into law with the intent of helping small businesses and startups raise capital through several changes to long-standing securities regulations, including a change that would allow companies to raise equity from both accredited and non-accredited investors through a publicly solicited crowdfunding campaign (Title III of the Jobs Act).

On Friday, November 6, at 10:00 A.M. ET, the Economic Development Administration will host a conference call for economic development organizations that are interested in participating in Hannover Messe 2016 – the world’s largest trade show for industrial goods, technology, and R&D. The conference call agenda includes information on U.S. Industry Pavilions for SMES/Export Services; the show’s Research & Technology Pavilion; and, a Q&A with SelectUSA, U.S.

The Delta Regional Authority (DRA) announced the establishment of a consortium for research and innovation that is intended to have a long-term positive economic impact on the region. The 35-member consortium will be comprised of universities and other private and public institutions in eight states – Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee.

This week, the National Economic Council and Office of Science and Technology Policy (OSTP) released an update to the White House strategy document on fueling the U.S. innovation economy. A Strategy for American Innovation includes a model of the nation’s innovation engine that sheds some light on how the federal government views its role in research and economic growth. For example, digital government initiatives play a key role, alongside investing in basic research, digital infrastructure and STEM education.

Although the United States remains among the world’s most competitive nations, its ability to effectively deliver quality math and science education hinders its competitiveness, according to the most recent edition of the World Economic Forum’s Global Competitiveness Index.  New commitments ranging from the White House to the philanthropic sector offer opportunities to increase the capacity for American schools to engage in additional STEM activities.

Tennessee Gov. Bill Haslam recently announced a new fund to support economic development in rural parts of the state. While most of the $8 million (approximately $7 million) is designated for shovel-ready economic development sites and tourism projects, the state will commit $600,000 for economic development grants to support entrepreneurship in small towns across the state including $300,000 to support a Main Street Business Incubator Program for downtown business districts.

Women received significantly less financial support from biomedical research institutions than men early in their careers, according to Sex Differences in Institutional Support for Junior Biomedical Researchers – a study by Health Resources in Action’s Medical Foundation published today in the Journal of the American Medical Association.

The GRA Venture Fund LLC, the private investment fund for companies originating from the Georgia Research Alliance's commercialization programs, has added another $25 million in venture capital. This latest round of funding brings the fund's total investment capital to $45 million. The fund currently has 10 portfolio companies. Combined, these 10 companies have collectively raised more than $241 million and have created over 400 jobs in the state of Georgia.