Conducted by the National League of Cities (NLC), the Local Economic Conditions Survey 2015 asks government officials in more than 250 cities across the nation to assess their local economic conditions. Painting a broad picture of the economic health of cities, Cities and Unequal Recovery highlights key points from the most recent survey.
Last week, the Department of Agriculture (USDA) held a special meeting that include approximately 100 investors and venture capitalists to help stimulate private sector investments in rural infrastructure projects with the potential to spur economic development in small towns and rural communities across the country. Through its U.S.
At a White House event, the Small Business Administration (SBA) announced approximately $4 million to prizes to 80 growth accelerators in 43 states the District of Columbia and Puerto Rico through the second round of its Growth Accelerator Fund Competition. Launched in 2014, the competition makes awards of $50,000 each to help fund operating budgets for accelerators and other entrepreneurial ecosystem models in parts of the country where there are fewer conventional sources of access to capital (e.g., venture capital and angel capital investors).
This week marked the launch of New York Ventures, an Empire State Development program dedicated to encouraging innovation and fueling economic growth in communities across New York. The program is derived of three separate funds: the $100 million New York State Innovation Venture Capital Fund; the $45 million Innovative NY Fund; and, the $2 million Minority- and Women-Owned Business Investment Fund. As part of the New York Ventures launch, Empire State Development also announced the NYS Innovation Venture Capital Fund’s close on financing for two New York-based tech companies.
Secretary of Commerce Penny Pritzker announced the launch of the Economic Development Administration's (EDA) 2015 Regional Innovation Strategies (RIS) Program competition to spur innovation capacity-building activities in regions across the nation. Under the 2015 announcement, SBA will commit $10 million for two funding opportunities.
Between 2007 and 2012, the number of women-owned businesses in the U.S. grew by more than 27 percent, according to data from the U.S. Census Bureau’s Survey of Business Owners. The agency reports that women owned about 9.9 million businesses in 2012, about 36 percent of all firms. In 2007, only 29 percent of businesses were owned by women. Business ownership also appears to have become a bit more racially diverse during those years, with the share of minority business-owners growing from 21 percent to 29 percent.
This week, President Obama issued an executive order in an attempt to make the Presidential Innovation Fellows program a permanent part of the federal government.
Due to a lack of activity by the state’s three privately-run regional EB-5 centers that serve the state of Maine, the Maine Department of Economic and Community Development (MECD) is considering launching its own EB-5 visa program to attract more direct foreign investment to the state, according to the Bangor Daily News.
Finding private-sector champions, building strong mentor networks, and creating organizational flexibility rank among the most critical elements of success, according to leaders of the 2014 Excellence in TBED award recipients. Expert insights on how these and other issues can be addressed are found in the latest SSTI Awards podcast series.
Despite media reports that the most recent economic recovery has been largely driven by job growth in low-paying positions, a new report from the Georgetown Center for Workforce and Education finds that it is actually high-paying jobs that are leading this growth, and nearly all of them are going to individuals with at least a college degree.
The National Institute of Standards and Technology's (NIST) Hollings Manufacturing Extension Partnership (MEP) is conducting three regional forums on the proposed recompetition of MEP Centers in 11 states and Puerto Rico. The regional forums are intended to provide interested entities more information about the MEP program, the federal funding opportunity and answers to any questions regarding the funding announcement prior to its targeted release of January 2016.
Over the past few weeks, the State of Oregon has announced a number of new capital opportunities for small businesses. Business Oregon, the state’s economic development agency, will invest $250,000 to support a new Inclusive Startup Fund that will invest in Portland-area startups founded by women and people of color. Fund leaders hope to raise a total of $3 million and match portfolio businesses with mentoring and business advising services.
Connecticut Gov. Dannel Malloy recently announced the launch of a manufacturing apprenticeship program that will provide wage subsidies and tuition reimbursement to participating students. The effort will begin as a two-year, $7.8 million initiative, focused on advanced manufacturing industries, including aerospace, medical devices, composite materials, digital manufacturing and others. Funding will derive from the state’s Manufacturing Innovation Fund.
New York Gov. Andrew Cuomo announced the next steps of his administration’s Nano Utica initiative, an effort to revitalize the Mohawk Valley regional economy through nanotechnology innovation.
Research performed by U.S. businesses grew by 6.7 percent in 2013, reaching $322.5 billion, according to the National Science Foundation’s Business R&D and Innovation Survey (BRDIS). The increase was the largest since the survey began in 2008. As businesses recovered from the economic crisis in 2009-2010, U.S. business R&D fell by 4.1 percent, but then began to recover. Most of the increase in 2013 was due to research funded by the companies themselves, with information technology companies posting the largest growth (22.2 percent).
Recently announced programs in the St. Louis and Minneapolis-St. Paul regions offer startups and major corporations new chances to connect and work together. Pioneered by Illinois’ Corporate Startup Challenge, these types of programs seek to build bridges between important components of the innovation ecosystem: revolutionary new products and services and established market leaders.
For many states, broadband connectivity is becoming an increasingly important tool used to improve the economic well-being of residents, especially in rural areas. While some have paved the way for publicly funded municipal broadband providers, others, such as North Carolina and Tennessee, have filed suit with the Federal Communications Commission and joined the telecommunications industry in their opposition.
A new report from the President’s Council of Advisors on Science and Technology (PCAST) proposes new categories for IT research investment in the coming years. Federally-funded IT research is currently grouped in eight categories introduced in 1995 for the purposes of budgeting and tracking. PCAST is recommending an overhaul of these categories to reflect the contemporary IT landscape. Other recommendations focus on continued investment in cybersecurity, Big Data, health IT and other hot topics.
Tennessee leaders hope to raise $10 million in public and private funding over the next five years to support an effort to attract 200 agricultural technology entrepreneurs and establish 100 ag-tech businesses by 2020. USDA Rural Development and the Tennessee Department of Agricultural recently announced they would seed that effort by contributing $220,000 to AgLaunch, a program to aid early-stage ag-tech companies. Memphis Bioworks Foundation will lead the initiatives, providing mentoring and programming opportunities for entrepreneurs. The program will begin in 2016.
A new Virginia council will coordinate the state’s efforts to help young people create businesses. Gov. Terry McAuliffe recently signed Executive Order 47 establishing the Governor’s Council on Youth Entrepreneurship, following up on a series of roundtables with students and faculty.
An August 2015 report prepared by an independent consulting firm for the Association of Public & Land-grant Universities (APLU) seeks to answer the question: How Did Revenue and Spending per Student Change at Four-Year Colleges and Universities Between 2006-07 and 2012-13? During the six-year period analyze
As part of Nevada’s efforts to better prepare its workers to compete in the state’s technology industries, Gov. Brian Sandoval announced the reestablishment of the state’s Office of Science, Innovation and Technology, naming Brian Mitchell its program director.
Oregon announced an agreement with the four regional economic development organizations to improve business development coordination, help existing Oregon businesses expand, recruit new companies, and align other economic developments efforts to grow Oregon's economy and job creation. To achieve the goals of the program, the partners will share office space, hold regular planning meetings, and develop ongoing communications through shared software tools.
Using data to track recent graduates in the workforce helps ensure postsecondary education institutions are preparing graduates for successful careers, according to a report recently released by the National Governors Association (NGA) – Tracking Graduates into the Workforce: Connecting Education and Labor Market Data. In this report, NGA contends that accurate, real-time information is a key element of functional labor markets.
In a fact sheet released ahead of President Obama’s visit to Macomb Community College in Warren, MI, this week the Obama administration announced new steps to expand apprenticeships and continue other efforts around workforce development and free community college.