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More than five months into fiscal year 2024, Congress has approved an agreement covering six of the twelve annual appropriations bills. Many tech-based economic development (TBED) programs received funding equal to the FY 2023 base appropriation—a strong sign of support for a year in which Congress agreed to return to FY 2022 overall spending levels and many programs across the federal government, therefore, saw cuts.

The U.S. Small Business Administration (SBA) is implementing a final rule, effective Aug. 17, that adds a category of Small Business Investment Company (SBIC) that will make the program a better-fit for early-stage investment strategies. The most significant change in this direction is the creation of an accrual funding mechanism that enables licensed SBICs to receive a loan from SBA that is repaid only upon distribution events or at the end of a 10-year term.

On March 1, Massachusetts Gov.

A federal judge in Texas has ruled that the U.S. Department of Commerce’s Minority Business Development Agency’s presumption that businesses owned by Blacks, Latinos and other minorities are disadvantaged violates the Constitution’s guarantee of equal protection. Unless it appeals, the Department of Commerce, which oversees MBDA, will be forced to immediately cease using an applicant’s race or ethnicity in determining eligibility for the program.

Last August, SSTI released a data tool exhibiting investment activity across 18 key technology areas. The tool comprises two interactive visuals and a downloadable data file and uses Pitchbook technology verticals selected to align with many of the key technology focus areas defined in the CHIPS and Science Act.

Americans have a strong level of confidence in scientists and scientific institutions overall, as SSTI reported in a Digest article in December 2023. A new NSF report reviews recent literature about public perceptions, awareness, and information sources for science, and reports strong support for science.

Why do some universities excel at translating their research into economic impact while others lag? A recent NBER working paper explores the factors influencing the variation in universities' commercialization activities. The authors follow the career movements of 31,000 academic researchers across 1,100 U.S.

In a webinar last week, staff from BioSTL and SSTI shared their organizations’ use of Salesforce for grant management and reporting. It facilitated a lively discussion among the more than 100 attendees about technical and practical challenges and solutions for the platform. The presentation and recording are now available here.

Last week, the National Science Foundation announced it would provide $21.4 million to four projects at emerging research institutions (ERIs) to advance research administration infrastructure and support systems at non-R1 institutions.

In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, governors from Illinois, Mississippi, and New Hampshire discussed their state’s past economic, educational, and workforce achievements and laid out their vision for this year, while New Jersey Gov. Phil Murphy presented his proposed Fiscal Year 2025 budget, building upon his State of State address and proposed initiatives delivered last month. Illinois Gov. J.B.

Leaders within the largest city in the United States, and one of the most influential in the world, recognize the daunting challenges resulting from New York City’s vulnerability to climate change—evidenced already in violent storms, flooding, and rising sea levels—as well as the economic opportunity that comes in combating the negative impacts of that change and reducing the city’s contributions to further temperature rise.

Furthering his previous calls for the state to become "the Silicon Valley of quantum development" and part of a sweeping quest to remake the state a hub for the future of semiconductors, quantum, and AI, Illinois Gov. J.B.

The recent pandemic and the government's response may have catapulted community colleges toward deeper participation in economic development. “Community colleges have been interested and involved in economic development for decades,” said Thomas Brock, director of the Community College Research Center at Columbia University. "That's part of their core mission. But what is different now is that there's a lot more federal money on the table through the CHIPS Act and the (Bipartisan) Infrastructure (Law).

Total postsecondary enrollment is down 5% from fall 2019 to fall 2023 due to a 6% drop in undergraduate students. While undergraduates are down, graduate students have surpassed pre-pandemic enrollment numbers by 4%. Enrollments in undergraduate and graduate certificates are up significantly from pre-pandemic values (16% and 21%), while enrollment in associate degrees are down more than any other undergraduate credential (-14%).

The Maryland Technology Development Corporation (TEDCO), created by the Maryland General Assembly in 1998 to facilitate the transfer and commercialization of technology from research universities and federal labs and to help create and grow technology-based businesses, has created nearly $2.7 billion in statewide economic activity as of 2023.

Federally funded basic research conducted at American universities grew steadily from about $10 billion in 1991 to just under $50 billion in 2020 (in constant 2022 dollars). And since the passage of the Bayh-Dole Act in 1980, universities have played an increasing role in the patenting and commercialization of their discoveries. Patents to US universities increased from 440 in 1981 to 8706 in 2020. U.S. universities licensed or optioned more than 10,000 patented inventions to the private sector in 2020.

Earlier today, the Economic Development Administration (EDA) announced the 2023 notice of funding opportunity (NOFO) for the Build to Scale program. State and local governments, nonprofits, higher education institutions, National Labs, and others can compete for $50 million to support new and expanded initiatives supporting regional commercialization, entrepreneurship, and capital formation efforts.

Two competitions comprise the FY 2023 Build to Scale program:

Graduate student enrollment and postdoctoral appointments have shifted in fields of study over the past decades, with many fields exploding in graduate enrollment and postdoctoral appointments. Computer and information sciences graduate students jumped from just 4% of all science enrollments in 1975 to nearly a quarter of the total by 2021, while engineering postdocs in biological, biomedical, and biosystems engineering jumped 5,671%– increasing from 3% in 1975 to 19% of all engineering postdocs by 2021.

The White House announced on February 9 that the administration expects to invest over $5 billion in semiconductor-related research, development, and workforce needs. The $5 billion will flow through the National Semiconductor Technology Center (NSTC), a public-private entity created to handle the funds. Friday’s announcement established the NSTC as a public-private consortium of the Secretaries of Commerce, Defense, and Energy, the Director of the National Science Foundation, and Natcast.

In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, governors from Connecticut, Maryland, and Wyoming discussed their state’s past economic and educational achievements and laid out their vision for this year as the states return to revenue and funding normalcy after years of federal pandemic aid ends. Connecticut’s governor announced that UConn and Yale are collaborating on quantum computing research, and he called for the funding of a biotech hub in New Haven.

Editor’s note: SSTI is committed to helping its members create economies that are equitable and inclusive. The following article is part of a series highlighting how different organizations ensure all people within their communities can benefit from today’s economy and lessons learned in their work.

Last week, Michigan Governor Gretchen Whitmer presented her Fiscal Year 2025 Executive Budget recommendations to a joint session of the House and

College earnings premiums appear to be declining for the first time in decades and the value proposition of college is beginning to fade in the eyes of many, according to the Harvard Workforce Almanac. As education costs continue to skyrocket and student debt mounts, Americans are reconsidering whether college is truly worth the expense. One means of addressing the issue is to provide data to better inform decision-making.

Technologies developed by West Virginia University and the University of North Dakota in Grand Forks that extract and separate rare elements and critical minerals from acid mine drainage and coal waste, will each receive $8 million in funding from the U.S. Department of Energy.