Search

Governor Urges Pension Fund to Invest in Emerging Tech Companies

Starting in January, a new advisory council within the Texas Governor’s Office will begin work on a long-term strategy to bolster the state’s economic competitiveness. The Competitiveness Council will be charged with designing an overall framework for cooperation between public and private organizations involved in economic development. Gov. Rick Perry will appoint the group’s members by the end of the year.

 

The number of doctorates awarded in the U.S. within science and engineering (S&E) fields reached an all-time high in 2005, according to a recent National Science Foundation (NSF) issue brief. After the previous high of 27,273 S&E doctorates awarded in 1998, the number decreased for four years until 2002, and has steadily increased the past three years to the 2005 number of 27,974 Ph.D. graduates.

 

One out of four public, venture-backed companies started since 1990 were founded by entrepreneurs who immigrated to the U.S. before starting their company, according to a recent study commissioned by the National Venture Capital Association. Immigrant-founded companies are even more common within high-tech industries, where 40 percent of all new publicly traded firms in the past 16 years have had immigrant founders, including widely-acclaimed IT success stories like Google, Yahoo! and eBay.

Describing the impact of universities can be a vexing issue for both the higher education and TBED communities. Two recent reports, one by the Atlanta Regional Council for Higher Education (ARCHE) and the other by the Iowa Board of Regents, utilize different approaches to help communicate the importance of higher education institutions to a local economy.

 

The Economic Development Board of Bahrain and Kuwait Finance House have begun planning a $1 billion (US) Science and Technology Park in Bahrain. The park will be modeled on the Sophia Antipolis Technology Park in France, which is the largest of its kind in Europe and the second-largest technology park in the world, according to the European Commission’s PAXIS innovation program. The Kuwait Finance House has appointed Philippe Mariani, former director of the French park to oversee the new project.

 

Since the creation of its Centers of Excellence (COE) program 20 years ago, the state of Utah has invested in aggregate $49.4 million, resulting in the development of 185 spin-off companies throughout the years, according to a recent review of the COE program, authored by the Bureau of Economic and Business Research at the University of Utah.

The Michigan Innovation Equipment Depot has distributed its first round of life science research equipment to start-ups around the state. The Depot program, developed by Pfizer, Ann Arbor SPARK, MichBio and Michigan's SmartZones, redistributes previously used life science laboratory equipment to new Michigan companies. More than $655,000 and 131 items were awarded in the inaugural round to 18 applicants. The value of this equipment ranged from $25 to $125,000 -- an average of $4,404 per item.

The National Science Foundation and the U.S. Department of Energy Office of Science have announced a five-year, $30 million award to the Open Science Grid Consortium. The Grid is a computing environment used to share and analyze massive sets of data by harnessing the processing power for distributed computing resources from of than 50 international sites. Fifteen institutions, including 11 U.S.

USDA Rural Development recently awarded 103 Distance Learning and Telemedicine (DLT) grants to provide improved educational and medical services to rural residents in 38 states. The DLT grants, totaling more than $25.8 million, are designed to connect communities to medical services and educational opportunities they would not otherwise have, according to Agriculture Under Secretary for Rural Development Thomas Dorr.

The Fayetteville Economic Development Council named Steven Rust as its new executive director, beginning Aug. 15.

Connecticut Lt. Gov. M. Jodi Rell was sworn in as the state’s 87th governor on July 1, taking over from former Gov. John Rowland, who resigned amid a federal corruption investigation and a threatened impeachment for allegedly accepting gifts from employees and state contractors. Senate President Pro Tem Kevin Sullivan was sworn in as Lieutenant Governor. Rell is a Republican, while Sullivan is a Democrat.

Connecticut Lt. Gov. M. Jodi Rell was sworn in as the state’s 87th governor on July 1, taking over from former Gov. John Rowland, who resigned amid a federal corruption investigation and a threatened impeachment for allegedly accepting gifts from employees and state contractors. Senate President Pro Tem Kevin Sullivan was sworn in as Lieutenant Governor. Rell is a Republican, while Sullivan is a Democrat.

Indiana Gov. Joe Kernan has named David Dorff as the state's first director for the new Office of Small Business Advocacy.

Angie Dvorak, vice president of research and economic development for the University of Southern Mississippi, is becoming president of the university's research foundation.

Frank Horrigan is leaving Innovation Works in Pittsburgh to become director of the Governors Action Team SW Regional Office.

Louisiana Gov. Kathleen Blanco has appointed Michael Olivier to serve as Secretary of Louisiana Economic Development. Olivier was president and CEO of the Harrison County Development Commission in Gulfport, Miss., for 17 years.

Jim Petell is the first director of technology transfer and commercialization for the University of North Dakota.

Last Tuesday's elections resulted in the selection of 11 new governors across the country, and could lead to important changes for TBED communities in many states. Six races resulted in a change of party affiliation in the top state position, including races in Arkansas, Colorado, Maryland, Massachusetts, New York and Ohio. All six governorships changed from Republican to Democratic administrations. This is the first time in 12 years that a majority of governors have been Democrats.