Georgia Tech has launched a crowdfunding resource for university-based students and faculty. Originally announced in the spring, Georgia Tech joins several other universities that are using crowdfunding to finance commercialization and the development of startups based on university research. The field has become common and relevant enough that an online community has started tracking this growth.
Oklahoma Gov. Mary Fallin announced that Jonna Kirschner, executive director of the Oklahoma Commerce Department, will serve on a transition team to establish a new workers’ compensation system. Vaughn Clark , the Commerce Department’s director of community development, was named as interim executive director.
According to the National Science Foundation’s (NSF) Higher Education Research and Development (HERD) Survey the percentage of university R&D funded by private sector investment has remained mostly stable since the late 1970s, hovering between 5 percent and 7 percent of total R&D expenditures. In FY 2011 the private sector invested $3.2 billion, or 4.9 percent of the total $65 billion university R&D expenditures.
The Alliance for American Manufacturing (AAM) released a five-year report highlighting the progress it has made since its creation in 2007. In that time it has hosted 40 town hall meetings, won a Campaign Excellence Award, released a number of research reports and publications, and has worked with federal, state and local governments to advocate for American Manufacturing.
The Nevada Office of Economic Development, with guidance and funding from the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI), has launched the Battle Born Venture Program. “Battle Born” is a state venture capital program that makes equity and equity-like investments in early stage, high-growth Nevada businesses.
The agenda for the upcoming legislative session unveiled by Gov. Scott Walker promotes investment in technical schools to provide skill development and quickly fill critical needs of employers. The governor outlined a package of eight workforce development bills, which include funding for youth apprenticeships, tuition reimbursement for apprentices and employers, technical education incentive grants, and scholarships for students to attend technical schools. Much of the new investment would augment funding for existing programs.
Last week, the Massachusetts Institute of Technology’s (MIT) Production in an Innovation Economy (PIE) Commission released its findings from two years of research on how to remove the barriers that prevent the U.S. from turning its strengths in science and research into jobs, businesses and products. In order to ensure that American innovations reach the marketplace, the U.S. must rebuild its manufacturing sector, with particular focus on improving the support ecosystem for smaller advanced manufacturing firms, according to the commission.
Earlier this week, the Securities Exchange Commission’s (SEC) final rules allowing general solicitation went into effect. General solicitation broadly means the public advertisement that an entrepreneur or business is raising capital via the sale of securities (e.g., stock, loans, and bonds).
In contrast to last week's coverage of the Virginia gubernatorial candidates on issues that affect jobs and the economy, there are little specifics on the topic provided by either New Jersey candidate. Incumbent Gov.
Early data from a number of sources indicates that the venture capital market continued its resuscitation from the 2008 crisis during the third quarter of 2013. CB Insights reports that 857 venture deals representing $7.2 billion were completed last quarter, which, by their data, would be the highest rate of dealflow since the dotcom era. Other sources report a similar number of deals, but find that some quarters in recent years have been more active.
President Obama launched the Advanced Manufacturing Partnership Steering Committee “2.0.” Former SSTI board member Luis Proenza, president of The University of Akron is part of the steering committee chaired by Andrew Liveris, president, chairman, and CEO of the Dow Chemical Company, and Rafael Reif, president of the Massachusetts Institute of Technology.
In tech-based economic development circles, universities are frequently thought of as engines for regional economic growth, engines whose effectiveness is determined by the volume of research conducted and the ability of faculty and staff to turn discoveries into commercially available goods and services. The authors of two recent academic articles suggest that regional economies are also a key determinant of university success.
In acknowledgment of their work with private sector partners in their states and regions to support economic development, 16 public institutions were the first to be designated “Innovation and Economic Prosperity Universities” by the Association of Public and Land-grant Universities (APLU). Applicants for the designation conducted a self-study and solicited input from external stakeholders. Each applicant identified three areas of strength in economic engagement and developed case studies to reflect them.
U.S. adults are less proficient in basic reading, math and problem-solving skills than many of their international counterparts, according to the first Survey of Adult Skills from the Organization for Economic Co-operation and Development (OECD). OECD found that, overall, U.S. adults possessed below average proficiency in literacy, numeracy and problem solving in technology-rich environments.
New England led the country in total angel investment dollars during the second quarter of 2013, according to the Angel Resource Institute’s quarterly Halo Report. California continues to lead as the top market for angel deals with 17.3 percent of the national total. However, 70 percent of all deals in the second quarter were completed outside of California and New England, 10 percent more than in the previous quarter and the previous year. In contrast, more than half of all venture capital deals last year happened in those regions.
City finance officers were better able to meet financial needs in 2013 than in 2012 and, despite national economic indicators pointing to continued slow growth, improved conditions for city budgets are projected for 2014 and beyond. These are among the findings in the National League of Cities annual survey on city fiscal conditions. Sales and income taxes seem to be a bright spot for cities. In 2012, city sales tax receipts increased over previous year receipts by 6.2 percent, similar to growth levels seen prior to the recession.
A measure to amend the state securities laws in order to permit equity crowdfunding won approval in the Wisconsin Legislature following swift and unanimous passage in the Senate this week. The bill, called the Wisconsin Crowdfunding and Securities Exemptions (CASE) for Jobs Act, is aimed at providing better access to small business capital by connecting Wisconsin-based investors with startups through crowdfunding websites. Wisconsin now joins three other states, Georgia, Kansas and North Carolina, that have enacted similar securities exemptions.
Hoping to draw attention to declining federal funding for basic research, a nonprofit group of public and private research universities unveiled a report highlighting the success of 100 companies that trace their roots to a federally funded research university. Of the companies highlighted, 89 remain in business today, which is far better than the U.S. average new business survival rate of 50 percent after five years, the report notes. Moreover, 16 of the 20 youngest companies (less than five years old) also remain in business.
MassVentures, Massachusetts's pioneering quasi-public capital fund for early-stage technology companies, has announced that its portfolio companies have now attracted more than $1 billion from outside sources over the lifetime of the organization. MassVentures was one of the first state efforts in the U.S. to address the lack of investment capital for early-stage firms. Since its launch in 1978, the organization has leveraged $14 million in state funding to make $91 million in investments.
Commerce Secretary Penny Pritzker recently announced the first ten winners of the Make It in America Challenge, which provides grants to accelerate regional job creation and encourage business investment. Grantees will receive a total of $20.5 million for projects supporting regional economic development, advanced skills training, greater supply chain access and other projects. Funding for this round of awards is provided by the Economic Development Administration, the Labor Department's Employment and Training Administration, and the Delta Regional Authority.
A public-private investment of $1.5 billion to create a nanotech hub in upstate New York and a $250,000 educational investment in Illinois illustrate recent state efforts to elevate nanotechnology in workforce development. New York is putting $200 million toward the Nano Utica facility for purchasing new equipment. The initiative is being led by six global technology companies, and the facility will serve as a cleanroom and research hub for computer chip packaging and lithography development and commercialization.
Because universities are increasingly seen as hubs for regional economic development, many institutions are reorganizing their business engagement efforts to eliminate the barriers between universities and the innovation community. Recently, the University of New Hampshire, the University of Michigan Medical School and the University of Texas at Arlington all announced plans to streamline and redesign their innovation services, aiming to increase their contribution to regional job and business creation.
On October 25, 2013, the Securities and Exchange Commission (SEC) voted unanimously to propose rules under the JOBS Act that would permit companies to offer and sell securities to non-accredited investors through crowdfunding intermediary portals (crowdfunding portals). The SEC released a fact sheet that highlights several of the proposed rules for startups and investors who want to engage in crowdfunding that include:
Only six states have statewide measures on the ballot in 2013, which is 28 percent fewer than the average number of measures on the ballot in an odd-numbered year, as noted by Ballotpedia's executive editor. Tech-based economic development measures will be decided in at least two states — Missouri and Maine. Although not a statewide measure, Jackson County, MO, voters will be asked to approve a sales tax of one-half of 1 percent for 20 years to fund medical research and discovery across Kansas City.
People often remember stories, and telling stories can be an effective way to communicate success. But, as researchers have found, there is a craft to organizational storytelling whereby the story must work in conjunction with both logical-rational elements and the emotive and motivational features of the people involved. This lesson is an important one for small businesses and startups seeking to gain traction and staying power with their audience or customer. It also resonates for TBED practitioners who often struggle with clear and concise messaging in promoting economic growth.