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Grant programs administered by the U.S. Economic Development Administration (EDA) under the Public Works and Economic Development Act (PWEDA) increasingly support projects to help distressed regions across the country to become more competitive in a science and technology-intensive global economy. The examples below of projects receiving federal PWEDA funds in just the past two months may help inspire similar innovation initiatives in other parts of the country.

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Median deal size from angel groups fell by 5.5 percent from $127,000 in 2016 to $120,000 in the first six months of 2017 (H1’17), according to the 2017 ARI HALO Report First-Half from Pitchbook and the Angel Resource Institute. In addition to a decline in median deal size, early-stage pre-money valuations also decreased from $3.6 million in 2016 to $3.5 million in H1’17.

State spending for the Oregon innovation economy during the 2017-2019 biennium in the Oregon Business Development Department received a sharp increase, thanks in part to nearly $14 million of funding for the new Oregon Manufacturing Innovation Center (OMIC).

Last week in honor of Veteran’s Day, the U.S. Department of Agriculture, states, universities, and various nonprofits announced new efforts that are intended to help U.S. veterans succeed as entrepreneurs and launch careers in 21^st century STEM-driven fields. From tax credits in Massachusetts to online training in data analytics, efforts will focus on providing veterans with the necessary training, education, tools, capital, and other resources to create a better future for those veterans, their families, and communities across the country.

Initial public offerings (IPOs) can alleviate financing constraints and help support important activities such as operations, R&D, and expansion. Despite these perceived benefits, new research finds that the transition to public equity – and the financial windfalls that follow – prompt many of a company’s early innovators to depart the firm, which has impacts on both innovation internally and at other firms.

Last week, Google announced the launch of several efforts as part of its Grow with Google initiative – a five-year $1-billion plus plan to invest in nonprofits that specialize in training workers and helping new businesses get off the ground. Through this new plan, Google indicated it will work to close the world’s education and opportunity gaps.

Through its  2017 Assistance to Coal Communities (ACC 2017) initiative, the Economic Development Administration (EDA) announced $30 million in funding to assist locally-driven efforts to communities and regions severely impacted by the declining use of coal through activities and programs that support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.

One of the hottest topics at SSTI’s 2017 Annual Conference centered on helping communities build the investment system necessary for local entrepreneurs and startups to thrive. Led by several panels of experts, the conversations led to sharing many great ideas, thoughtful solutions, and tough realities. This week we continue our series of stories on how TBED organizations can help communities ensure a vibrant investment system. This second installment focuses on effective strategies and ideas for building your organization’s investment team.

In a report of FY 2011-2016 data, the National Science Foundation finds that rate of female participants in its currently-funded Engineering Research Centers (ERCs) may be higher than for overall engineering programs. Specifically, participation among female faculty is better by about seven percent, by about 15 percent among female undergraduates, and a more modest 1-2 percent increase among doctorate students.

Support for the recently introduced Startup Act continues to build across the country. The legislation, profiled earlier in the Digest, would accelerate the commercialization of university research, improve the regulatory processes at the federal, state and local levels, and modernize a critical Economic Development Administration (EDA) program to promote innovation and spur economic growth.

Would you expect a community of 100,000 people to have less than one-half as much R&D activity as a community with 250,000 residents? Such a simple question cannot be considered without more information. You may ask which two communities are being compared.

Do state policies focused on growing opportunity through science, technology, innovation and entrepreneurship work? Which approach has more success: encouraging technology commercialization and entrepreneurship or building and filling incubators and research parks?  To try to answer these questions, new empirical research looks at the effectiveness of sustained state investments in technology-based economic development activities on high-technology job growth.

Columbus-based State Auto Labs, the innovation arm of the State Automobile Mutual Insurance Company, is collaborating with venture development organization Rev1 Ventures on a $25 million corporate venture fund to support innovation and entrepreneurship in the insurance industry. Through the partnership, Rev1 Ventures and State Auto Labs will help connect InsurTech and FinTech startups with resources such as capital, technologists, and industry experts.

While more Americans live in communities that are “prosperous” compared to “distressed,” large gaps persist across geographies, demographics, and educational attainment, according to a new report from the Economic Innovation Group (EIG).

Two states taking a fresh look at their economies convened task forces that recently released reports detailing efforts the states can make to improve their state’s economic futures. In Missouri, Gov. Eric Greitens asked an innovation task force to take stock of the state’s current standing and offer options to help businesses and innovators succeed.

In 2015, businesses spent 4.4 percent more on R&D performed in the U.S. than they did in 2014, reaching $356 billion total, the NSF reports. Of the total R&D expenditures in 2015, companies spent $22 billion (6 percent) on basic research, $56 billion (16 percent) on applied research, and $278 billion (78 percent) on development.

In the most recent round of Regional Innovation Strategies (RIS) funding, 42 organizations from 28 states were awarded $17 million to support the creation and expansion of tech transformation networks (i6 Challenge) and early-stage seed capital funds (the Seed Fund Support). In total, EDA’s awards leveraged over $22 million in private, state and local matching funds.

Senators Jerry Moran (R-Kan.) and Mark Warner (D-Va.) along with Senators Roy Blunt (R-Mo.) and Amy Klobuchar (D-Minn.)  introduced the Startup Act today – legislation that would help regions throughout the country address critical gaps between R&D and economic prosperity. SSTI has worked with the offices on sections of the bill that reauthorize and expand the Regional Innovation Strategies program and would implement a new commercialization grants program. SSTI supports the Startup Act (S.

Creative, digital, design and engineering occupations all have bright outlooks, along with architectural and green occupations, according to a recent report from Nesta, a global innovation foundation. Nesta took into account five major trends in mapping out how employment is likely to change in the future, and the implications for skills.

First observed in 2011, Manufacturing (MFG) Day started as a grassroots movement intended to draw the public’s attention to manufacturing and its career opportunities and has become an annual celebration meant to inspire the next generation of manufacturers. Since 2012, both public and industry participation in MFG Day activities have grown, as has its overall scope and goals.

Seventeen venture development organizations (VDOs) from across the country shared in the success from a baker’s dozen exits posted in Pitchbook during the third quarter of 2017.  Information tech companies lead the pack, but seven come from other sectors of the economy including life sciences, vehicle manufacturing, materials, polymers, robotics, and chemicals – demonstrating the important role VDOs may play in broadening innovation’s contributions to regional economies.

This week we begin a series on state legislation pertaining to the innovation economy that has been enacted this year around the country. This first installment of the States of Innovation 2017 series deals with clean and renewable energy.

On July 11, without Gov. Tom Wolf’s signature, Pennsylvania’s budget (HB 218) for FY 2018 became law. State lawmakers, however, are still in the midst of a stalemate over how to pay for a nearly $32 billion budget.