The pace of business startups in the U.S. has exhibited a long-run decline that started in the early 1980s and has continued through 2010, according to a new report — Where Have All the Young Firms Gone? — from the Kauffman Foundation. Using data from the U.S. Census Bureau's Business Dynamics Statistics (BDS), the report found several other long-run declines in the business activity of U.S.
Registration is now open for the National Institutes of Health's (NIH) 14th Annual SBIR/STTR Conference in Louisville, KY, May 30-June 1. This year's event, titled "The Changing Face of SBIR/STTR," will provide insight into NIH funding opportunities and program changes.
Throughout our travels across the country, SSTI always is impressed by the important work TBED organizations are doing to improve economic conditions for their state or region. Many of these organizations have been around for decades, and continue to innovate and evolve, while others are just getting off the ground with a creative approach. SSTI seeks to honor these initiatives as part of the 2012 Excellence in TBED awards program.
New Hampshire's University System and Community College System recently committed to increasing the number of science, technology, engineering and mathematics graduates 50 percent by 2020, and then doubling that number by 2025. Currently, the two systems together graduate about 1,120 STEM students each year. Specific steps include the creation of new transfer pathways, cross-institutional sharing of facilities, staff and faculty and partnerships with the state's employers.
This week, the Puerto Rico Broadband Taskforce and Connect Puerto Rico, a subsidiary of Connect Nation, unveiled a comprehensive strategy to expand access to broadband services and improve the quality of Puerto Rico's high speed data infrastructure. Currently, about 14 percent of Puerto Ricans lack access to any broadband services, compared to 5 percent of U.S. households. Data transfer speeds also are much lower than in the U.S., stifling business development, investment and innovation.
Workers who pursue manufacturing jobs likely are to earn premium wages and benefits and find work in STEM fields, thus improving their skills and directly contributing to the nation's competitiveness, according to The Benefits of Manufacturing Jobs from the Commerce Department's Economics and Statistics Administration. On average, total hourly compensation, including benefits, is 17 percent higher for manufacturing workers compared to non-manufacturing workers.
For the third year in a row, technology startups met or exceeded their revenue targets according to Startup Outlook 2012 — a new survey from the Silicon Valley Bank. Nearly 64 percent of surveyed startup executives said revenue performance in 2011 was at or above target levels. This will lead to jobs with eight out of 10 companies surveyed intending to hire in 2012.
Tom Walker is departing i2E to join TechColumbus as CEO. Walker, a founding member of i2E, has served the private nonprofit for 14 years. Walker replaces Tim Haynes, who has been serving as interim CEO.
Mark Herzog will step down as executive director of the Virginia Biotechnology Association on June 1. Herzog will serve as senior vice president for corporate and government affairs at Health Diagnostic Laboratory, a Richmond-based company that conducts clinical tests.
The Obama Administration has released details on this year's $26 million Advanced Manufacturing Jobs and Innovation Accelerator Challenge, a multi-agency initiative to assist in the development and implementation of regionally-driven economic development strategies that support advanced manufacturing and cluster development. The challenge will fund approximately 12 new awards, each with a project period of up to three years. The deadline for applications is July 9, 2012.
Although the U.S. has been at the forefront of the life sciences revolution, a lack of sustained federal funding in biomedical research and intensified competition are threatening its global leadership, finds a new report from the Information Technology and Innovation Foundation (ITIF). Another problem for the U.S. is a lack of consistency and predictability in the level of biomedical research funding — particularly through the National Institutes of Health (NIH).
Several SSTI members met yesterday with Sen. Moran (R-KS), his staff, and staff for Sens. Coons (D-DE) and Rubio (R-FL) to express support for the creation of a fund to commercialize university-developed technology, and also encouraged the bill's sponsors to broaden eligibility for funding to include public and nonprofit organizations working with institutions of higher education to commercialize technology. SSTI as part of its efforts in DC will be working on this issue over the coming months.
A program envisioned nine years ago as a $1 billion endowment that would transform Oklahoma into the research capital of the Great Plains was eliminated last week by the legislature. The Economic Development Generating Excellence Fund, or EDGE Fund, which provided grants to high-tech companies, was unable to secure a long-term financial commitment from the state following an initial appropriation of $150 million in 2006. The balance of the fund, about $161 million, will be transferred to Oklahoma universities for the endowed chairs program to fund academic positions and research.
It's easy to recognize a great thing when you see it. Over the years, judges of the SSTI Excellence in TBED awards program have seen promising tech-based economic development initiatives worthy of showing off to the community. If your organization is working toward improving economic conditions through a creative approach, we want to hear about it. This is a great opportunity to capture national recognition and secure support for your program. Judges also look for strategic partnerships and a well-defined action plan.
House lawmakers fell short of overriding Gov. Paul LePage's veto of a $20 million bond for R&D projects that would have gone to voters in November following passage in the legislature earlier this month. The money would have been used by the Maine Technology Institute to provide competitive grants to businesses, nonprofit organizations, university research labs and others for R&D and commercialization projects through the Maine Technology Asset Fund (MTAF).
This week, both the U.S. House and the Senate Appropriations Subcommittees on Commerce, Justice, Science and related agencies (CJS) approved FY13 funding legislation supporting several key TBED agencies.
Massachusetts House leaders introduced a bill earlier this week calling for funding to support R&D at universities and research centers, manufacturing grants and workforce training, and a venture capital mentoring program for startups. The measure is touted as a jobs bill to stimulate the state's sluggish recovery by focusing on high-growth sectors of the economy.
As global economies shift, developing nations are attempting to transition as suppliers of raw materials to nations that are producers of value-added goods. Africa has been a major supplier of raw materials to the developed world. However, it drastically lagged behind in the production of valued-added goods. Recently, African nations have attempted to reinvent their economic development efforts from suppliers to producers by developing programs to grow tech-based economies.
Sens. Moran (R-KS), Warner (D-VA), Rubio (R-FL), and Coons (D-DE) introduced legislation on Tuesday that would continue to spur the economy through the creation of new businesses. Senate Bill 3217, also known as Startup Act 2.0, expands on the initial Startup Act introduced by Sens. Moran and Warner in December, and builds on the success of the JOBS Act passed with bipartisan support in both houses and signed by President Obama earlier this year.
Two common themes emerged in a trio of reports aimed at growing the bioscience sectors in Indiana, New York and Pennsylvania: the need for a sustained financial commitment from the states and the importance of a shared vision and better communication between policymakers and industry leaders. In all three reports, the authors say the payoff is big for the states. The bioscience and life science industries support high-wage jobs and attract significant federal funds.
Indiana
Angel investment increased by 12.1 percent in 2011, according to the latest release from the University of New Hampshire's Center for Venture Research. Much of this investment came from new investors and investors who had not been active in 2010. Last year, the number of active angel investors grew 20 percent, leading to increases in investment dollars, deals and average deal size. Seed and startup stage businesses were the target of 42 percent of angel deals, up from 31 percent in 2010.
Life sciences advocates in Arizona are celebrating the passage of HB 2272, a measure to tighten open records laws that require details of intellectual property be disclosed. Passage of the legislation will protect against the loss of current research contracts or the possibility of missed opportunities due to concerns over the state's previous law, according to a statement by the Arizona Bioscience Industry Association (AZBio).
Dun & Bradstreet Credibility Corp. (Dun & Bradstreet) announced the launch of the Entrepreneurial Growth Initiative, a program that will sponsor business plan competitions at universities and colleges across the nation. The top place teams in both undergraduate and graduate programs will receive an award — including Dun & Bradstreet's suite of products — to help their enterprises establish and build business credit. Dun & Bradstreet also will donate discounted products and services to students, staff and alumni at participating schools.
The U.S. attracted $48 billion in clean energy investment in 2011, reclaiming the top spot from China, according to a new report from the Pew Charitable Trusts. Pew attributes substantial increase in U.S. investment (up 42.4 percent over 2010) to a rush of spending as investors took advantage of Recovery Act programs before they expired at the end of 2011. In China, which led last year's ranking, investment modestly increased to $45.5 billion. With the end of U.S. stimulus programs, China appears well situated to regain the top spot this year.
Lawmakers last month approved a $19.3 billion state budget for FY13, which includes funding for many of the recommendations from a task force convened by Gov. Nathan Deal to enhance the state's innovation economy. Specifically, the budget boosts funding for the Georgia Research Alliance (GRA) to recruit researchers and allocates $5 million for cancer-related research. The legislature also passed a measure expanding the Georgia Jobs tax credits and R&D tax credit.
An increase in tax receipts driven mostly by sales and income tax has improved the fiscal outlook for state and local governments in the near term. However, a new report from the Government Accountability Office warns of a widening gap between revenue and spending that is expected to grow significantly over time due to projected increases in health-related costs. Substantial policy changes at the state and local level are needed to maintain fiscal balance over the long term, the report finds. Read the report...