John Lettieri, co-founder of Economic Innovation Group (EIG) and its senior director for Policy and Strategy, and Pamela Lewis, the director of the New Economy Initiative (NEI), have joined the speaker line-up of the SSTI Annual Conference, Innovation with Purpose: Shaping Future Opportunities, as part of the Bold Ideas for Innovation with Purpose opening plenary session.
The U.S. Department of Agriculture (USDA) announced the launch of the McLarty Capital Partners’ Rural Business Investment Company (RBIC) – a new private investment fund with the potential to inject $100 million into growth-oriented, small businesses across rural America. As the fifth RBIC to launch since 2014, McLarty Capital Partners’ RBIC is part of the Made in Rural America initiative, an ongoing effort by the Obama administration to attract private sector capital to investment opportunities in rural America and drive more economic growth in rural communities.
Despite Brexit and political uncertainty in the U.S., stability is returning to the global VC market as investors shift from new unicorn chasing and a renewed interest in global initial private offerings (IPOs) by late-stage startups, according to a new report from CB Insights – Venture Pulse Q3 2016.
With the visionary language of large federal initiatives like the “Cancer Moonshot” or provocative branding such as “NIH…Turning Discovery into Health®” and the National Institute of Health website further touting “revolutionary ideas often come from unexpected directions,” one might assume an equally ambitious approach is being taken to ensure federal life sciences research is going toward research with the most promise for positive impact and scientific a
Whether measuring the nature of the economy or determining the impact of economic development programs, finding the right indicators and metrics is critical. And a new set of questions is arising for economic development practitioners: Who gets credit for impact when multiple organizations provide services to the same company? When impacts may be long-term, what is the best way to gauge success in the short term? These and other questions will be explored during the conference session on Measuring Impacts: Where We Stand and Where We Need to Go at this year’s annual SSTI conference.
The majority of Americans say new skills and training are critical to their future job success and to remain competitive in changing workplaces, according to a new report issued by the Pew Research Center in association with the Markle Foundation. This was particularly true for individuals working in STEM occupations, where roughly two-thirds of employed adults responded that ongoing training and skills development would be essential to their development.
Between 2010 and 2015, the vast majority of metro areas experienced growth in gross metropolitan product (GMP), led by energy-intensive regions such as Odessa, TX, and Bismarck, ND, according to an SSTI analysis of recently released data from the U.S. Bureau of Economic Analysis (BEA). The Elkhart, IN, and San Jose, CA, metropolitan areas experienced the largest increase in GMP per capita over the same period.
Practitioners in the technology-based economic development field often face questions about what they do, or what the field entails. The answer can be a challenge. Is it attracting high-quality jobs and businesses to an area, finding capital to finance science and tech startups, STEM education support, educating a new workforce, bringing research ideas to the marketplace, partnering with other organizations to achieve all those goals? It can be a mouthful, and it can be difficult to convey all those ideas in simple terms.
While the number of companies receiving venture capital (VC) backing continues to decline, the amount of money invested remains near record levels. As of Q3, the annual investment total for 2016 is approximately $56 billion invested across 6,000 companies.
While academics and policymakers have rushed to embrace venture capital (VC) investors, they have had a tendency to neglect other entrepreneurial financiers (specifically angel investors) who critically affect the success and growth of new ventures, according to a new study from Josh Lerner of the Harvard Business School and Antoinette Schoar of the MIT Sloan School of Management.
The Federal Trade Commission (FTC) issued a report calling for reforms aimed at patent “trolls” to help lower the number of frivolous lawsuits filed by shell companies, a move welcomed by the tech industry that has pushed for reform because of the cost of lawsuits that result from the activity and its negative effect on innovation, research and development.
The National Science Foundation (NSF) is seeking preliminary proposals for $18.5 million in funding to support the Smart & Connected Communities (S&CC) program. The NSF expects to make 18–29 awards in the following four categories:
Cornell University has been selected to host a new Innovation Corps (I-Corps) node through a grant provided by the National Science Foundation (NSF). It, along with four other existing hubs, received new grants ranging between $3.4 million and $4.2 million to be awarded over a five-year period. The I-Corps nodes are designed to support research and innovation and teach entrepreneurship in higher education.
The U.S. Department of Commerce’s Economic Development Administration (EDA) announced a number of grants last week to aid regional innovation and entrepreneurship efforts through infrastructure improvements, the creation of new spaces, and business improvements in regions across the country. The grants fund projects in AR, AZ, CA, ME, MI, and OH.
Critical issues for the innovation economy seemed to play a prominent role early in this presidential campaign cycle. Bernie Sanders pushed to make college debt free, Republicans incorporated H-1B visas into their immigration stances and Hillary Clinton proposed a platform to support innovation. After one presidential and the vice-presidential debate, however, innovation, technology and education have received very limited attention. However, moderators for Sunday’s debate will be looking at the top 30 questions voted on by the public for possible inclusion in the next debate. The current top 30 suggestions indicate the public wants to hear answers to real policy questions, including a few on the economy and education. There is still time for you (and colleagues, friends, etc.) to help ensure that some of the more relevant items are selected.
Although much has been written on the value of immigrant entrepreneurship, relatively little research to date focuses on strategies for supporting these individuals. Welcoming America, a national nonprofit and non-partisan organization focused on immigrant inclusion, has addressed this gap by releasing a how-to-guide for those interested in supporting immigrant entrepreneurship in their cities. Produced with Global Detroit, an initiative focused on southeast Michigan’s international community, Seeds of Growth describes practical ways for regions across the nation to leverage opportunities associated with including immigrant entrepreneurs in local economic development strategies and programs.
More than 48,500 are employed in West Virginia’s STEM-related fields, according to an October survey, A Survey: STEM Jobs in West Virginia in 2015, commissioned by TechConnect WV and the West Virginia Department of Commerce.
After an extremely strong venture capital market in 2015, the industry seems to show the signs of a decline driven by both cautious and fatigued investors. Three recent studies from Pitchbook and CB Insights indicate that there are several reasons why venture capital firms and other investors have been more cautious so far in 2016 including: mixed economic growth numbers; a volatile political climate; and, more security in private markets.
Venture development organizations are reaching into new territory for funding partners and finding success in innovative models. Two new funds, the San Diego Tech & Life Science Investor Syndicate and Rev1 Fund I in Columbus, OH, have recently opened with less traditional funding sources, testing the waters of crowdfunding and heavy corporate backing, respectively. The San Diego fund, launched by CONNECT, allows anyone wanting to invest $1,000 the opportunity to participate alongside more experienced lead investors.
Because existing evidence points to the presence of broadband as having a positive connection to the economic health in rural areas, numerous states and the federal government have made increasing broadband in these places a top priority. In particular, many rural areas view broadband as an important tool in attracting entrepreneurs and other creative-class employees. Although this tactic is well intentioned, new research suggests that the association between expanded rural broadband availability and the proliferation of entrepreneurship and creative-class employees may not be as strong as one might think, and that the relationship may actually be negative.
The Economic Development Administration (EDA) requests public comment on the overarching regulatory framework for the Regional Innovation Program. Comments should focus on the structure and implementation of the Regional Innovation Program, including Regional Innovation Strategies (RIS) grants.
Millennials internalized the effects of the most recent recession and revealed their beliefs about the economy and jobs future in a recent poll conducted by EY, a professional services company, and the Economic Innovation Group. Nearly one-third believe their community is still in a recession and 78 percent are worried about having good-paying job opportunities, according to the poll.
Students at several California community colleges as well as California State University (CSU) campuses have access to a new incentive to graduate in four years through new state “promise” programs. Gov. Jerry Brown Jr. signed SB 412 and AB 1741 creating “promise” programs that act in conjunction with a new 2025 Graduation Initiative, aiming to boost the number of students graduating from those institutions in four years to 40 percent. Success in the programs is intended to help address future workforce needs of California and improve achievement gaps.
U.S. research and development (R&D) performance rose to $477.7 billion in 2014 – an increase of $21.1 billion over 2013, according to a recent National Science Foundation (NSF) InfoBrief. When adjusted for inflation, growth in U.S. total R&D performance (1.2 percent annually between 2008 and 2014) matched the average pace of U.S. gross domestic product (GDP).
The U.S. Department of Commerce has announced that 30 individuals will serve in the third membership cycle of the National Advisory Council on Innovation and Entrepreneurship (NACIE). NACIE, which was established in 2010, advises the secretary of Commerce on transformational policies to help communities, businesses and the American workforce become more globally competitive.