NSF has announced 10 projects as the first cohort of Regional Innovation Engines. The 10 project teams span 18 states. Each of the 10 teams will receive $15 million for the first two years of the awards and could receive $160 million over the full ten years dependent on availability of funding and successful performance.
The 10 inaugural NSF Engines are:
South Carolina Research Authority (SCRA), a public, non-profit corporation chartered in 1983 by the State of South Carolina , had over a $1.19 billion impact on the state’s economy in 2023.
A spate of super-sized donations has recently benefited various organizations and higher education institutions. They include what is reported as the largest single contribution to a historically Black college or university (HBCU), $100 million to UNCF, and $350 million from the Lilly Endowment, Inc. for projects in Indiana.
The White House recently published a data tool, accompanied by a downloadable excel file housing two datasets, with recent investments from the Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act (IRA). The tool and data provide a view of the spending that is occurring across the United States from the two acts. In addition to a categorical breakdown of awards, agency, department, project name, funding source, and more are available for each award.
The United States has one of the most diversified economies of any nation, yet also the most dynamic; over the past five years, from 2018 through 2022, the U.S.’ agriculture, forestry, fishing, and hunting industry has grown 53%, while other industries such as manufacturing and construction have grown at a slower pace—17% and 23% respectively—compared to a 25% increase in overall gross domestic product.
A working paper by a team of Harvard-affiliated researchers presents challenging findings for growth equity impact investors. Given the potential alignment between this sector of the market and publicly funded capital access programs (including many venture development organizations and the State Small Business Credit Initiative), this research may find its way into public policy debates. The paper, which has not yet been published in an academic journal, also contains several shortcomings in its approach that should caution any stakeholders from acting on its findings alone.
In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, the common themes from Hawaii, Massachusetts and North Dakota were addressing the cost of housing. Hawaii and Massachusetts governors discussed addressing climate change, and North Dakota’s governor called for the creation of a new office focused on rural communities. The following highlights have been excerpted from State of the States or budget addresses given between January 17, 2023 and January 23, 2024. Additional addresses and states will be covered in future Digest issues.
The NSF Directorate for Technology, Innovation, and Partnerships (TIP) is accepting EArly-concept Grants for Exploratory Research (EAGER) proposals that will advance the state of the art in assessing place-based innovation's societal and economic impacts. This funding opportunity aims to address gaps in publicly available data and associated knowledge to adequately and appropriately benchmark activities in place-based innovation grounded in integrating research and development, translation, and workforce development.
Income inequality in the U.S. has increased from 2006 to 2022, according to American Community Survey (ACS) data. While it’s increased in the nation as a whole, it decreased in North Dakota, Washington, Hawaii, Nebraska, and Montana from 2018 to 2022. New York and Washington, D.C. lead the nation in income inequality. This edition of Useful Stats explores state-level Gini index data from the U.S.
The U.S. Securities and Exchange Commission (SEC) adopted a final rule last night, by a 3-2 vote that would require prospective special purpose acquisition companies (SPACs) to disclose their sponsors, compensation, target companies, and conflicts of interest and to require SPAC targets to register with the SEC.
In this week’s continuing coverage of gubernatorial addresses as they impact the innovation economy, New Mexico Governor calls for $170 million to bolster hydrogen, geothermal and next-generation battery storage. Rhode Island Governor proposes building a new life science school at the University of Rhode Island and cybersecurity bond to grow Rhode Island College’s cybersecurity program. Meanwhile, West Virginia’s governor proposes increasing spending to attract people to move to the state.
The workforce is growing older, and that’s very likely a good thing for U.S. productivity. Various statistics reveal the active workforce over 65 is more likely to have higher education levels than historically, working at a 0.75 full-time equivalent rate on average, and is working for lower wages on average than younger workers.
Artificial intelligence (AI) is already well integrated into the American workforce; in 2022, 19% of American workers were in jobs identified as most exposed to AI, compared to 23% in the least exposed jobs, according to a study by Pew Research. Jobs identified as most exposed are those in which the most critical responsibilities can either be replaced or assisted by AI.
NSF recently released updates on two ways of profiling trends in science and engineering at the state level: Science and Engineering State Profiles and Science & Engineering Indicators.
Since 1980, billion-dollar climate disasters in the United States have increased an astonishing 749%, from averaging 3.3 throughout the 1980s to 28 in 2023 alone. These data from the NOAA National Centers for Environmental Information include floods, wildfires, droughts, severe storms, tropical cyclones, and winter storms.
Last week (Jan. 3), Maryland’s state comptroller released the state’s first State of the Economy report.
With the start of the new year, governors have begun to deliver their State of the State addresses, laying out proposals for new programs and discussing the conditions of their states. As states’ revenue levels return to more typical levels, lawmakers, with a few exceptions, are taking a more cautious, or constrained, view of their funding priorities and proposed initiatives.
In 2021, U.S. microbusinesses reported $8.1 billion in research and development (R&D) expenditures, of which the microbusinesses themselves performed 75% ($6.1 billion) The $6.1 billion in microbusiness-performed R&D represents an increase of 9% over the prior year and 17% since 2019. Microbusinesses are those with nine or fewer employees.
The U.S. Small Business Administration (SBA) announced the 2024 Growth Accelerator Fund Competition (GAFC) on January 8. The competition offers $50,000 to $200,000 in prize awards “for impactful and inclusive approaches to foster a thriving, collaborative national innovation support ecosystem to advance research and development (R&D) from ideas to impact.” The competition is not intended to provide capital directly to companies for R&D projects. The prizes will be awarded in two stages.
The U.S. Department of Commerce's Economic Development Administration (EDA) recently announced the 22 finalists of the Distressed Area Recompete Pilot Program (Recompete) and 24 Strategy Development Grants. Recompete, authorized through the CHIPS and Science Act, targets the hardest-hit and most economically distressed areas of the country, specifically ones where prime-age (25-54 years) employment is significantly lower than the national average.
The National Science Foundation recently announced awarding more than $100 million to 18 teams at academic institutions across the nation through the Accelerating Research Translation (ART) program. An NSF press release states, “NSF's investment will enable academic institutions to accelerate the pace and scale of translational research that will grow the nation's economy.”
The U.S. Department of Energy (DOE) recently announced the Office of Critical and Emerging Technology launch. A DOE press release explains that the office has been created “to ensure U.S. investments in areas such as artificial intelligence (AI), biotechnology, quantum computing, and semiconductors leverage the department’s wide range of assets and expertise to accelerate progress in these critical sectors.”
A new report from NASBO (National Association of State Budget Officers), State Expenditures Report for Fiscal Years 2021-2023, finds while spending remains elevated compared to pre-pandemic levels, it is starting to slow. Spending from states’ funds rose 12.3% in FY2023 as a result of states spending surplus funds.
Research and Development (R&D) is an essential component of innovation and economic growth, where higher education institutions play a key role. However, with these institutions being responsible for funding just a quarter of all HERD expenditures, it is important to see the influence of outside funding sources on the fields of R&D.