The Biden Administration issued an executive order earlier this week that provides guidance on the safe, secure, and trustworthy development and use of Artificial Intelligence (AI) in the U.S. The EO includes guidance for agencies to work to provide new opportunities for small businesses and entrepreneurs in AI and other directives.
Despite a $4.1 trillion increase in annual output since 1987, manufacturing industries in the United States have been declining in both their labor productivity and share of output. The Bureau of Labor Statistics’ labor productivity (output per hour) index, tied to 2012 values, for manufacturing industries has dropped by nearly five points since its all-time high of over 101 in Q2 2013.
Not all publicly traded companies use savings from tax cuts the same way, NBER researchers James Cloyne, Ezgi Kurt, and Paolo Surico report in “Who gains from Corporate Tax Cuts? While changes in marginal tax rates and investment tax credits (ITC) can have significant effects on the behavior of publicly traded C-corporations, manufacturers and goods producers are much more likely to recirculate the savings into additional capital expenditure and employment than firms in the service sector. Publicly traded service sector companies typically use the proceeds from a tax cut to incr
By April of 2023, state legislatures had filed 99 anti-ESG bills, according to Reuters. Many of these bills are motivated by the perception that investors who prioritize environmental, social, and governance (ESG) compliance by companies in which they are investing are imposing their political beliefs on others.
Three states are holding gubernatorial elections this fall, with voters in one of those states (Louisiana) having already chosen a new governor to replace a term-limited incumbent. In the remaining states, Kentucky and Mississippi, elections will be held next week (Nov. 7), with the incumbents facing tough opponents in their reelection bids.
Manufacturing in the U.S. accounts for 90% of private-sector R&D, employs 80% of the nation’s engineers, and contributes trillions to the economy—according to Deloitte—with every dollar spent in manufacturing leading to an additional $1.81 added to the economy. However, despite its key importance, the U.S.
As the U.S. does not have a “skilled worker” visa like many other countries, the H-1B program is one of the only accessible ways for domestic employers to hire foreign, nonimmigrant labor in specialty occupations. The current statutory limit on new H-1B visas is 65,000 per fiscal year, with an additional 20,000 available for foreign individuals who have graduated with a master’s or doctoral degree from an institution of higher education within the U.S.
The CHIPS and Science Act (Act) established guardrails to prevent funding recipients from using the money to support the development of semiconductor manufacturing and technology in foreign countries of concern, including North Korea, China, Russia, and Iran. On September 25, 2023, the CHIPS Program Office CPO published the final rules for preventing improper use of CHIPS Act funding.
The National Institutes of Health (NIH) announced last week that it is adopting modified criteria in its grant review process beginning on January 25, 2024. The new system will continue to focus on the scientific merit of proposals (i.e., importance, rigor, and feasibility), while de-emphasizing criteria that may introduce bias into the review.
A proposed Department of Homeland Security (DHS) rule could herald significant changes to the H-1B specialty occupation worker program.
The U.S. Department of Commerce’s Economic Development Administration (EDA) announced the designation of 31 Tech Hubs in regions across the country and 29 Strategy Development Grants. This announcement marks the first phase of the new Tech Hubs program, an economic development initiative authorized in the CHIPS and Science Act and designed to drive regional innovation and job creation by strengthening a region’s capacity to manufacture, commercialize, and deploy technology that will advance American competitiveness.
The administration recently announced that seven regional clean hydrogen hubs have been selected to receive $7 billion in Bipartisan Infrastructure Law funding. The hubs are located in California, Delaware, Illinois, Indiana, Michigan, Minnesota, Montana, New Jersey, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Washington and West Virginia.
This week’s announcement of seven regional hydrogen hubs and $7 billion in federal money significantly increases spending in a technology that has seen modest private sector investment in hydrogen-related companies. Since 2013, investors—including angel, seed, and early- and later-stage VCs—have invested across $7,849.59 million across 366 deals with 340 companies related to the hydrogen industry sector, according to an SSTI analysis of Pitchbook data. Figure 1 below shows deal counts and capital invested by investment stage, 2000-2023 Q3.
SBA has recently announced four contract awards to small businesses and entrepreneur support organization (ESO) partners, expanding the SBA’s Regional Innovation Clusters (RIC) to 16 hubs nationwide. Two contract awardees are new to the program in 2023, while two others are returning awardees, positioned with new contracts to continue and expand work in their respective regions.
NIH recently announced awards for five Research Evaluation and Commercialization Hubs (REACH) to accelerate the creation of small businesses and the transition of academic research discoveries into products that improve patient care and enhance health. These new REACH hubs will support innovators from diverse personal, educational, and professional backgrounds across 76 non-profit research institutions spanning 12 states.
The new hubs are:
The 2021 BERD dataset reveals the highest level of business R&D spending on record. Since 2015, R&D expenditures have increased by 69% from $356 to $602 billion, representing an average annual growth of $41 billion or 9%. But what industries are contributing the most to this trend?
Federal innovation and entrepreneurship initiatives would receive substantial new funding under the text of the omnibus spending bill shared on the morning of Dec. 20 by the Senate Committee on Appropriations. The legislation, which totals $1.7 trillion and covers both regular FY 2023 appropriations and supplement funding, provides a total of $1.8 billion for programs authorized by this year’s CHIPS and Science Act and increases funding for multiple long-standing efforts — including each of the SSTI Innovation Advocacy Council’s priority programs.
Latino- and Latina-owned businesses represent the fastest growing demographic in the U.S. business ecosystem, growing revenues and creating jobs for all Americans, according to the Stanford Graduate School of Business.
Communicating Tech-based Economic Development
Oct. 31 @ 3 p.m. ET | Free
How do you explain your work to others? Explore this important and challenging topic with your peers during a TBED Community of Practice webinar. SSTI will share findings about public perception and interpretation of common TBED activities, such as that people think tech transfer means moving files to a new device, and facilitate a discussion with experienced state leaders and the audience about effective strategies to build public awareness and stakeholder support. You’ll log off with new ideas for communicating your work to partners, funders, legislators, and even your family.
An independent selection committee recently announced the incoming board of trustees that are expected to oversee a nonprofit entity that
Most states, businesses, families, and individuals spent the pandemic walking on the edge of a jagged economic cliff. Luckily, there were some guardrails in the form of fiscal recovery funds, disaster loans, paycheck protection, and childcare grants. These devices helped pull thousands back from the edge.
But now, with the pandemic emergency over, the cliff is still in sight, but the guardrails are gone. Without them, will states, businesses, and others tumble over the economic cliff? The answer may depend on how they used those guardrails during the pandemic.
The U.S. Department of Energy (DOE) recently announced up to $325 million for 15 projects to accelerate the development of long-duration energy storage (LDES) technologies. These demonstration projects will increase community control of local power systems, mitigate risks associated with disruptions to the grid, and help communities develop reliable and affordable energy systems.
NSF recently announced the first Experiential Learning for Emerging and Novel Technologies (ExLENT) investment of $18.8 million to 27 teams at U.S. institutions of higher education, including teams led by minority-serving institutions and historically Black colleges and universities. Each team will receive up to $1 million for up to three years.
The economies, the wellbeing, and the stories of the U.S. and China have become so intertwined and so interdependent that individuals not following global political-military-ideological studies might be excused for getting lost in the narrative, let alone following such a complex plot. There won’t be a simplifying explanation offered here, but there are a few new twists in the storyline SSTI wanted to share that may relate to the innovation investment, product development, and exit strategies for some parties within the TBED community.
The Department of Defense recently awarded six Defense Manufacturing Community Support Program (DMCSP) grants totaling approximately $30 million from the Office of Local Defense Community Cooperation (OLDCC). The DMCSP invests long-term in critical skills, facilities, workforce development, research and development, and small business support to strengthen the national security innovation base.