Search

Business research and development (R&D) intensity — private sector R&D expenditures as a percentage of total gross domestic product (GDP) — is an indicator of how interested businesses are in creating new products and processes. This edition of Useful Stats expands upon previous SSTI analyses of business R&D and applies the more standardized measure of “R&D intensity” to provide additional context on the private sector’s activities within states.

Yesterday, Treasury released the first clarifications for its State Small Business Credit Initiative (SSBCI) guidance. These frequently asked questions (FAQs) are intended to help states understand the program rules as they prepare their applications by the Feb. 11, 2022 deadline.

An SSTI analysis of business R&D employment data from the National Science Foundation’s recently updated 2019 Business Enterprise R&D (BERD) Survey finds that nationally in 2019, R&D employment at private businesses accounted for 8.6 percent of total employment. The states where the business R&D employment shares of total employment were the greatest in 2019 were Washington (20.9 percent); Massachusetts (19.3 percent); California (17.7 percent); New Hampshire (14.7 percent); and Michigan (12.7 percent).

The Community Development Financial Institutions (CDFI) Fund announced 265 financial and technical assistance awards totaling more than $180 million this week. Awardees in the FY 2021 round have headquarters in 43 states, D.C. and Puerto Rico. Financial assistance awards can be used by CDFIs to support additional loans and investments to businesses in underserved communities, while technical assistance awards can be used to build the CDFI’s own capacity.

In an effort to bring together entrepreneurship and innovation leaders from around the country and raise the collective success potential of American small businesses, the U.S. Small Business Administration (SBA) hosted its first innovation ecosystem summit last month. In her welcome message, SBA Administrator Isabel Guzman reinforced the Innovation Ecosystem Summit’s goal of reimagining the economy, leveraging the nation’s diversity, removing inequities, and building an economic future where ideas have a chance to flourish.

While the debate over how well Opportunity Zones (OZs) have performed and whom they most benefit remains far from settled, two uniting perspectives — a commitment to continuing increased investment in impoverished and vulnerable communities, and the desire for better data collection — may encourage lawmakers to make changes to the program.

The Association of University Technology Managers (AUTM) recently reported findings from its 2020 Licensing Activity Survey. The survey collects self-reported technology transfer activity volumes from universities, hospitals and other non-profit research institutions in the United States. The report highlighted a large increase in the number of patents issued in 2020 relative to 2019, with a growth rate of 15.6 percent. There was less clarity about changes in other metrics, however.

While income inequality has increased in many countries over the past 30 years, gathering public support to sustain momentum for reforms that address those inequalities is important, especially in recovering from the pandemic, says a recent report from the Organisation for Economic Cooperation and Development (OECD).

With a 20-year history, the Maryland Technology Development Corporation (TEDCO) is reporting an economic impact in 2021 four times greater than what they experienced in 2013. A new independent study found that its six core programs have provided “significant value” to the state’s start-up community, supporting over 10,000 jobs and more than $2 billion in statewide economic activity as of 2021. Meanwhile, BioCrossroads, a non-profit based in Indianapolis, has reported growth in its life sciences initiatives over the past 15 years.

The National Institute of Standards and Technology (NIST) has released a Request for Information (RFI) to help guide the development of eight emerging technologies.

Private sector investment into research and development (R&D) is a critical component of innovation, new product development, and regional economic vitality. As a substantial performer and funder of R&D in the United States, the strength of private industry’s R&D activity in a region can provide an indication of the region’s capacity for developing and bringing innovative technologies to market.

In a move designed to strengthen southwest Pennsylvania’s role in life sciences research, the University of Pittsburgh and Richard King Mellon Foundation last month announced a $100 million gift to help fund a bioresearch and development facility.

An inaugural report looking at the landscape of capital resources in Arkansas may be useful to others who are interested in examining the capital access in their state or region. The report will serve as a baseline for trends in public, private and philanthropic investments in entrepreneurship across the state and may be a useful resource as the state plans its State Small Business Credit Initiative strategy.

As the Economic Development Administration (EDA) continues to award its $3 billion allotment of pandemic relief funding made available by the American Rescue Plan Act of 2021 (ARPA), many states are taking aim at several specific areas of economic concern — while others are maintaining a broad perspective.

A job market that was struck an unprecedented blow with the pandemic became the focus of a recovery built on better jobs, not simply maintaining the status quo. And for workers across the country, myriad programs exist, or are being developed, to help them upskill or reskill as they seek new opportunities and adjust to changing demands of the labor market. Even as National Apprenticeship Week is underway this week, change is evident as the U.S.

The U.S. Census Bureau has recently announced that data collection has begun for Phase 7 of the Small Business Pulse Survey (SBPS). The SBPS measures the effects of changing conditions for small businesses (businesses that have a single location and under 500 employees) during the COVID-19 pandemic. This phase of the survey also includes new questions on changes in the use of digital technologies and in business, production, and management practices.

The U.S. Department of the Treasury will be meeting with SSTI members on Nov. 22 to discuss the State Small Business Credit Initiative (SSBCI). States, venture development organizations and numerous other tech-based economic development entities around the country are looking for information on how to best use the program to effectively support small business capital access in their regions.

Congress passed the bipartisan infrastructure framework, formally, the Infrastructure and Investment Jobs Act, and President Joe Biden is expected to sign it the week of Nov. 15. While small as a percentage of the trillion-dollar total, there are a number of proposed items that can support regional innovation economies, with broadband being the highest funded.

This edition of SSTI’s Useful Stats examines the expected allocation of approximately $8.5 billion in State Small Business Credit Initiative (SSBCI) funding by state and allocation category based on the Department of the Treasury’s recent guidance update.

The U.S. Department of the Treasury released long-awaited guidance on the new implementation of the State Small Business Credit Initiative (SSBCI). The rules provide preliminary guidance to states, territories and Tribal governments on permissible uses of $9.3 billion in funds to support small business capital access.

Gov. J.B Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) have announced a new project for interactive broadband mapping and speed test tools that is intended to help expand access to high-speed internet in communities across Illinois. The project entails the creation of the interactive Connect Illinois Broadband Map and the Illinois Broadband Lab.

A $7.17 billion Emergency Connectivity Fund (ECF) was established by the 2021 American Rescue Plan Act to help ease the educational impact on students of school closures in response to the Covid-19 pandemic. While much instruction transitioned to an online environment, many students were inadequately equipped to properly participate.

The U.S. Small Business Administration is hosting its first innovation ecosystem summit, a free virtual event that is open to all. The summit is expected to connect entrepreneurial support organizations (ESOs) that work with startups and small businesses — particularly those serving underrepresented communities — that are trying to build out and commercialize their technologies. The three-day summit takes place next week, Nov. 15-17.

As the manufacturing sector rebounds, it is expected to need over two million new workers over the next decade to meet supply shortages and increasing demand in sectors such as infrastructure, energy efficiency, and medical equipment.

National Apprenticeship Week (NAW) will see its 7th annual celebration from Nov. 15 to 21 this year. Key individuals in areas such as government, industry and education will host events that highlight the importance of apprenticeship in the workforce. These events will showcase how apprenticeship programs can address challenges such as supply chain demands, public health issues, and advancing initiatives in diversity and equity — especially amid the COVID-19 pandemic.