Pennsylvania's Tobacco Settlement Investment Board (TSIB) recently approved a commitment of up to $20 million to Birchmere Ventures III LP to invest in life sciences companies based in Pennsylvania. Birchmere Ventures III, a new fund jointly formed by Pittsburgh-based Birchmere Ventures and San Francisco-based Bay City Capital, will raise up to $150 million.
Virginia's Center for Innovative Technology (CIT) announced on Monday a new investment initiative to help close the capital gap for the state's early-stage technology businesses. CIT, a state-chartered nonprofit corporation, will launch the Growth Acceleration Program (GAP) on Dec. 15, 2003, to address the funding void created by a recent shortfall of angel capital.
To expand on the state's Centers of Innovation strategy, Gov. Sonny Perdue announced in November the creation of the Middle Georgia Aerospace Innovation Center (MAIC). The center is comprised of numerous partners, including the Georgia Department of Industry, Trade & Tourism's Office of Science and Technology, the University System of Georgia, private institutions and companies, and the Warner Robins Air Logistics Center (ALC).
With $90 million already secured in state and private support, a 400-acre automotive research campus to be developed by Clemson University promises to make South Carolina a hub of the nation's automotive and motorsports industry.
Federal laboratories' ability to contribute to local economic development efforts may depend most on the quality of technical and business assistance they can offer, suggests a new report issued by the U.S. Department of Commerce's Office of Technology Policy (OTP). The report, Partners on a Mission: Federal Laboratory Practices Contributing to Economic Development, documents nine programs that go beyond immediate laboratory missions to provide communities with greater access to lab technologies and facilities.
The Modernization Forum reported on Thursday that Congressional appropriators have agreed to gut the Manufacturing Extension Partnership (MEP), the main federal program serving America’s small manufacturers. The move came Wednesday night, despite the pleas of more than 300 members of Congress who supported $110 million in letters to the CJS Subcommittee. The U.S. has lost 2.5 million manufacturing jobs since the beginning of 2001.
Despite more than a year of economic recovery, the economies of well-performing states are still stressed by higher unemployment, lower wage jobs, slower pay growth and declining employer-provided health coverage, reports the Corporation for Enterprise Development (CFED). In its seventeenth annual Development Report Card for the States, the nonprofit, nonpartisan think tank observes many American families also are still struggling financially.
The University of Arizona Office of Economic Development (UA OED) has released its annual report card on economic growth and development in the Arizona-Sonora region. Funded by the Arizona-Mexico Commission and the Arizona Department of Commerce, Regional Economic Indicators: Arizona-Sonora 2003 monitors economic changes in the Arizona-Sonora region via 33 indicators across four broad areas:
New figures on the proportion of foreign-born workers in science and technology occupations suggest the federal government must "act now" to meet future needs in science, engineering and technology fields, a new National Science Board (NSB) report argues. A sampling from 2000 census figures indicates a larger than previously known percentage of degree-holding, foreign-born professionals working in the U.S.
DOE Releases 20-Year Strategic Plan
Last week, U.S. Department of Energy (DOE) Secretary Spencer Abraham outlined the Office of Science's 20-year science facility plan, a roadmap or "wish list" for future scientific facilities to support the department’s basic science and research missions. The plan prioritizes new, major scientific facilities and upgrades to current facilities.
The National Institutes of Health (NIH) recently released a table presenting the top 100 cities for NIH awards in FY 2002. Boston and New York City are the only two cities to receive more than $1 billion in NIH funding. Boston’s lead shrank from $140 million in FY 2001 to $14 million in 2002.
For the fifth consecutive quarter, venture capital (VC) investments in the U.S. hovered around the $4 billion range, showing a sign of stability, according to two independent reports. The reports affirm the industry's shift in focus away from information technology and toward the life sciences.
Biotechnology is projected by many to be the "next big thing" for economic growth — and money is following the hype. Congress has over the last several years accomplished the goal of doubling the budget for the National Institutes of Health, already the nation's largest funder of life science research.
In 2002, angels invested $15.7 billion in entrepreneurial businesses in the U.S., according to the Center for Venture Research. Yet – until now – there was no organization to establish best practices or collect data on how to maximize the performance of groups of angel investors.
Can universities, foundations and funding agencies, local governments and nonprofits work together to mainstream research and evaluation while improving program operations?
Iowa: Davenport Sells City Land for Tech Incubator
The National Science Foundation (NSF) has released a statistical report on Science and Engineering Doctorate Awards: 2002. The data show trends in science and engineering (S&E) doctorate awards by S&E field and recipient characteristics, institutions awarding doctorates, and postgraduation plans of recipients.
An educated workforce is one of the elements required for a knowledge economy, but not all of the critical jobs require a Ph.D. or even a B.A. Few would dispute, though, the importance of successfully completing high school.
Seats Available for Developing Angel Organizations, Financing TBED Workshops
Approximately $350 million in grants recently awarded by one of the nation's leading biodefense research agencies are intended to lessen the effects of any future bioterror attack. Administered by the National Institute of Allergy and Infectious Diseases (NIAID), the funding will be spread over five years for establishing eight Regional Centers of Excellence for Biodefense and Emerging Infectious Diseases Research (RCEs).
Specialization may be the key to successful economic development strategies based on the life sciences, suggests the September issue of the fedgazette, published by the Federal Reserve Bank of Minneapolis. This month's entire e-zine focuses on two issues of importance to many state and local tech-based economic development professionals — biotechnology and clusters.
The availability and use of equity capital for early-stage investments varies greatly across the country. Seen as an integral component of most tech-based economic development, access to venture capital (VC) is on the agendas of several states — but several different approaches are used to address the problem. Recent announcements in four states illustrate the point:
A new study examining the post-Sept. 11 economy of New York argues the city's traditional approach to economic development, one which has banked on a few favored sectors such as financial and business services, is outdated and should be reconceived.
Nineteen projects figure to share in the $23 million awarded last week by the U.S. Department of Agriculture (USDA) and the Department of Energy (DOE) for biomass research, development and demonstration activities.
Two new grants, each greater than $1 million, have been awarded by the National Science Foundation (NSF) to study the societal implications of nanotechnology — the emerging discipline that seeks to control and manipulate matter on a molecular scale. The grants are the largest awards the foundation has ever devoted exclusively to research in societal implications.