Tech Talkin' Govs, Part V
NY Governor Wants to Create Regional Councils, Consolidate NYSTAR
Gov. Andrew Cuomo announced plans to direct $200 million in existing funds to establish 10 regional economic development councils to allocate funds and provide business assistance programs across the state. At the same time, the governor would consolidate programs supporting high-tech companies currently administered by the New York State Foundation for Science, Technology and Innovation (NYSTAR) with the Empire State Development Corporation (ESDC) — a move he says will eliminate duplicative functions and save the state $1.9 million in the coming year.
Spending Plans in IA and MA Seek to Balance Cuts with Job Creation Efforts
Deep cuts to higher education and reorganizing economic development efforts are common themes in executive budget proposals across most of the country as governors seek to both reduce spending and create jobs. Iowa Gov. Terry Branstad recently introduced legislation to replace the state's existing economic development agency with a public-private partnership. Meanwhile, his budget eliminates the Iowa Power Fund, established by the legislature in 2007 to invest in private sector renewable and alternative energy industries. In Massachusetts, Gov.
Tech Talkin' Govs, Part IV
MD Gov Proposes $100M Venture Fund; Recommends 19% Increase for Stem Cell Research
Gov. Martin O'Malley last week unveiled details of his proposed $100 million venture fund announced last year during his re-election campaign as an initiative to grow the state's knowledge-based industries, particularly within the life sciences sector (see the June 9, 2010 issue of the Digest).
University-Based Research Initiatives Face Severe Reductions in Georgia Budget
Funding for university-based research initiatives would be cut significantly under Gov. Nathan Deal's proposed FY12 budget as the governor aims to close a projected deficit of nearly $1 billion. The Georgia Research Alliance (GRA), a nationally recognized model for creating and sustaining tech-based economies, would receive $4.5 million in FY12, a 75 percent reduction from the current year. The governor's budget also would transfer GRA funds to the Department of Economic Development, a move that would align TBED with the state's more traditional economic development efforts.
Investments in University Research, TBED Consolidation Sought in Kansas
While seeking to spur economic growth through new investments in university-based research, Gov. Sam Brownback also proposes to consolidate the efforts of a longstanding program recognized for creating high-wage jobs and diversifying the state's economy. Under the governor's FY12 budget proposal, many of the programs currently managed by the Kansas Technology Enterprise Corporation (KTEC), which provides dedicated support for researchers, entrepreneurs and technology companies, would be transferred to the Department of Commerce.
Tech Talkin' Govs, Part VI
MI Budget Seeks to Reform Economic Development Incentives
With no significant boost in funding for Michigan's economic development efforts proposed in the executive budget, Gov. Rick Snyder outlined steps to reform the way businesses are incentivized and modify the state's approach to job creation by better supporting local and regional initiatives as a means to transform the state's economy.
Budget RoundUp: States Seek Modest investments for S&T
Governors in several states recently unveiled spending proposals for the upcoming fiscal year or biennium. While fiscal conditions in most states remain fragile, new or continuing investments focused on science, technology and innovation were introduced as pro-growth measures to aid in states' recovery efforts. With the exception of New York Gov. Andrew Cuomo's ambitious economic development plan (see the Jan. 9 issue of the Digest), most of the proposals were on the modest side.
How Effective Are State Angel Tax Credits?
Last week, the SSTI Weekly Digest offered an overview of the many TBED-focused tax incentives currently under consideration in a number of state legislatures. Tax credits for research and development and for angel capital investment, in particular, appear to be under consideration in many parts of the country. At the same time, there appears to be a renewed emphasis on transparency in the operation and effectiveness of these kinds of tax credits.
TBED and the 2012 Ballots
Voters in 37 states will decide on more than 170 ballot measures this year, many of which are related to tech-based economic development (TBED). Tax measures seem to be dominating ballots this year, with questions relating to both decreases and increases for sales, property and income taxes. Several states are counting on voters to agree to temporary increases to help fill budget deficits and ensure steady funding for education.
Maryland Innovation Initiative Announces Initial Slate of Programs
Maryland's Innovation Initiative (MII), launched earlier this year, unveiled two inaugural programs on Monday aimed at commercializing technologies at the state's universities. The new Innovation Discovery Program will help universities identify promising technologies and potential collaborations by reimbursing them for the costs of employing on-site, part-time "site miners." The Innovation Commercialization Program will provide cash awards to support research, commercialization planning and product development.
Universities, Foundations Working on Better Technologies, Methods for STEM Education
As evidenced in the recent presidential debates and on the campaign trails, STEM teaching and learning is a national priority for maintaining global competiveness. Several universities and foundations have taken the lead, working with partners to design innovative learning tools and create research-based, professional development support for new math and science teachers.
U.S. Remains Top Destination for Doctoral Students Post-Graduation
As the rate of foreign students earning doctorates from American universities increases — from 17 percent of the total science, engineering, and health doctoral degrees in the 1960s to nearly 40 percent in 2010 — the question is where do these foreign nationals seek work? Do they remain in the United States post-graduation or do they return to their country of origin or do they go elsewhere?
Voters Reject Tax Increases, Back Bonds for Higher Ed
While election night's main focus was on the presidential race, the importance of ballot measures for states and metros is growing as public services and budgets are being severely trimmed. A recent article in The New Republic reports on a new trend where states are embracing ballot measures as a potential source of dedicated funds for targeted investments in regional economic growth and development.
Legislative Preview: Groups in FL, WI Outline Strategies for High-Growth Economies
Ahead of the 2013 legislative sessions, groups in Florida and Wisconsin unveiled reports on revamping higher education to better fulfill workforce needs and strengthening sectors most likely to produce jobs. In Florida, Gov. Rick Scott's Blue Ribbon Task Force on Higher Education urged differentiated tuition making it more affordable for students to pursue in-demand careers.
USAID Awards $130M for Universities to Spur Development Innovation Through S&T
With $130 million in funding from the U.S. Agency for International Development (USAID), seven universities will establish development labs to address global development challenges through science and technology in partnership with agency experts and policymakers.
Performance-Based Funding for Higher Ed on Rise in Wake of Funding Cuts
Performance-based funding for higher education has emerged as a top policy recommendation for addressing concerns ranging from accountability and affordability to helping keep states economically competitive. In states that already have performance-based funding in place, such as Pennsylvania and Ohio, efforts to revise and expand the programs are underway.
Top 30 Research Universities Accounted for Over 40% of Total Academic R&D FY11 Spending
In FY11, the top 30 U.S. research universities accounted for over 40 percent (approximately $26.1 billion) of total academic R&D spending in 2011, according to survey data collected by the National Science Foundation. The other 882 universities surveyed accounted for approximately $39 billion of the total academic R&D spending for the 2011 fiscal year (approximately $65.1B billion). The Higher Education Research and Development Survey population also increased from 742 universities in 2010 to 912 in 2011.
PitchBook: Alumni of Top 10 Universities for VC-Backed Entrepreneurs Attract $33.5B in 2010-2015
Undergraduate alumni from the top 10 universities for venture capital-backed (VC-backed) entrepreneurs launched over 3,000 companies that were able to attract $33.5 billion in VC funding from 2010 to 2015, according to the third edition of PitchBook’s Universities Report 2015-2016 Edition. Four public research institutions, UC-Berkeley, University of Michigan, University of Texas, and University of Illinois, finished in the top 10.
North Carolina Ups Ante in Bid for Growing Data Center Industry
North Carolina Gov. Pat McCrory recently signed an economic development bill (HB 117) that would expand the operations of the state’s Job Development Investment Grant (JDIG) fund. The fund, which offers grants to companies for job creation and expansion, will have a higher annual cap, and a contingency to offer even more funds in years in which a “high-yield project” is supported.
Large Companies Claim Majority of Economic Development Deals, Dollars
Despite the important role that small- and medium-sized businesses play in job creation and economic growth, economic development incentives are consistently awarded to large companies, according to a report by Good Jobs First with support from both the Surdna Foundation and the Ewing Marion Kauffman Foundation.
Wharton School Study: Impact Investment Funds Achieve Results Comparable to Market Indices
Findings suggest that – in certain market segments – investors might not need to expect lower returns as a tradeoff for impact, according to a new study from the Wharton School of the University of Pennsylvania – Great Expectations: Mission Preservation and Financial Performance in Impact Investments. In the study, researchers look at two of the most important aspects of impact investing: financial returns and long-term impact.