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A new effort by the New Jersey Institute of Technology (NJIT) seeks to make existing companies more competitive, support the growth of startups and create jobs by leveraging the assets of government, industry and higher education around five sector-focused labs. NJIT will launch a new nonprofit corporation, the New Jersey Innovation Institute, to support the labs – geared toward civil infrastructure, defense and homeland security, healthcare delivery systems, biopharmaceutical production, and financial services.

As part of an effort to support rural, small businesses in cutting-edge fields such as bio-manufacturing and advanced energy production, the USDA announced a new capital access initiative to facilitate private investment. The $150 million investment fund is being formed under USDA’s Rural Business Investment Program and will be managed by Advantage Capital Partners. Read the announcement.

State leaders often cite publicly supported innovation infrastructure as investments in jobs of the future. When targeted and executed smartly, such investments can spur job growth over the long-term and help advance technology commercialization. Lawmakers in Georgia and Kansas recently passed budgets that include funding to support high-tech research facilities and similar measures are pending in several other states. The University of Georgia (UGA) is slated to receive nearly $45 million for a Science Learning Center and, in Kansas, the legislature approved $2 million for creation of a new Innovation Campus aimed at attracting technology jobs.

Visit www.sstiawards.org to sign up for the May 7 call to learn more about the 2014 awards program and for helpful hints on writing an outstanding application. This could be your year to capture national recognition for your local, state or regional innovation efforts. Check out the latest adventures of SSTI’s Traveling Vase. 

As a result of deep cuts to higher education funding following the recession, issues surrounding affordability, access to programs and services, and quality could jeopardize the nation’s competitiveness. A new report from the Center on Budget and Policy Priorities finds that although a majority of states have begun to restore some of the cuts, 48 states are spending less per student than they did before the recession. Some states are considering large tax cuts as part of the 2014 legislative sessions, posing additional concerns for higher education support and its impact on the workforce.

The FY15 budget agreement approved last week by lawmakers dedicates $60 million to elevate the state’s status in cancer care and research, with another $20 million slated for peer-reviewed research grants. The cancer research initiative was a major priority for Gov. Rick Scott during the session. The budget also increases funding for economic development incentives and provides level funds for university-based technology commercialization.

American manufacturing competitiveness is on the rise, according to a study issued by the Boston Consulting Group and touted by the White House. Only seven of the 25 largest exporting countries in the world have lower manufacturing costs than the United States. The primary gain in U.S. advantage has come from access to cheap domestic supplies of natural gas. Wholesale prices for natural gas have dropped by over 50 percent since 2005 and are expected to decline for at least the next five years.

The National Institutes of Health (NIH) is accepting applications for the Research Evaluation and Commercialization Hub (REACH) program to support proof-of-concept centers (Hubs) that facilitate and accelerate the translation of biomedical innovations into commercial products that improve patient care and enhance health. NIH intends to award approximately $9 million to institutions of higher education to establish three new REACH Hubs.

A $150 million fund, formed under the U.S. Department of Agriculture’s (USDA) Rural Business Investment Program (RBIP), will provide equity capital to small businesses in rural parts of the country. The fund will be managed by Advantage Capital Partners, which, along with eight other farm credit institutions, has pledged the backing capital for the effort. USDA has announced that it will accept applications for other new Rural Business Investment Companies to raise funds from farm credit institutions in order to make equity investments. Applications are due July 29.

Registration is LIVE for SSTI’s 2014 Annual Conference, Regional Prosperity Through Innovation, and we want you to be there! For a limited time, we are offering an early registration rate of only $575 for members, $520 for multi-member and $675 for all others.

The Small Business Administration (SBA) announced a $2.5 million funding competition for accelerators and other entrepreneurial ecosystem models to compete for monetary prizes of $50,000 each to fund operating budgets. The Growth Accelerator Fund Competition is open to business accelerators, incubators, coworking spaces, shared makerspaces, and other entrepreneurial ecosystem models from across the country.

Arizona is in a better position to emerge as a global player in biosciences that it was a decade ago, according to a new roadmap from the Flinn Foundation. Building on an initial strategic document released in 2002, the updated strategy offers 77 potential actions the state could pursue to support bioscience entrepreneurship, research translation, talent development, institutional connectivity and collaborations.

Oregon derived about 28 percent of its GDP from information and communication technology (ICT) industries in 2012, according to a new report from the Technology CEO Council, based on Moody’s Analytics data.  The report highlights the importance of ICT exports to each state economy. ICT hardware, software and services were the largest U.S. export sector in 2012, generating $272 billion for the U.S. economy.

State agencies in New York spent more on research and development than agencies in any other state in FY11, according to data released by the National Science Foundation. The NSF data provides an overview of state agency investments in R&D, broken down by the source of those funds and the types of organizations that eventually performed the research. Ohio, Florida and California also ranked among the top states for total agency investment. West Virginia and Ohio led in R&D investments as a share of state GDP in FY11.

Lawmakers included $30 million in the recently enacted FY15 budget to establish a fund to help smaller manufacturers modernize and grow with priority given to companies located in the state’s 42 communities designated as historic manufacturing hubs. The budget also increases by $100 million the bond authorization for the Manufacturing Assistance Act, a program for larger companies that provides incentive-driven direct loans for projects with strong economic development potential. The proposals were part of Gov. Dan Malloy’s workforce development agenda outlined earlier this year.

Business dynamism, a measure of firm destruction and creation in an economy, has steadily declined in the U.S. over the past 30 years, according to a study released by the Brookings Institution by Ian Hathaway and Robert Litan. Dynamism has long been considered a key element of innovative economies, indicative of entrepreneurship and labor market mobility. The U.S. decline appears to have been consistent across industries and geographic areas.