Under a new set of proposed rules issued by the U.S. Department of the Treasury, companies will be able to claim the federal research and experimentation (R&E) tax credit on eligible expenditures regardless of any subsequent actions taken by businesses with the purchases. The change would allow businesses to claim the credit on research expenses used to create prototypes, pilot models and process improvements.
Georgia Tech has launched a crowdfunding resource for university-based students and faculty. Originally announced in the spring, Georgia Tech joins several other universities that are using crowdfunding to finance commercialization and the development of startups based on university research. The field has become common and relevant enough that an online community has started tracking this growth.
Oklahoma Gov. Mary Fallin announced that Jonna Kirschner, executive director of the Oklahoma Commerce Department, will serve on a transition team to establish a new workers’ compensation system. Vaughn Clark , the Commerce Department’s director of community development, was named as interim executive director.
According to the National Science Foundation’s (NSF) Higher Education Research and Development (HERD) Survey the percentage of university R&D funded by private sector investment has remained mostly stable since the late 1970s, hovering between 5 percent and 7 percent of total R&D expenditures. In FY 2011 the private sector invested $3.2 billion, or 4.9 percent of the total $65 billion university R&D expenditures.
The Alliance for American Manufacturing (AAM) released a five-year report highlighting the progress it has made since its creation in 2007. In that time it has hosted 40 town hall meetings, won a Campaign Excellence Award, released a number of research reports and publications, and has worked with federal, state and local governments to advocate for American Manufacturing.
The Nevada Office of Economic Development, with guidance and funding from the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI), has launched the Battle Born Venture Program. “Battle Born” is a state venture capital program that makes equity and equity-like investments in early stage, high-growth Nevada businesses.
Startups spun out of university research parks stayed in business longer than the overall national average and helped to improve regional competitiveness by establishing their companies within the area where they were incubated, according to a recent survey from the Association of University Research Parks (AURP). The survey reported the findings of 108 university research park directors over the past five years to demonstrate the extent to which the parks are focused on advancing innovation in their region.
As the TBED community seeks to diversify its funding partners, corporations would seem to be logical prospects. Pickings are getting slimmer, however. Despite tallying record profits and stock market values over the past few years, corporations are getting stingier with their giving programs, according to a new report from the Foundation Center.
In the days before the federal government shutdown, the White House released details of a $300 million cross-agency strategy to revive the Detroit economy following the city government’s bankruptcy filing. Most of the funding comes from existing programs that will either continue to support efforts in Detroit or will now allocate a portion of their grants, loans or services to Detroit-based recipients. However, while innovation and entrepreneurship is a major plank of the strategy, little of the $300 million will directly benefit technology-based economic development programs.
Google recently designated seven local entrepreneurial support organizations as the inaugural members of its new Tech Hub network. These organizations will receive financial support, technical content, business tools, and infrastructure upgrades, to support increasing demand from software developers and startups. Google’s announcement notes that these specific organizations were chosen because of their innovative approaches to launching businesses and their success in creating jobs in their respective communities.
Only two states will hold gubernatorial elections this year: New Jersey and Virginia. But those states have garnered a great deal of media attention because of the candidates’ stark policy differences on a wide range of issues, including jobs and the economy. This week, SSTI takes a look at the plans for economic growth and higher education put forth by Virginia Democratic nominee Terry McAuliffe and Republican nominee Ken Cuccinelli.
The California Governor's Office of Business and Economic Development is preparing to launch four new Innovation Hubs (iHubs) across the state. iHubs, strategically placed within existing clusters, serve as centers of collaboration for regional economic development agencies, venture capitalists, incubators, and higher education to develop joint programming for entrepreneurship (see the September 4 issue).
Last week the Columbus Metropolitan Club hosted Alcoa CEO Klaus Kleinfeld to give remarks on the state of American manufacturing. Kleinfeld made the case that "talent is global," and that the U.S. must invest heavily in workforce development and STEM education if our country wants to continue to grow the manufacturing sector and remain globally competitive.
During most of the 20th century the textile industry was an economic pillar of the American South. During the 1990s the forces of globalization caused most of the industry to move overseas. Economic experts predicted that the textile industry would never return to U.S. soil. Recently, towns like like Gastonia, NC, and Gaffney, SC, have seen shuttered mills reopened for business as advanced manufacturing technologies have supported the growth of an emerging advanced textiles sector.
In contrast to last week's coverage of the Virginia gubernatorial candidates on issues that affect jobs and the economy, there are little specifics on the topic provided by either New Jersey candidate. Incumbent Gov.
A network of more than 1,500 expert advisors is among the distinctive features that makes the Innovation Center of the Rockies' (ICR) low-cost, effective model for commercializing research appealing to universities across the country. This week, ICR announced they have entered into an agreement with the University of Wyoming to bring more faculty inventions to market based on their successful model. ICR works closely with tech transfer offices in Colorado, and now in Wyoming, to understand and develop viable pathways for university-based inventions.
Early data from a number of sources indicates that the venture capital market continued its resuscitation from the 2008 crisis during the third quarter of 2013. CB Insights reports that 857 venture deals representing $7.2 billion were completed last quarter, which, by their data, would be the highest rate of dealflow since the dotcom era. Other sources report a similar number of deals, but find that some quarters in recent years have been more active.
President Obama launched the Advanced Manufacturing Partnership Steering Committee “2.0.” Former SSTI board member Luis Proenza, president of The University of Akron is part of the steering committee chaired by Andrew Liveris, president, chairman, and CEO of the Dow Chemical Company, and Rafael Reif, president of the Massachusetts Institute of Technology.
In tech-based economic development circles, universities are frequently thought of as engines for regional economic growth, engines whose effectiveness is determined by the volume of research conducted and the ability of faculty and staff to turn discoveries into commercially available goods and services. The authors of two recent academic articles suggest that regional economies are also a key determinant of university success.
In acknowledgment of their work with private sector partners in their states and regions to support economic development, 16 public institutions were the first to be designated “Innovation and Economic Prosperity Universities” by the Association of Public and Land-grant Universities (APLU). Applicants for the designation conducted a self-study and solicited input from external stakeholders. Each applicant identified three areas of strength in economic engagement and developed case studies to reflect them.
U.S. adults are less proficient in basic reading, math and problem-solving skills than many of their international counterparts, according to the first Survey of Adult Skills from the Organization for Economic Co-operation and Development (OECD). OECD found that, overall, U.S. adults possessed below average proficiency in literacy, numeracy and problem solving in technology-rich environments.
New England led the country in total angel investment dollars during the second quarter of 2013, according to the Angel Resource Institute’s quarterly Halo Report. California continues to lead as the top market for angel deals with 17.3 percent of the national total. However, 70 percent of all deals in the second quarter were completed outside of California and New England, 10 percent more than in the previous quarter and the previous year. In contrast, more than half of all venture capital deals last year happened in those regions.
City finance officers were better able to meet financial needs in 2013 than in 2012 and, despite national economic indicators pointing to continued slow growth, improved conditions for city budgets are projected for 2014 and beyond. These are among the findings in the National League of Cities annual survey on city fiscal conditions. Sales and income taxes seem to be a bright spot for cities. In 2012, city sales tax receipts increased over previous year receipts by 6.2 percent, similar to growth levels seen prior to the recession.
A measure to amend the state securities laws in order to permit equity crowdfunding won approval in the Wisconsin Legislature following swift and unanimous passage in the Senate this week. The bill, called the Wisconsin Crowdfunding and Securities Exemptions (CASE) for Jobs Act, is aimed at providing better access to small business capital by connecting Wisconsin-based investors with startups through crowdfunding websites. Wisconsin now joins three other states, Georgia, Kansas and North Carolina, that have enacted similar securities exemptions.