The U.S. bioscience industry is helping to meet the challenges presented by the pandemic through two, key characteristics: its innovative capacity to address global challenges, and its role as a consistent economic stalwart, with a track record of generating high-quality jobs and growth that has acted as a key buffer during prior economic recessions.
With the nation in the midst of a recession following 128 months of economic expansion, many are asking how we will find our way out. Turning to a long-time strength for the nation and relying on our manufacturing industry is one way.
The U.S. has long been the global leader in science and engineering (S&E), but that position is being increasingly challenged with China likely surpassing the U.S. in total Research and Development (R&D) investment in 2019. Accounting for this changing landscape, the National Science Board (NSB) recently released its Vision 2030 report.
The U.S. has long been the global leader in science and engineering (S&E), but that position is being increasingly challenged with China likely surpassing the U.S. in total Research and Development (R&D) investment in 2019. Accounting for this changing landscape, the National Science Board (NSB) recently released its Vision 2030 report. It identifies the primary challenges facing the S&E enterprise in the United States, the essential elements of leadership, and a roadmap for implementing these recommendations and maintaining U.S. leadership in S&E for the next decade.
Despite a school year disrupted by the pandemic, teams of students from across the nation submitted a host of ideas in the latest Biomimicry Institute’s Youth Design Challenge (YDC). The YDC brings the process of nature-inspired design into the classroom of middle and high school students, who collaborate in teams to solve sustainability problems using nature as a guide.
A new report from the Congressional Budget Office (CBO) indicates that the U.S.
A new report from the Congressional Budget Office (CBO) indicates that the U.S. economy through 2030 will have $8 trillion (as measured in 2019 dollars) less in economic activity than the CBO projected just five months ago. Combined with SSTI’s recent examination of economic recovery that found it took 20 states at least four years for their economy to recover back to Great Recession levels, the impact on state budgets can be expected to be long lasting. In fact, a new examination by SSTI finds that through FY 2018, 15 states’ general revenue funds had not recovered to FY 2008 levels (as measured in 2018 dollars) based on data collected by the National Association of State Budget Officers (NASBO). For an additional 16 states, it took seven to 10 years to reach FY 2008 levels.
A trio of recent reports reflect the pernicious effects the pandemic is having on small businesses. Last month, a survey from the Society for Human Resource Management (SHRM) found that 52 percent of small businesses expected to be out of business within six months. SHRM President and CEO Johnny C.
The Small Business Administration (SBA) recently rolled out a new website for the SBIR/STTR program which SBA administers. Reorganized and including new landing pages for entrepreneurs, support organizations, and federal agencies, the new page provides quicker and easier access to the right information.
The pandemic’s negative impact on enrollment at institutions of higher education is getting even more complicated. New figures show that the number of students that have completed the Free Application for Federal Student Aid (FAFSA), a figure that serves as an indicator for postsecondary enrollment, has decreased.
The House and Senate have both passed a bill that would alter the SBA’s Paycheck Protection Program. Businesses will now have up to 24 weeks to use forgivable funds, instead of the original eight weeks. The portion of the costs that must be spent on payroll has been reduced from 75 percent to 60 percent. The bill also changes many of the original legislation’s hard deadlines from the end of June to Dec. 31.
Join us for a special SSTI webinar on June 9th, when U.S. Economic Development Administration representatives will share information regarding $1.5 billion in economic development grants available for coronavirus response and recovery efforts at the local, state and regional levels. The EDA team also will discuss the pending innovation and entrepreneurship challenge component of the funding. Join us to learn more about qualifying for grants, which types of project support/assistance will be funded, how to apply, and more. There will be time for Q&A at the end of the presentation.
The largest increases in per capita income for metropolitan and micropolitan statistical areas (MSAs) within the United States have occurred primarily within the Western, Mountain and Great Lakes states, according to data recently released by the Bureau of Economic Analysis. Nearly every MSA experienced greater income levels in 2018 when compared to their 10-year average.
A bipartisan, bicameral group of legislators have introduced bills that would make a five-year commitment to increase America’s investment in R&D by $100 billion, while also investing $10 bi
Last week, the U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) named Mojdeh Bahar as the new associate director for innovation and industry services (ADIIS).
Last week, the U.S. Department of Energy (DOE) announced that the Cybersecurity Manufacturing Innovation Institute (CyManII) will be led by the University of Texas San Antonio (UTSA). CyManII will lead a national consortium with partners from industry, universities, and three DOE National Laboratories (Idaho, Oak Ridge, and Sandia). Its focus: to make U.S.
Advances in science and technology have lifted the United States out of past economic downturns, and Americans are eager for a new commitment to research and innovation to be made now. Even at the outset of unprecedented economic conditions, more than 90 percent of the electorate supported expanded efforts to strengthen the key elements of a knowledge-driven economy.
These are among the findings of a recent poll conducted by GQR and TargetPoint Consulting for SSTI.
A new Pew study sheds light on how states utilize budgeting tools in response to natural disasters. The study identifies five key tools used by states — statewide disaster accounts, rainy day funds, supplemental appropriations, transfer authority, and state agency budgets — and discusses eligibility and restrictions around each.
SSTI Note: Benchmarking innovation-driven entrepreneurship and the impacts of other science, technology and venture development activity in your state or region is more important than ever in the post-pandemic economy. Understanding the gains made prior to the onset of the coronavirus – and the inevitable setbacks resulting from its economic shocks – will be important for helping to build support and momentum for your initiatives going forward.
SSTI is launching a new initiative to improve innovation policy across the country with support from the Ewing Marion Kauffman Foundation. To achieve the goal of improving innovation policy, SSTI will be working with its members and other entrepreneurial support organizations to cultivate new policy champions from the ground up.
As the world begins to emerge from the “Great Lockdown” and governments increasingly turn their efforts towards reopening economies, many will look to past recessions for lessons on recovery. This edition of Useful Stats examines the rate of real GDP recovery by state following the recessions of 2001 and 2008.
While few will be able to escape the resulting hardships of the current economic downturn, America’s most economically vulnerable communities — those where household finances were already unstable and work scarce — will be hit hardest by the recession currently underway.
School buses across the country are helping school children as they finish a decidedly unconventional academic year but they aren’t transporting students, they are acting as mobile Wi-Fi units bringing connectivity capability to students who lack broadband service. As the coronavirus pandemic closed schools across the country, many in rural or low-income areas without internet access were left scrambling as classes went online. Equipping buses with Wi-Fi to help accommodate the online learning is a short-term solution to a much bigger problem.
A recent economic-impact study by Summit Consulting and the W.E. Upjohn Institute for Employment Research analyzed the overall effect of projects undertaken by the Manufacturing Extension Partnership (MEP) on the U.S.
A recent economic-impact study by Summit Consulting and the W.E. Upjohn Institute for Employment Research analyzed the overall effect of projects undertaken by the Manufacturing Extension Partnership (MEP) on the U.S. economy in FY 2019 and found that the investment of federal dollars into the MEP Centers yields, in the most conservative model, a return on investment of 13.4:1 (from the $140 million federal investment). The study also found that total employment in the U.S. was nearly 217,000 higher because of MEP Center projects.
SBA began offering a second round of the Paycheck Protection Program (PPP) on April 27, and SBA’s data indicate this round is better distributed across businesses and the states than the first. As of May 8, round two has approved $189 billion across nearly 2.6 million loans, 55 percent more than in all of round one. The average loan size in round two is $73,488, which is a significant drop from the first round’s average of $206,022.
The U.S. Cluster Mapping Portal has received a data refresh with updated cluster profiles and performance benchmarks for all U.S. regions. This free tool is useful for understanding regional composition of traded sectors and strengths, which could be especially beneficial in these challenging times as businesses attempt to restore their supply chains. The U.S.
The U.S. Cluster Mapping Portal has received a data refresh with updated cluster profiles and performance benchmarks for all U.S. regions. This free tool is useful for understanding regional composition of traded sectors and strengths, which could be especially beneficial in these challenging times as businesses attempt to restore their supply chains.
As college students close out highly disrupted spring semesters, higher education institutions across the country are trying to determine what the fall semester will entail, which has proven to be tricky at best. On campus or online instruction, hybrid plans and increased protections for students’ wellbeing are all topics administrators are grappling with in the midst of the pandemic. Meanwhile, prospective students are up in the air regarding their plans, as well, with a recent report revealing that domestic undergraduate enrollment for four-year institutions could decline 20 percent.