Highlights from State of the State addresses delivered in Alaska and Hawaii are included in the third installment of the Tech Talkin’ series.
Alaska
Gov. Sarah Palin, State of the State Address, Jan. 15, 2008
Although the national venture capital investment continues to expand, many parts of the country still lack access to reliable sources of business capital. Even in states that rank in the top tier for venture investment, there are often insufficient capital resources to support businesses at every stage of development.
While many universities offer business plan competitions and programs in entrepreneurship and commercialization, fewer opportunities are available to learn about the capital side of the equation. Last week, however, two major conferences invited students to learn more about venture capital (VC) investment and emerging trends in the venture industry.
Each year, the National Science Foundation releases updated information for their Federal Funds for Research and Development series. SSTI has prepared a table illustrating the amount of federal R&D obligations provided to industry in each state from 2000 to 2004, the most recent years for which statistics are available. Additionally, the relative ranking of each state is displayed for every year in this period.
Coinciding with a plethora of state-of-the-state addresses delivered over the past week, several governors have released budget recommendations for the upcoming fiscal year. The following states’ budgets include crucial TBED investments and reductions in programs.
California
On Tuesday, the National Science Foundation (NSF) released Science & Engineering Indicators 2008, its comprehensive biennial analysis of the U.S. and international science and technology landscape. This version provides thorough details about the features of a rapidly-changing global economy, as countries continue to make investments in their knowledge-based capacity and industries.
With many states anticipating or already preparing for budget pressures, state leaders are increasingly looking for ways to increase their revenue streams. A new report from the Pew Center for the States finds that in many cases outdated state tax systems are stifling growth and failing to build a stronger tax base. Authors Katherine Barrett and Richard Greene argue that many of these systems have not been overhauled since the rise of service economy. In 2005, service industries accounted for 68 percent of U.S.
While women are making strides in entrepreneurship, they still have a ways to go, particularly in science and technology (S&T) fields. This was the theme during the session, Encouraging Women Entrepreneurship, conducted during SSTI's 9th Annual Conference on Oct. 19-21, 2005.
SSTI’s eighth annual Tech Talkin’ Govs series highlights new and expanded TBED proposals from governors’ state-of-the-state, budget and inaugural addresses. With mounting budget deficits spanning the nation, this year’s anticipated overarching theme is proposals aimed at mending states’ finances with less focus on the introduction of new initiatives. The first installment of the series includes excerpts from California and New York.
California
Gov. Jim Doyle announced two new initiatives focusing on investments in manufacturing R&D and increasing angel and venture capital investment to grow new businesses.
With rumors of recession building, several of the nation’s governors are announcing new TBED-focused initiatives in 2008 – many of which will be presented to lawmakers for funding in the coming months. In Illinois, Gov. Rod Blagojevich unveiled two new initiatives encouraging entrepreneurship to grow high-technology businesses throughout the state.
The average cost of bringing a Food and Drug Administration-approved drug to market could be cut by 25 percent to 48 percent by making targeted investments in the national biopharmaceutical R&D technology infrastructure, according to a recent report from the National Institutes of Standards and Technology. Economic Analysis of the Technological Infrastructure Needs of the U.S. Biopharmaceutical Industry cites current costs as averaging $560 million per drug, but could drop to between $289 million and $421 million.
The Kansas Technology Enterprise Corp. promoted Kevin Carr to the position of chief operations officer.
The Fuqua School of Business at Duke University announced that Jon Fjeld is the executive director of its recently unveiled Center for Entrepreneurship and Innovation.
The Kansas Technology Enterprise Corp. promoted Kevin Carr to the position of chief operations officer.
The Fuqua School of Business at Duke University announced that Jon Fjeld is the executive director of its recently unveiled Center for Entrepreneurship and Innovation.
The Dingman Center for Entrepreneurship at the University of Maryland, College Park named Dan Goodman as its first technology commercialization fellow.
The 82nd Annual Congress of Cities in Charlotte, N.C., elected Jim Hunt, a councilmember of Clarksburg, W.Va., as the new president of the National League of Cities. Hunt follows Washington, D.C., Mayor Anthony A. Williams.
The Association of University Technology Managers (AUTM) selected Vicki Loise as its first executive director.
Indiana Gov. Mitch Daniels named Mitch Maurer, president of the Indiana Economic Development Corporation (IEDC), as the new state secretary of commerce. Maurer replaces Pat Miller, who stepped down to resume her role as president and CEO of her company, Vera Bradley Designs, Inc.
BioMed SA, a recently founded technology council to promote the development of San Antonio’s health and bioscience community, selected Ann Stevens to serve as its first executive director.
After several months of debate regarding a number of economic development initiatives, Michigan Gov. Jennifer Granholm signed into law a major economic stimulus bill. However, unhappy with portions of a separate tax break package for businesses, the governor vetoed two of the 10 bills.
Facing a projected budget deficit of more than $600 million, Gov. Tim Kaine told lawmakers the state must invest more money in research and commercialization efforts to accelerate Virginia’s progress in key areas.
Building on a successful legislative session in 2007, Gov. Lingle is requesting additional funds to supplement various ongoing TBED programs.
A long-delayed equity capital program in Montana is on its way to becoming a reality. Montana, which received no venture capital investment in 2006 according to the PricewaterhouseCoopers Moneytree survey, has struggled to attract the interest of venture capital firms. The Montana Equity Capital Investment Act, sponsored by State Sen. Jeff Mangan and signed by Gov. Brian Schweitzer in 2005, was intended to make the state more attractive to outside investors, but never seemed to get off the ground.
Policymakers and practitioners continually seek new ideas to integrate into their overall TBED strategies in order to capitalize on innovative approaches and remain a competitive force in the global marketplace. Over the last few months, two new concepts in TBED aimed at supporting higher education have surfaced in New York and Wisconsin with two distinct goals: achieving the status of a world-renowned research capital and increasing college graduates to raise per capita income.