New York Gov. Andrew Cuomo announced $2.25 billion in economic and community development awards as part of the fifth installment of the state’s Regional Economic Development Council (REDC) Initiative. Of this total, $1.5 billion over the next five years will go to the three regions (Central New York, Finger Lakes, and the Southern Tier) that were selected as the winners of the Upstate Revitalization Initiative.
Around the country, states are beginning to feel the fiscal impacts of falling oil prices. In FY 2016, eight states enacted FY 2016 budgets below their FY 2008 levels, largely as a result of challenges associated with their oil and gas industry, according to the Fiscal Survey of States report by the National Association of State Budget Officers (NASBO). Similarly, a quarterly update of gross domestic product (GDP) by the U.S.
The National Governors Association’s (NGA) Center for Best Practices launched the 2016 Policy Academy on Scaling Work-Based Learning – a pilot program in six states that blends work experience and applied learning to develop youth and young adults’ foundational and technical skills to expand their education, career and employment opportunities. The goal of the program is to connect 16- to 29-year-olds with middle-skills career opportunities in STEM-intensive industries such as advanced manufacturing, health care, information technology and energy.
Recent doctoral recipients who enter the private sector are more likely to go to firms with high payrolls per worker and other business characteristics associated with high productivity, according to a new report – Wrapping it up in a person: Examining employment and earnings outcomes for Ph.D. recipients.
This week, congressional leaders reached a deal on spending that would prevent a federal government shutdown. The omnibus appropriations bill would fund the Economic Development Administration’s (EDA) Regional Innovation Program at $15 million, an increase of $5 million over the previous year. The Regional Innovation program is SSTI's highest legislative priority because of the flexible funding it provides for regional innovation activities.
Australian Prime Minister Malcolm Turnbull announced a suite of new policies and investments aimed at catalyzing the nation’s economy through science, innovation and entrepreneurship. The National Innovation and Science Plan would fund university research, invest in K-12 and university STEM programs, limit the financial risks of entrepreneurship, invest in technology commercialization programs, and introduce a new class of visa for entrepreneurs. The changes would also enable equity-based crowdfunding and provide tax credits for early stage investment.
A number of governors around the U.S. have already begun rolling out budget proposals for the next legislative session. This week, SSTI examines gubernatorial spending recommendations related to research, commercialization, STEM education and entrepreneurship in Alaska, South Dakota and Utah. See our previous article on proposals in Florida and Wyoming.
Overwhelming majorities of voters across the nation and in key swing states support a comprehensive initiative designed to parlay the United States’ strong research base into greater economic prosperity and a higher quality of life for all. These findings come from a new survey conducted for the Innovation Advocacy Council, an initiative of SSTI, by the bipartisan team of Greenberg Quinlan Rosner Research and TargetPoint Consulting.
In many industrialized countries, including the U.S., government spending on research and development (R&D) has stagnated since the beginning of the decade. A new report from the Organization for Economic Cooperation and Development (OECD) highlights this trend, noting that overall government R&D spending in the group’s 34 member countries has reverted to levels at the beginning of the century. Recent data from the National Science Foundation (NSF) reveals that U.S.
Bank or venture capital (VC) financing? This is one of the toughest questions that aspiring entrepreneurs and small firms must answer. A recent academic study contends that VC financing may be the superior financing structure for early stage capital. However, several other studies contend that both bank and VC financing can help create and grow successful startups. For potential entrepreneurs, each provides strengths and weaknesses that are highlighted in the studies.
Between the second quarters of 2014 and 2015, consumer spending significantly slowed, according to research from the JP Morgan Chase Institute. The institute used data from credit and debit card transactions to track spending in 15 major U.S. metropolitan areas. They found that most of the slowdown could be attributed to decreased spending among consumers 65 and older, and among middle- and high-income consumers. Also, while consumer spending declined among all businesses, larger businesses reduced their spending by a larger margin.
As universities become increasingly interested in the economic development dimension of their missions, it may be appropriate to consider entrepreneurship, innovation, and technology-based economic development activities in faculty advancement decisions, according to a new report from an Association of Public and Land-Grant Universities (APLU) task force.
In the face of declining state funding and drawn-out budget negotiations, universities are moving beyond traditional budget procedures to secure funding for their economic development activities. Over the past few months, several universities have leveraged new sources of public and private funds to establish seed funds for university technology. These efforts are intended to increase the number of businesses emerging from their respective educational and research programs and spur regional economic prosperity.
At a White House event, the Small Business Administration (SBA) announced approximately $4 million to prizes to 80 growth accelerators in 43 states the District of Columbia and Puerto Rico through the second round of its Growth Accelerator Fund Competition. Launched in 2014, the competition makes awards of $50,000 each to help fund operating budgets for accelerators and other entrepreneurial ecosystem models in parts of the country where there are fewer conventional sources of access to capital (e.g., venture capital and angel capital investors).
A number of governors around the U.S. have already begun rolling out budget proposals for the next legislative session. This week, SSTI examines gubernatorial spending recommendations related to research, commercialization, STEM education and entrepreneurship in Florida and Wyoming.
Florida
Funded through a small tax on extramural research budgets, Small Business Innovation Research (SBIR) awards are offered by 11 federal agencies with an overall goal of backing innovation by small businesses. With a typical maximum of $150,000 for phase I awards and $1 million for phase II awards, SBIR programs have had varying degrees of success – especially when factoring in their explicit mandate to enhance opportunities for women and minorities.
Over 150 heads of state met in Paris this week, the largest group of leaders ever to attend a UN event in a single day, to address global climate change and the need for policies and technologies that will set the world on the path to a low-carbon, climate resilient future.
Across the globe, the proliferation of innovation-led economic development is typically viewed in an urban context. Despite cities receiving the bulk of the attention, researchers have begun to focus on how to leverage best practices in rural economic development. Just as is the case in nearly all economic development scenarios, practitioners and policymakers working in rural areas benefit from a better understanding of local strengths and opportunities, according to new research from the United States, Canada, and the European Union.
The National Marine Fisheries Service (NMFS) is accepting applications for the FY96 round of the Saltonstall-Kennedy (S-K) Grant Program. The S-K grant program supports research and development projects that address various aspects of commercial and recreational fisheries including harvesting, processing, and marketing. The program focuses on rebuilding U.S. fisheries for sustainable use. The FY96 base funding for this program is approximately $7.0 million.
The National Renewable Energy Laboratory (NREL) this week issued a solicitation for Phase II of its Sustainable Technology Partnerships (STEP) initiative. Phase I of STEP was created in 1994 as a pilot project.
STEP I offered states matching funds to gain access to NREL expertise. During phase I, 14 contracts totaling over $3 million were awarded. Projects focused on several technologies, including wind, biofuels, and alternative fuels.
Funds available for the federal Small Business Innovation Research (SBIR) Program are estimated to top $1.1 billion in FY97 if the President’s budget request is enacted. With FY96 budget appropriations still pending for some agencies, SBIR managers are hesitant to project FY97 set asides for their programs, but in interviews with SSTI staff, the managers provided projections for FY97 based on the President’s budget request.
The State of Illinois recently announced a new World Wide Web site that provides Illinois firms with a means to quickly locate the technical and business assistance available in Illinois.
The West Virginia Legislature recently approved a bill to create the West Virginia Science & Technology Policy Advisory Board. The 11- member board will be appointed by the Governor and is expected to:
Earlier this month, President Clinton signed legislation designed to ease the transfer of federal technology by providing clarification on intellectual property rights and offering incentives to federal laboratories and their researchers. The National Technology Transfer and Advancement Act of 1995 (H.R. 2196) was sponsored by Rep. Morella (R-Md).
While Congress and the White House continue to try to resolve differences on the FY96 federal budget, the Clinton Administration has released its detailed budget proposal for FY97.
The FY97 budget proposal calls for increasing spending on R&D to $72.3 billion in FY97, up from $71.5 billion in FY96.
Programs of particular interest to the states by federal agency are:
Department of Commerce