As we come to the end of February, more than half of the governors have either delivered their 2026 State of the State, their Fiscal Year (FY) 2027 Budget addresses, or a combination of the two, laying out their priorities for the coming year. With forecasted revenues for many states tightening, many governors and lawmakers, with a few exceptions, offer cautious or constrained funding priorities and proposed initiatives.
As we come to the end of February, more than half of the governors have either delivered their 2026 State of the State, their Fiscal Year (FY) 2027 Budget addresses, or a combination of the two, laying out their priorities for the coming year. With forecasted revenues for many states tightening, many governors and lawmakers, with a few exceptions, offer cautious or constrained funding priorities and proposed initiatives.
It has been five long, dark months for the nation’s small innovation-focused businesses and the regional innovation systems that rely on them for their strongest startups and future leaders, but a ray of light appeared Wednesday afternoon as a compromise was announced on the stalled reauthorization of the federal SBIR/STTR programs. And, if passed as written, we won’t have to go through this again until September 2031, which shifts future debate until an off-election year. It has been five long, dark months for the nation’s small innovation-focused businesses and the regional innovation systems that rely on them for their strongest startups and future leaders, but a ray of light appeared Wednesday afternoon as a compromise was announced on the stalled reauthorization of the federal SBIR/STTR programs. And, if passed as written, we won’t have to go through this again until September 2031, which shifts future debate until an off-election year.
Drug prices in the United States and pharmaceutical profits are considered excessive by many, including officials of the Trump Administration. The fact that the firms charge significantly less for the same medications in other countries than here has many wondering why and what can be done about it. One proposed solution has been to use the federal “march-in” rights allowed by the 45-year-old Bayh-Dole Act to force a change.
Personal income has nearly quadrupled in constant dollars over the past 56 years, from approximately $791 billion in 1969 to $2.9 trillion by 2024 in inflation-adjusted 1969 USD ($24.9 trillion in current dollars, increasing an average of seven percent each year), reveals SSTI analysis of the full breadth of newly released U.S. Bureau of Economic Analysis (BEA) data. Personal income has nearly quadrupled in constant dollars over the past 56 years, from approximately $791 billion in 1969 to $2.9 trillion by 2024 in inflation-adjusted 1969 USD ($24.9 trillion in current dollars, increasing an average of seven percent each year), reveals SSTI analysis of the full breadth of newly released U.S. Bureau of Economic Analysis (BEA) data. Standardized by population, growth is more conservative, with an average annual current dollar increase of 5%; in 1969, per capita personal income (PCPI) was just $3,931, but by 2024 had risen to $8,100 when adjusted for inflation to 1969 USD ($69,273 in current dollars).
U.S. Commerce Secretary Howard Lutnick wants the federal government to receive a return on funding awarded for R&D, innovation and economic development. The New Jersey Economic Development Authority has financed a dozen various technology innovation initiatives with the same expectation for the state’s money. Here’s how NJEDA says it's working.
Regional innovation systems across the country can learn from the journeys of the EDA's designated Tech Hubs, regardless of your region’s competitive advantage. The twelve hubs continue to make progress, with consortia launching new programs and advancing key initiatives. The following highlights recent news from a selection of hubs. SSTI supports the Tech Hub community through its Technology-Based Economic Development Community of Practice.
Note: Every profession has jargon. Practitioners of technology-based economic development know the field may have more than its fair share of confusing words and acronyms as it bridges numerous scientific and engineering disciplines, business and financial acumen, and public-private initiatives at all levels of government supporting regional innovation. This occasional series from the SSTI team provides introductions or reminders of some of the key concepts used across the practice. ~ Mark Skinner, SSTI President & CEO
New research confirms what TBED practitioners already understand: there’s no single formula for building successful innovation-driven systems. That’s one of the reasons SSTI advises policy makers to focus on the strengths and needs of your region’s innovation system rather than how much your neighbors are spending. The study’s findings about the role of knowledge spillovers, however, offer useful insight into the characteristics that matter most for improving outcomes in your region.
Innovation districts have become a central tool in contemporary economic development, promoted for their ability to revitalize underused urban areas, attract high-growth firms, and strengthen regional competitiveness. Influenced by early work from Bruce Katz and colleagues at the Brookings Institution, many districts were intentionally located in formerly industrial or disinvested neighborhoods and initially delivered clear economic gains.
In the 30 years SSTI has been in existence and the 85 years of concerted federal focus on scientific discover and innovation, the priority of public-private R&D investment has been overwhelmingly nonpartisan. A recent report from the Pew Research Center confirms the cold-war, global competitiveness arguments for U.S science and technology still hold sway across political parties, but fissures in who should pay and who should work on science and tech efforts are beginning to grow.
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