Gov. Deval Patrick announced last week a venture funds competition providing seed money and mentoring to support new business development, adding to a growing number of states seeking to boost entrepreneurial efforts during the economic downturn (see the March 5, 2009 issue of the Digest).
Facing massive government deficits and stagnant regional economies, many states are exploring new options for their economic development activities. Three states recently have taken steps towards eliminating their primary economic development agencies, and replacing them with public-private partnerships, intended to reduce state spending and improve the responsiveness of state efforts.
Seven emerging research universities in Texas would receive funding and incentives to help advance their status to nationally-recognized tier one schools following passage of HB 51, awaiting Gov. Rick Perry's signature.
During the last week of the legislative session, Nebraska Gov. Dave Heineman signed two bills into law - one dealing with R&D tax credits and the other authorizing the development of a statewide biotechnology strategic plan.
Over the past few decades, state and local policymakers have approached the task of increasing regional innovative activity from a number of directions. Leaders have deployed plans to increase the amount of available capital, to train entrepreneurs, to attract research-based companies and other strategies to create a thriving innovation economy. A key issue in this pursuit is how to keep the beneficial results of these efforts local.
The Department Labor (DOL) will commit $40 million to a new Green Jobs Innovation Fund (GJIF). DOL intends to support up to eight projects that will increase the number of individuals who complete training programs for employment in green jobs."This grant program is an important effort in supporting green investments and equipping workers with the knowledge, skills and abilities they need to succeed in green occupations," said Secretary of Labor Hilda L. Solis.
Citing a lack of coordination among the state's economic development agencies as an obstacle for small businesses and entrepreneurs looking to set up shop, Gov. Dan Malloy unveiled a plan to consolidate job training and grant programs as part of the 2012-13 biennial budget. The governor's budget also would incentivize large employers through a competitive program rewarding the first five companies that create at least 200 new jobs within two years.
On February 24, 2011, the President's Council on Jobs and Competiveness held its first official meeting. President Obama opened the session with a brief speech urging those in attendance to develop ideas that will lay the foundation to win the future over the long term. The purpose of this first meeting was to develop new strategies that will lead to increased investment in businesses, encourage hiring, create a highly-skilled workforce, and attract new jobs and businesses to the country.
With less money to spend on risky endeavors, many states are taking more targeted approaches toward economic development, seeking out sectors of the economy they consider most likely to grow and be sustainable beyond current conditions. In Hawaii, for example, lawmakers established an Aerospace Advisory Committee this session seeking long-term growth in aerospace-related industries.
In a special session on Tuesday, the Vermont Legislature enacted the state's FY10 budget, overriding last week's veto by Governor Jim Douglas. The budget eliminates or reduces funding for many programs related to economic development and TBED, cutbacks which were cited as concerns by Gov. Douglas in his veto announcement.
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J. Mike Books is leaving his post with the Indiana Health Industry Forum to become the first economic development director for the city of Columbia, Missouri. He also will serve as president of the Regional Economic Development Inc. Brooks will assume his new responsibilities on July 15.
Gov. Charlie Crist signed Florida's $66.5 billion 2009-10 budget into law last week, providing a mixed bag of funding outcomes for the state's existing economic development programs.
U.S. states must develop an export strategy as a component of the state's “competitiveness agenda,” according to a new report from the Brookings Institute. In “Boosting Exports, Delivering Jobs and Economic Growth,” the authors point towards the rapid growth of American exports in comparison to the overall economy's economic growth to highlight the need for effective and efficient state export strategies. Between the third quarter of 2009 and the third quarter of 2011, U.S. exports grew by 12.7 percent almost four times the overall economic growth (3.2 percent).
Lawmakers across several western states have reached budget agreements for the upcoming fiscal year or biennium allocating decreased or level funding for tech-based economic development efforts. Lawmakers also passed new legislation supporting job-creation efforts and investments in alternative energy. While funding for many of these programs appear secure in FY10, additional spending cuts are anticipated in the coming months if state revenues continue to decline.
A new report published by BIO, Battelle and the Biotechnology Institute finds that student achievement in biosciences varies widely between and within states. It also finds that many states lag behind in programmatic efforts to improve bioscience education, even as the life science industry grows in stature as a common priority for TBED initiatives.
Last week the NIH issued a request for comments regarding potential changes to existing federal regulations covering conflicts of interest in the design, conduct, or reporting of NIH-affiliated research. Through an Advanced Notice of Public Rule Making (ANPRM), the regulations include topics such as:
Despite the global growth of the industry over the past few decades, U.S. venture capital remains as concentrated as ever in the Silicon Valley region, and to a lesser extent, Massachusetts.
Following last week's announcement of the Startup America initiative, the National Economic Council, the Council of Economic Advisors and the Office of Science and Technology Policy have released the details of its innovation strategy.
Vermont Gov. Pete Shumlin has released a jobs package that includes a number of initiatives that could enhance the state's innovation economy. The jobs bill calls for a new creative economy office that would focus on technology efforts, a mentoring program for entrepreneurs, a statewide internship program, and a tax credit for companies that hire STEM graduates. Gov. Shumlin also has renewed his predecessor's pledge to extend full wireless voice and data coverage across the state.
A revamped version of the $8 billion Universal Service Fund (USF) could be used to expand broadband access in underserved areas. On Tuesday, the Federal Communications Commission (FCC) proposed a plan to redirect the portion of the USF that provides incentives to extend phone service to high-cost areas to instead support high-speed data networks. A new program, the Connect America Fund, would consolidate several USF programs, eliminate some of the programs' inefficiencies and increase the availability of affordable broadband service.
With support from the Greater Cleveland Partnership, NorTech (the Northeast Ohio Technology Coalition) is accepting applications for the two positions below:
For nearly every budget issue SSTI has prepared during the first decade of the 21st century, our opening paragraphs read like obituaries. The previous administration was ideologically opposed to the government taking an active role to support economic development, even tech-based economic development, beyond increases for university and federally based research. Spending for federal programs that support regional community and economic growth were slashed repeatedly.