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The U.S. Department of Labor (DOL) recently unveiled a new strategy aimed at improving and increasing access to work experiences for young people. Emphasizing the need for a comprehensive vision to address the challenges young people face in accessing education, training, and meaningful work experiences, the Youth Employment Works strategy represents the first national youth employment strategy in over two decades.

Deputy Secretary of Commerce Don Graves called on business leaders to “lean into” partnerships with the public sector to strengthen the United States’ position as a global tech leader during remarks at a recent Information Technology Industry Council (ITI) summit.

This week, the U.S. Department of the Treasury approved the state of Mississippi and 15 Tribal Governments for State Small Business Credit Initiative (SSBCI) awards. Mississippi is receiving $86 million to launch four programs, including a $15 million fund investment program and an $11 million direct investment program.

In a recent installment of SSTI’s federal funding video series, SSTI program director Jerry Coughter conducted a two-part interview with Amanda Kosty, management and program analyst with the Economic Development Administration’s Office of Innovation and Entrepreneurship.

As states continue to grapple with the effects of low unemployment and a tight labor market, lawmakers and workforce development organizations also continue to explore how to increase labor participation among nontraditional or marginalized workers – including several states which relaxed child labor laws during this year’s legislative sessions – to address areas or sectors that are experiencing workforce shortages.

SSTI’s TBED Community of Practice efforts to strengthen the capacity of EDA grantees recently entered a new phase with the launch of subcommunities focused on risk capital, lab-to-market, and entrepreneurship development. Each of these offers a chance for informal discussions on important issues facing participants. More than 200 individuals signed up to participate in at least one subcommunity. 

Initial calls covered important topics for the tech-based economic development field:

Have you ever wondered whether there is a federal program that supports tech-based economic development (TBED) strategies and initiatives--even if it doesn’t explicitly state that science, technology, innovation, or entrepreneurship are priority uses of funds? Actually, a wide variety of federal programs can support these programs. To help organizations identify sources of funding that could be useful, SSTI interviewed representatives from the Economic Development Administration (EDA) to understand better how they can use specific funding opportunities to support TBED activities.

This week, the U.S. Small Business Administration (SBA) announced 40 new Growth Accelerator Fund Competition awardees. SSTI’s proposal to identify programs and partners that have expanded the participation of minority business owners and researchers in the Small Business Innovation Research (SBIR) program is among the winners.

When Dan Berglund, SSTI’s president and CEO, testified in a hearing before the House on an early draft of the U.S. Innovation and Competition Act, he noted that funding from the federal government that addresses the whole innovation system rather than individual elements of the system would be critical to building a regional innovation economy and different than any other federal program.

Despite Carnegie Classification as an R2 institution, Northern Illinois University (NIU) and other similar universities do not qualify for existing R&D capacity-building initiatives targeting Established Program to Stimulate Competitive Research (EPSCoR) states or minority-serving institutions (MSIs).

The recession brought upon by the COVID-19 pandemic (February 2020 – April 2020) saw an extremely sharp drop in both GDP and employment, followed by a relatively fast return to non-recessionary rates of unemployment. This swift recovery was a substantial contrast to the periods of the Dot Com Recession (March 2001 – November 2001) and Great Recession (December 2007 – June 2009). These previous recessions saw both dips in GDP, followed by gradual rises in unemployment rates over several months or years, with a gradual decrease in unemployment over the coming years.

This morning, NSF announced 44 development, or Type-1, awards from its first Regional Innovation Engines competition. According NSF’s visualization, 33 of the lead organizations are from academic institutions, with 13 of those from institutions that are not classified as R1s, and the remaining 11 leads from other types of nonprofits.

America’s Seed Fund Week, a Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) event, will be held online May 15-18. The event connects entrepreneurs and organizations that support entrepreneurs to SBIR and STTR, known as America’s Seed Fund. America’s Seed Fund is the largest source of early stage funding in the U.S.

An MOU between the Korean Institute for Advancement of Technology, the Korean Battery Industry Association, the Korean Electronics Technology Institute, and the NAATBatt Association, aims to bring Korean battery manufacturers to the U.S.

A recently formed coalition of national leaders from higher education, government, business, nonprofits, and the military have created the Council on Higher Education as a Strategic Asset(HESA). Inspired by the Association of Governing Boards of Universities and Colleges (AGB), the council will advance recommendations for changes in higher education institutions to enable them to prepare the workforce to support the United States’ most critical national priorities.

The International Economic Development Council (IEDC), in partnership with six national and international associations and the U.S. Department of Commerce's Economic Development Administration (EDA), announced the launch of the inaugural Economic Recovery Corps (ERC) program on May 11.

In anticipation of America's Seed Fund week on May 15-18, 2023, this article will explore the last 10 years of Small Business Innovation Research (SBIR) program award data. These data cover all 50 states, D.C., and Puerto Rico.

After a busy election season that saw gubernatorial elections in 36 states, newly elected and re-elected governors delivered their annual State of the State addresses, kicking off new programs and reviewing the conditions of their states. SSTI reviews the speeches every year and covers news of new developments and initiatives the governors have highlighted as they relate to the innovation economy. New programs are laid out here in the governors own words as excerpts from their State of the State or budget addresses.

For those readers who have seen their 53rd birthday, it was probably not a remarkable occasion. Perhaps it passed by without notice, and why should it? It isn’t regarded as a major milestone like 21, 50, 60 or 75.  What good is 53? It is often overlooked because we rarely run into it. We put 52 cards in a deck, but 53? We can’t deal with that.

Earth Day probably felt that way this year as Saturday, April 22, went by with fewer people marking its 53rd birthday than in previous years. Collectively, the gifts in its honor seem smaller, less meaningful.

A recent study published in the Journal of Higher Education reveals that a college graduate’s mix of funding sources may reflect when they were born and how likely they were to obtain a graduate degree.

Availability of a new data tool developed by the Bureau of Labor Statistics (BLS) indicates that during the period surrounding the onset of the COVID-19 pandemic, there was wide variation among the states on the ratio of unemployed persons per job opening.  Michigan peaked at 10.6 unemployed persons for each job opening, followed by Hawaii (10.3) and Nevada (10.2), far above most states, while others like D.C. (1.7) and Nebraska (2.1) and North Dakota (2.2) remained relatively unaffected.

A new fact sheet released today from the White House outlines three recent activities related to artificial intelligence.

A recent project from the National Bureau of Economic Research used data from the Annual Survey of Manufactures to study the characteristics and geography of investments in robots across U.S. manufacturing establishments and find whether it revealed any impact on the economy. The team found that robotics adoption and intensity is more closely related to the size of the establishment than it is to its age. The study presents results on the distribution of robots in U.S.

Despite being hit with a recession brought on by the COVID-19 pandemic, the latest 5-year impact report from Ben Franklin Technology Partners (BFTP) shows even higher growth than the previous five years.

The U.S. Small Business Administration finalized new rules that provide more opportunities to leverage the agency’s flagship lending programs to support economic development strategies. The most significant changes in the rules would allow more non-depository lenders (e.g., loan funds) to participate in SBA’s lending programs, make employee ownership transitions an eligible use of loan proceeds, and remove many of the existing underwriting criteria. These changes mean tech-based economic development organizations should consider becoming approved SBA lenders.