Since the inception of cryptocurrency mining over a decade ago, the state of New York has become a hotspot for the digital coins, encompassing 19.9 percent of the total U.S. hashrate, or the collective computing power of miners. However, concerns over the environmental impacts of, and high electricity demands for, these mining operations have been increasingly thrust into the spotlight.
In fiscal year 2021, the nationwide success rate of applicants for National Institutes of Health (NIH) Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Phase I awards decreased slightly from FY 2020. This continued a downward trend over recent years. The success rate for NIH SBIR/STTR Phase I was nearly 13 percent (647 of 5,132 approved) in FY 2021, a decrease from nearly 14 percent (636 of 4,684 approved) in FY 2020 and from nearly 16 percent for all proposals submitted over the past decade.
With the return of congressionally-directed spending — more commonly known as “earmarks” — for the FY 2022 budget, nearly 5,000 projects received more than $9.6 billion in such funding. The return of the earmarks followed a 10-year absence after the practice was banned in 2011. SSTI’s review of the spending data, which was collected by the Bipartisan Policy Center (BPC) from the congressional appropriations committees, showed that projects related to technology-based economic development (TBED) were included in the funding.
In November 2021, the seasonally adjusted quit rate reached a record of 3.0 percent, a significant increase from the previous highest rate of 2.4 percent.
In November 2021, the seasonally adjusted quit rate reached a record of 3.0 percent, a significant increase from the previous highest rate of 2.4 percent. This phenomenon of rising quit rates is currently referred to as the “Great Resignation.” Investigating the existing data on labor turnover, the historical quit rate data, and the reasons for the rise of quit rates in 2021 are the focus of a recent article from the U.S. Bureau of Labor Statistics Monthly Labor Review.
Three states — Indiana, California and Arkansas — have recently participated in international diplomacy, creating strategic connections and developing agreements to address climate change and trade barriers with the United Kingdom, New Zealand, and Canada. These recent agreements may suggest a shift toward innovation-focused diplomacy at the state level with nations across the globe.
With the end of the current fiscal year just three months away, the House Committee on Appropriations is set to finish marking up all of its FY 2023 funding bills by the end of this week. Similar to last year. the committee’s actions come before Congress has agreed to an overall spending level. Due to the potential for substantial changes when the final FY 2023 budget is passed, this article only covers specific funding levels that are a high priority for the tech-based economic development (TBED) field.
A new report from the U.S. Community Development Financial Institutions (CDFI) Fund shares performance data from federally certified CDFIs for FY 2020.
Total R&D in the U.S. grew from $666.9 billion in 2019 to an estimated $708 billion in 2020, according to recent data from the National Science Foundation’s National Center for Science and Engineering Statistics (NCSES) examination of R&D performance in the United States over the past two decades. These findings follow additional trends in the report demonstrating the expanding R&D occurring in the U.S.
Chicago has seen 18 percent growth in its technology ecosystem (i.e. technology occupations in technology industries, non-technology occupations in technology industries, and technology occupations in non-technology industries) in the last decade compared to a 1 percent growth in the overall economy, according to the Chicago Tech Effect report from Chicagoland Chamber of Congress and HR&A Advisors. The report might serve as a model for other areas examining the importance of technology in their region’s economy.
Although Americans perceptions on the economy dipped late last year, their financial well-being increased and hit its highest level since 2013, when the Board of Governors of the Federal Reserve System survey began. The results of the latest wide-ranging survey, reported in the Economic Well-Being of U.S.
During the SBIR/STTR Spring Innovation Conference, the U.S. Small Business Administration hosted a keynote session titled, “SBIR at 40 – What’s Next?” Panelists, moderated by SBA’s Erick Page-Littleford, discussed the impact that the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs have had over their 40 years of existence, and what the future may hold.
Canadian provinces are overrepresented in North America’s most competitive states in the innovation economy with Ontario ranked third, British Columbia ranked fourth and Quebec ranked ninth, according to a competitiveness index from the Information Technology and Innovation Foundation (ITIF). Massachusetts, California, Ontario and Maryland were named overall leaders in subnational innovation competitiveness.
Recently, the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED) announced its intention to release a Funding Opportunity Announcement (FOA) in collaboration with the Energy Efficiency and Renewable Energy’s (EERE) Hydrogen and Fuel Cell Technologies Office within the year. This FOA, titled “Regional Clean Hydrogen Hubs” or “H2Hubs” will outline funding phases to promote the expansion of clean hydrogen energy and aid in the development of at least four clean hydrogen hubs throughout the U.S.
Manufacturing, healthcare services, information technology, building and construction, and transportation, distribution and logistics are the top five industries by number of applications submitted to the U.S. Economic Development Administration’s Good Jobs Challenge, according to EDA.
The U.S. Economic Development Administration (EDA) last week announced a new funding opportunity that includes two programs designed to strengthen equitable economic development strategies across the country. One program will add staff resource to local organizations focused on improving economic resilience and competitiveness in distressed regions across the country, while the second will provide technical assistance to enable organizations serving underserved populations and communities to participate in economic development planning and projects.
A recent paper published at the Federal Reserve Bank of Atlanta (FRBA) highlighted that unlike prior recessions where men experienced unemployment at higher rates, COVID-19 had a much greater effect on women. Women constituted nearly 60 percent of net job loss despite making up 47 percent of pre-pandemic employment.
Between 2017 and 2021, 23 percent of proposals submitted to NASA for Phase I SBIR/STTR funding were approved (1,887 awards from 8,360 proposals). The acceptance rate for Phase II proposals, which are generally encouraged or discouraged based on Phase I outcomes, was 58 percent (791 of 1,359 approved).
Two recent reports reveal U.S. standing in different global innovation spheres. The U.S. performance in advanced industries has been weak over the last two decades compared to other nations, finds a new Information Technology and Innovation Foundation (ITIF) report that calls for an economic “moon shot” initiative to help boost U.S. performance. Meanwhile, new regions are entering the top 10 global startup ecosystems but Silicon Valley remains at the top, according to a recent report from Startup Genome.
A recent study found that the use of industrial robots (UIR) can reduce a country’s overall ecological footprint while simultaneously promoting economic growth. This is through timesaving, green employment, and energy upgrading effects that increase as the level of economic development and human capital within the country increases.
The Small Business Administration’s (SBA) Federal and State Technology (FAST) Partnership Program is now accepting applications for the FY 2022 competition. The FAST program provides matching funds to organizations to execute state/regional programs that increase the number of SBIR/STTR proposals leading to an increase in the number of SBIR/STTR awards from women, socially/economically disadvantaged individuals, and small businesses in underrepresented areas - typical
Venture development organizations in Pennsylvania and Columbus recently released their economic impact reports for 2021. The reports from Ben Franklin Technology Partners (BFTP) and Rev1 Ventures show creation and retention of more than 16,000 jobs, $2.1 billion in client revenue, and almost $1.2 billion in capital raised.
Spring college enrollment figures released last week by the National Student Clearinghouse Research Center (Clearinghouse) showed a continued decline with postsecondary enrollment falling to 16.2 million, a 4.1 percent decline from the previous spring. Combined with the 3.5 percent drop in enrollment last spring, the Clearinghouse reported that the undergraduate student body is now 9.4 percent, or nearly 1.4 million students, smaller than before the pandemic.
Moving away from four-year degree programs and toward apprenticeships is one of the recommendations to help ease the workforce shortage experience in the life sciences industry. This and other recommendations are part of a recently released report from the Massachusetts Biotechnology Council, also known as MassBio, on workforce trends in the life sciences industry in Massachusetts.
Even employing a “conservative estimate of spillover jobs”, the Progressive Policy Institute’s updated report on employment related to the App Economy works out to just over one job per published application. Total January 2022 employment reported in PPI’s U.S. App Economy Update, 2022, was estimated at 2.564 million jobs. While up 1.7 percent from the August 2020 update, the figure is only nominally higher than the cited 2.1 million apps launched in 2021 alone.
Today, the U.S. Department of Commerce announced the appointment of 32 members to the National Advisory Council on Innovation & Entrepreneurship (NACIE). Individuals chosen from a pool of more than 260 nominees will be charged with helping to identify and recommend solutions to drive the innovation economy.