Median deal size from angel groups fell by 5.5 percent from $127,000 in 2016 to $120,000 in the first six months of 2017 (H1’17), according to the 2017 ARI HALO Report First-Half from Pitchbook and the Angel Resource Institute. In addition to a decline in median deal size, early-stage pre-money valuations also decreased from $3.6 million in 2016 to $3.5 million in H1’17.
State spending for the Oregon innovation economy during the 2017-2019 biennium in the Oregon Business Development Department received a sharp increase, thanks in part to nearly $14 million of funding for the new Oregon Manufacturing Innovation Center (OMIC).
Beyond their traditional focuses on patenting and licensing, universities should reconsider how their technology transfer efforts can contribute more broadly to economic prosperity, according to a new report from the Association of Public and Land-Grand Universities (APLU) Commission on Innovation, Competitiveness & Economic Prosperity (CICEP). The report, Technology Transfer Evolution: Driving Economic Prosperity includes four briefs on topics relevant to redefining the field: engaging the local regional ecosystem; redefining expectations of tech transfer offices; adapting innovation management structures; fostering an entrepreneurial culture; and, supporting university startups. SSTI staff members contributed to the individual briefs and served on the commission’s advisory committee.
Since 1991, every state has added good jobs for workers without four-year degrees in skilled-services industries like healthcare and finance, but fewer than half have added good jobs for similar workers in blue-collar industries like manufacturing, according to The Good Jobs Project, an initiative of The Georgetown University Center on Education and the Workforce.
Overall growth in manufacturing should accelerate this year and grow even more in 2018, according to recent projections from the Manufacturers Alliance for Productivity and Innovation (MAPI). As a way to support manufacturers — especially small and medium sized ones — two states recently announced programs to boost their productivity.
This week, members of SSTI’s Innovation Advocacy Council met with more than two dozen Congressional offices to discuss the Startup Act and Regional Innovation Strategies (RIS) program funding. The Startup Act would expand RIS, create a new commercialization grant program and provide new paths for innovation-related immigration. RIS is slated to receive level funding of $17 million for FY 2018 in the House and $21 million in the Senate.
Following reforms to the Community Development Financial Institution (CDFI) application process, four of the five venture capital funds that applied for CDFI financial assistance funding in FY 2017 were awarded. In trying to increase the impact of CDFIs by supporting their growth, reach and performance, the Fund implemented reforms to the application, making it easier for CDFIs to demonstrate their impact with an award regardless of what type of financial institution they are — they can be banks, credit unions, loan funds, microloan funds or venture capital providers.
From investment returns to education savings, R&D incentives and more, tax policy and innovation are inextricably linked. Not surprisingly, the U.S. House GOP’s tax plan, released last week and updated through a significant amendment on Monday, could have significant impacts on the innovation economy.
Current[1] proposals with implications for innovation include:
Around the country, free or greatly reduced tuition programs at institutions of higher education – oftentimes called “promise scholarships” – are being increasingly utilized as a way to support education and workforce development. With a focus on those programs occurring at the community level, a new interactive database from the Upjohn Institute sheds light on more than 85 examples of place-based promise programs, including their history, their scope, and their impacts.
Since no single measure of performance can completely capture the important role that research universities play as drivers of economic growth in the innovation economy, a different approach is required, according to new research from BioCrossroads and TEConomy Partners.
The United States has no global equal when it comes to scientific output, producing more publications than China, Germany, and the United Kingdom combined, according to the recently updated Nature Index. The index, a product of the scientific journal Nature, measures output of high-quality research in the natural sciences at both the national and state levels. However, the most recent update finds that U.S.
The third annual National Apprenticeship week will be celebrated next week, with more than 700 activities planned across the country to showcase programs, facilities and apprentices. For those still interested in participating through an open house, skills competition, or other event, there is still time to register your event.
While traditional economic development within the states has shifted to an economy more reliant on innovation, many policy discussions remain mired in acknowledging just some of the more recognized tech-based regions, says the Information Technology and Innovation Foundation (ITIF) in its latest report. However, as economic indicators reveal that all states’ economies incorporate some degree of innovation as a driver of their economy, the 2017 State New Economy Index measures states’ capacities to function in this new economy.
The innovation economy is a featured component of both newly elected governors’ agendas, with each showing support for TBED-related initiatives in their platforms. In New Jersey, Governor-elect Phil Murphy (D) has pledged to reclaim the state’s innovation economy while in Virginia Governor-elect Ralph Northam (D) proposed a new workforce development plan focused on “the new-collar jobs of the 21st century.”
The U.S. International Trade Commission (ITC) this week recommended imposing tariffs on U.S. imports of crystalline silicon photovoltaic cells (CSPV) after finding last month the imports were causing serious injury to the domestic production of the cells. Tuesday’s action was the latest in a closely watched case that many, including solar’s trade group — the Solar Energy Industries Association — are saying could impede the growth of the solar industry in this country.
The U.S. Small Business Administration (SBA) has announced the 20 recipients of the fourth Growth Accelerator Fund competition. The winners, which represent a broad set of industries and a diversified range of demographic groups, will each receive a cash prize of $50,000 to address gaps in regional entrepreneurial ecosystems as part of the award. Awardees will be required to submit quarterly reports for a year, and must report or provide their metrics, including jobs created, funds raised, startups launched and corporate sponsors obtained.
The Science and Technology Directorate (S&T) within the Department of Homeland Security is looking for partners to help develop scientific advancements and technological innovations that solve homeland security challenges. The directorate is open to a broad range of potential partners, from technology developers and innovators creating ideas in their garages, to small businesses and large corporationsand has issued a guide detailing the ways partners can work with the agency.Industry Guide: R&D Investment Priorities and Business Opportunities 2017 includes a table providing an overview of the R&D investment outlook for the types of technologies and capabilities DHS anticipates will address current homeland security needs.
Through the third quarter of 2017, the venture capital market saw an average deal that invested more money into larger and older companies than in prior years. With fewer exits and deals occurring throughout the industry — as well as a historic $90+ billion in uninvested capital (aka “dry powder”) — a reasonable expectation might be that funds would have a difficult time raising capital.
Through the third quarter of 2017, the venture capital market saw an average deal that invested more money into larger and older companies than in prior years. With fewer exits and deals occurring throughout the industry — as well as a historic $90+ billion in uninvested capital (aka “dry powder”) — a reasonable expectation might be that funds would have a difficult time raising capital. In fact, fund raising, while likely to finish behind 2016, is set for another straight year with greater than $30 billion raised, and this money is going into more funds with an overall increasing fund size.
In the October 24 edition of the Federal Register, the U.S. Census Bureau released a request for comment (RFI) on a proposed Annual Business Survey (ABS). The ABS is a new survey designed to combine Census Bureau firm-level collections that replaces the five-year Survey of Business Owners (SBO) for employer businesses, the Annual Survey of Entrepreneurs (ASE), and the Business Research and Development (R&D) and Innovation for Microbusinesses (BRDI-M) surveys.
At least three dozen states offer reductions in tax obligations to companies for some portion of the costs of the businesses conducting research and development within their particular state. During the 2017 session, one fewer could be included among the ranks. With little documented opposition, the Oregon legislature decided to get out of the R&D tax credit business altogether (p. 41, source). Why? Are there lessons for other states’ advocates for innovation?
Two 2017 Q3 venture capital market updates are not providing much clarity on the underlying state of the industry. Data on greater uninvested capital, larger deals and fewer exits, among other indicators, suggest that venture capital is in need of a market correction. At the same time, new fundraising, a move toward wider geographic distribution and the rise of alternative financial structures could speak toward the emergence of a more sophisticated market. In the absence of decisive indicators, the data allow for any number of explanations and predictions.
Entrepreneurial growth continues to rebound and is spreading to different industries and geographies, according to the 2017 Kauffman Index of Growth Entrepreneurship, yet the report also states that entrepreneurial growth “continues to be a rare phenomenon. Most firms are not growth firms.” The five metropolitan areas with the highest levels of entrepreneurship were, in order: Washington, D.C.; Austin; Columbus, Ohio; Nashville; and Atlanta, according to the report.
An aging, more diverse workforce is what the Bureau of Labor Statistics foresees in the coming decade, with a declining participation rate, which may in turn restrict economic growth. The new projections released this week echo the downward trend in the rate of labor force participation since the peak of 67.3 percent in early 2000. While recent trends show an increasing level of participation among the 55+ crowd, there has been a decreasing level of participation among 16 to 24-year-olds as school enrollment has increased, as well as a continuing decline among the prime working-age cohort of 25 to 54-year-olds.
An SSTI analysis of the labor force participation rate of the prime age workers for each state revealed a great amount of variation among the states. The map below shows the participation rate for this cohort averaged out over 2014-2016 to account for yearly fluctuations.
Initial public offerings (IPOs) can alleviate financing constraints and help support important activities such as operations, R&D, and expansion. Despite these perceived benefits, new research finds that the transition to public equity – and the financial windfalls that follow – prompt many of a company’s early innovators to depart the firm, which has impacts on both innovation internally and at other firms.
Last week, Google announced the launch of several efforts as part of its Grow with Google initiative – a five-year $1-billion plus plan to invest in nonprofits that specialize in training workers and helping new businesses get off the ground. Through this new plan, Google indicated it will work to close the world’s education and opportunity gaps.