Three metropolitan areas dominate the U.S. venture capital landscape: San Francisco, Boston and New York. These cities are home to about half of all U.S. venture firms and about half of all U.S. venture-backed companies. Though venture firms have sprung up around the country over the past 25 years, the three cities have maintained, and even expanded, their share of national firms and investment.
SSTI has prepared a table displaying the amount companies spent on R&D in each state from 2003 to 2007, the state's rank in 2007, the percent change over this five-year period, and the rank of that percent change. For the U.S. as a whole, industry-funded R&D was $204 billion in 2003 and rose to $269.3 billion in 2007 - a five-year jump of 32 percent. Note, the amounts in the chart are not indexed to a single year, but reflect values from when the data was released.
Gov. Jim Doyle signed the 2009-11 biennial budget last month, providing funding for university-based research and enhancing tax credits for angel and venture investors supporting high-tech R&D.
George Osborne, the UK's Chancellor of the Exchequer, announced the country's 2011 budget including the "Plan of Growth," a package of measures intended to support private sector investment, enterprise and innovation. Several initiatives highlighted in the Plan of Growth include:
George Osborne, the UK's Chancellor of the Exchequer, announced the country's 2011 budget including the "Plan of Growth," a package of measures intended to support private sector investment, enterprise and innovation. Several initiatives highlighted in the Plan of Growth include:
Innovative firms rely on global pipelines and communication more than local interactions to increase their innovative capacity, according to a working paper by Rune Dahl Fitjar and Andres Rodriguez-Pose. The authors examine the practices of 1604 firms in the five largest urban regions of Norway, and find that international cooperation is the main source of product and process innovation.
The National Heart, Lung, and Blood Institute, National Institutes of Health in Bethesda, Maryland is seeking a dynamic and innovative biomedical/biotechnology expert to provide strategic leadership as the director of the newly created Office of Translational Alliances and Coordination (OTAC). The OTAC is charged with accelerating the translation of basic discoveries and innovations into new diagnostics, devices, and therapeutics, and facilitating the development of new technologies via SBIR initiatives.
"The new frontier of effective worker education lies in combining classroom and workplace education to produce a hybrid of technical knowledge and hands-on skills," according to a report from the Center for American Progress — Delivering Innovation Economy Skills While Wisely Using Public Funds. The report contends that the U.S.
Science Foundation Arizona (SFAz) has stimulated the state's job creation and increased the amount of additional funds leveraged, according to a report by Battelle. In 2010, SFAz-funded programs led to over 1,150 new jobs, 84 patents and 16 new companies. For every $1.00 awarded by SFAz, an additional $3.06 was matched by an outside source (e.g., federal grants, industry, and venture capital). SFAz's leveraging has increased progressively over the last three years.
The Department of Commerce's Economic Development Administration announced it is accepting applications for the $12 million i6 Green Challenge. EDA, in partnership with the departments of Agriculture and Energy, the Environmental Protection Agency, the National Science Foundation, Commerce's National Institute of Standards and Technology and U.S. Patent and Trademark Office, will select six teams from around the country that present the most innovative ideas to drive technology commercialization and entrepreneurship in support of a green innovation economy.
The latest annual report on state higher education finance by the State Higher Education Executive Officers finds that state and local per student spending fell to its lowest point in 25 years last year. Rising enrollment and stagnant appropriations contributed to the decrease in per student spending.
The complete description of this opportunity and others are available at http://www.ssti.org/posting.htm.
New evidence suggests that venture capitalists increasingly view international investment as the future of the industry. The 2009 Global Venture Capital Survey, conducted by the National Venture Capital Association (NVCA) and Deloitte, finds that 52 percent of venture capitalists around the world are currently investing outside their home country. Most investors also believe that their involvement with international partners will increase in the near future.
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).
SSTI's full report is available for download in pdf format.
With the number of startups on the rise, several states and cities are reaching out to entrepreneurs to connect them with the assistance and capital they need to survive.
Indiana
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.
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.
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.