As governors across the nation seek to fill record deficits, many new and longstanding TBED initiatives are facing challenging cuts or elimination. At the same time, governors are shoring up support for critical, targeted investments in the economy that they say are needed now more than ever.
In support of the state's goal to attract and grow biotechnology companies, Gov.
After months of closed-door negotiations, the chairs of National Commission on Fiscal Responsibility and Reform has released a draft list of proposals to reduce the growing federal deficit. The proposals include drastic cuts to the federal government's economic development agencies, including the elimination of the Economic Development Administration (EDA) and the Hollings Manufacturing Extension Program (MEP), as well as the merging of the Department of Commerce and the Small Business Administration (SBA).
Massachusetts remains the state best prepared to navigate the changing economy, according to the Information Technology and Innovation Foundation's (ITIF) 2010 State New Economy Index. ITIF uses 26 indicators in five categories to evaluate the economic structure of states and assess their capacity to drive innovation-based growth. Massachusetts ranked number one in economic preparedness by a wide margin, as it has since the first index was released in 1999.
Facing the largest budget deficit in the European Union, British Prime Minister David Cameron will not to cut spending on S&T. The European Commission predicts the UK will face a 12 percent budget deficit in 2011. To combat this deficit, the Cameron led Tory-Liberal Democrat coalition took drastic measures to reduce the deficit by 2014.
The Department of Defense (DoD) lacks complete data on the number of technologies commercialized and therefore cannot determine the return on its space-related SBIR investment, finds a report by the Government Accountability Office (GAO). To meet space-related technology needs, DoD invested $5 billion, or approximately 11 percent of its total SBIR budget, on space-related Phase I and Phase II contracts over fiscal years 2005-09.
This week, millions of people in more than 100 countries across the globe will participate in activities, forums and competitions geared toward helping young people develop the skills and knowledge needed to grow innovative companies as part of Global Entrepreneurship Week 2010. The third annual celebration co-founded by the Kauffman Foundation and Enterprise UK boasts participation from students, educators, entrepreneurs, business leaders, and government officials. In tandem with the global celebration, President Obama proclaimed Nov.
"Despite the clear limitations of existing federal innovation programs, they remain important to our national economic competitiveness," according to a new report from the Center for American Progress. In Silos of Small Beer, authors Maryann Feldman and Lauren Lanahan examine the efficacy of federal innovation programs on the regional economic development of the eastern Midwest region that includes Pittsburgh in western Pennsylvania; and Cleveland, Akron and Youngstown in northeast Ohio.
Academics and policymakers should "be more careful with the assumption that technological knowledge spillovers and networks occur automatically in innovative clusters," according to a recent article on the Cambridge IT cluster. The report, Do Clusters Really Matter for Innovation Practices in Information Technology? Questioning the Significance of Technological Knowledge Spillovers, examines the impact that a cluster has on R&D workers in IT field with an emphasis on territorial learning and knowledge spillovers.
Legislative control will shift from Democratic to Republican majority in eleven states and Republicans now control the legislature and governor's office of 20 states, up from nine, after adding more than 675 seats in last week's midterm elections, reports the National Conference of State Legislatures (NCSL). The GOP gained control in one or both chambers in the following states: Alabama, Colorado, Indiana, Iowa, Maine, Michigan, Minnesota, Montana, New Hampshire, North Carolina, Ohio, Pennsylvania, and Wisconsin.
With the end of federal stimulus funding for higher education on the horizon, states are considering proposals to retool current funding formulas for colleges and universities and looking to alternative funding sources to sustain their programs and services in the coming years. Ahead of the 2011 legislative session, groups commissioned by governors in Colorado and Virginia recommended a voter-approved tax and more stable funding streams from the state, respectively.
Angel investors continue to move their focus from seed stage startups to later stage deals, according to recent analysis by the University of New Hampshire's Center for Venture Research. During the first half of 2010, 26 percent of angel capital was invested in seed and startup stage companies, down from 35 percent in 2009 and 45 percent in 2008. Meanwhile, overall angel funding fell to $8.5 billion, a 6.5 percent decrease from the first half of 2009.
U.S. jobs in solar energy could increase by 26 percent by this time next year, according to the first nationwide solar census from The Solar Foundation. The census estimates that there are currently 93, 000 solar workers in the U.S., and 50 percent of solar firms plan to add jobs in the next 12 months. Solar workers are defined as employees who spend more than 50 percent of their time supporting solar activities. Read the census at: http://www.thesolarfoundation.org.
The Internal Revenue Service (IRS) has released the list of projects approved for Qualifying Therapeutic Discover Project grants and credits. Introduced in the Patient Protection and Affordable Care Act passed earlier this year, the program supports projects that show a reasonable potential to create new therapies, lower health care costs or advance the cause of curing cancer within the next 30 years. The credit or grant covers up to 50 percent of the cost of qualifying biomedical research at firms with no more than 250 employees.
The Tennessee Biotechnology Association has changed their name to Life Science Tennessee.
Ann Arbor SPARK recently added Bill Mayer as director of their business accelerator team.
Facing a $2.3 billion deficit in FY 2010, Florida Gov. Charlie Crist has proposed a new financing program to promote small business growth through the current financial crisis. Calling it an Economic Stimulus Plan, the governors.'s proposal will target small Florida-based companies with high-growth potential through direct loans and other support services.