With less money to spend on risky endeavors, many states are taking more targeted approaches toward economic development, seeking out sectors of the economy they consider most likely to grow and be sustainable beyond current conditions. In Hawaii, for example, lawmakers established an Aerospace Advisory Committee this session seeking long-term growth in aerospace-related industries.
In a special session on Tuesday, the Vermont Legislature enacted the state's FY10 budget, overriding last week's veto by Governor Jim Douglas. The budget eliminates or reduces funding for many programs related to economic development and TBED, cutbacks which were cited as concerns by Gov. Douglas in his veto announcement.
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Gov. Charlie Crist signed Florida's $66.5 billion 2009-10 budget into law last week, providing a mixed bag of funding outcomes for the state's existing economic development programs.
J. Mike Books is leaving his post with the Indiana Health Industry Forum to become the first economic development director for the city of Columbia, Missouri. He also will serve as president of the Regional Economic Development Inc. Brooks will assume his new responsibilities on July 15.
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.
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).
Not all of the news coming out of governors' offices is bad for TBED strategies. For example, just in the past week, governors in Missouri, Ohio and Texas proposed increases in state investments for job creation in emerging fields, higher education scholarships, and technology commercialization and research programs. The following overview provides highlights of their recommendations for TBED proposals in the upcoming fiscal year or biennium.
Geographic Concentration Continues as California Share Grows, SSTI's VC Dashboard Shows
The fifth installment of the Tech Talkin' Govs series includes highlights from state of the state, budget and inaugural addresses from governors in Alabama, Michigan, Ohio, Oklahoma, Pennsylvania and Utah.
As the U.S. Congress is ironing out the details of the stimulus package, the final share of science and technology investments within the bill is not known at this time. However outside of the U.S., other countries have recently announced their own proposals to improve the research and innovation infrastructure of their countries.
Department of Labor
Department of Labor
Gov. Jim Doyle unveiled last week several proposals to boost university-based research and commercialization efforts in emerging fields and encourage private industry R&D and job growth through the creation of several new tax credits.
Gov. Jennifer Granholm's FY10 budget includes increased funding to support programs aimed at job creation in emerging fields and maintains level funding for year three of an initiative to train displaced workers for in-demand careers.
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.