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A wide range of research and tech-based economic development bills were approved by the Arkansas legislature, which ended its legislative session in mid-April. With proposals and support coming both from Republican Governor Huckabee and the heavily Democratic legislature, Arkansas is the latest state to demonstrate broad bipartisan support for investing in science and technology.

U.S. companies originally backed by venture capital created 4.3 million new jobs last year according to a new economic impact study released this week by the National Venture Capital Association (NVCA). Those companies generated $736 billion in revenues in the year 2000 and, according to the study, venture capital-backed businesses represented 3.3% of the nation's total jobs and 7.4% of Gross Domestic Product in 2000.

With ten firms, Chicago leaders win bragging rights for being called home by the greatest number of Inc. magazine's "Inner City 100," the fastest growing urban businesses. In fact, six of the top 50 companies were from the Windy City.



Five businesses from Buffalo won inclusion in the magazine's list, earning the New York city the unofficial title as the second most popular home. Pittsburgh, Cleveland, and Oakland, CA each had four companies on the list.

Using survey responses and a weighted index for caliber of students, curriculum, faculty, support for students, and overall program, Success Magazine has identified what it believes are the best 50 business schools for entrepreneurial education. The top honors are not necessarily the business schools that immediately jump to mind for most people.

Cutbacks in service loom after 63 percent budget reduction

The Manufacturing Extension Partnership (MEP) is one of 15 finalists for the 17th Annual Innovations in American Government Award. Administered by the Ash Institute for Democratic Governance and Innovation at Harvard University's Kennedy School of Government in partnership with the Council for Excellence in Government, the award recognizes creativity and excellence in public sector service delivery.

With only two months to go in the 2004 fiscal year for most states, 32 are projecting small surpluses in the end - a sharp contrast to the situation they faced a year ago - according to a new report by the National Conference of State Legislatures (NCSL).

He may be more traditionally associated with gas-guzzling Humvees than anything remotely environmental, but Gov. Arnold Schwarznegger has become a big believer in alternative energy vehicles. The governor's recent call for creating a "Hydrogen Highway" by 2010 is, perhaps, the country's boldest commitment to getting hydrogen fuel cell vehicles on America's roadways anytime soon.

The U.S. Department of Homeland Security (DHS) recently selected Texas A&M University and the University of Minnesota to lead the second and third Homeland Security Centers of Excellence (HS-Centers). The department anticipates providing Texas A&M University, the University of Minnesota and their partners with a total of $33 million over the course of the next three years to address security in two key agricultural sectors -- foreign animal diseases and food security.

Studies have shown a strong correlation between high-wage economic growth and university research activity. Examination of nearly every strong regional technology center across the country will reveal at least one research university within its boundaries. As a result, many state and local technology-based economic development (TBED) efforts strive to increase the quantity and quality of university R&D undertaken within their boundaries.

A study released last week by the Economic Development Administration (EDA) and Carnegie Mellon University's Center for Economic Development finds that, within a region, universities are best able to affect the growth of young, emerging clusters. The study, Universities and the Development of Industry Clusters, concludes a "university must have a large base of research and development in order to significantly impact a cluster..."

One of the differences between technology-based economic development (TBED) and more traditional approaches to promoting economic growth is TBED's orientation that while all jobs may be important, they are not created equal. Traditional economic development may provide millions of dollars for financial incentives and infrastructure construction assistance for a shopping mall or "big box" retailer that provides many poverty-level wage positions or part-time jobs.

Colorado

Earlier this month Governor Jeanne Shaheen released New Hampshire in the New Economy: A Vision for Expanded Prosperity, the first-ever comprehensive economic development plan for the State of New Hampshire. The plan calls for New Hampshire state government to focus its activities toward encouraging innovation, strengthening education and workforce development, retaining and protecting the quality of life, and extending economic opportunity to every citizen in every part of the state.

Legislation for the Technology Education and Training Act, introduced earlier this week by a bipartisan group of six Senators, calls for the creation of a income tax credit for businesses to offset information technology training expenses of their workers and trainees. The credit would be equal to 100 percent of the first $1,500 a business spends to train an individual worker.

Long-held opinions are hard to change. The state of the US manufacturing sector is a good example. Many people, particularly those in the Northeast and Midwest, hold tightly to memories of mass layoffs and factory closings nearly 20 years ago.

The National Science Foundation has released a new statistical report entitled Federal Funds for Research and Development: Fiscal Years 2001, 2002, and 2003. Included among the 112 tables are 10 presenting the 2001 data by geographic distribution, performer and federal agency.

In an attempt to attract more bioscience firms, Florida will invest up to $1 billion of its $102 billion employee pension fund into venture capital, the State Board of Administration recently announced. A forum was held last week by Enterprise Florida, the state's economic development agency, to outline the investment plan to more than 80 venture capitalists in attendance.

Two legislative bills encompassing economic development priorities of Gov. Jim Doyle’s Grow Wisconsin initiative recently were signed to provide assistance for both entrepreneurs and manufacturers.

The U.S. cannot take its position as a world leader of innovation and research for granted, suggest new initiatives sponsored by the National Science Foundation (NSF) and the Task Force on the Future of American Innovation. A report released on April 21 by NSF states the U.S. must take action, pointing out that invention requires both ingenuity and a skilled workforce.

Small firms, as much as large ones, may be key to the nation's ability to innovate, particularly in emerging fields, according to data published by the U.S. Small Business Administration (SBA). A report released earlier this year by SBA's Office of Advocacy shows that large firms in the biotechnology, medical electronics, semiconductor, and telecommunications industries are citing patents by small firms in higher-than-expected numbers.

Offering an assessment of the progress made by the nation's 50 largest metropolitan areas toward becoming high-tech communities as well as providing policy recommendations to help cultivate and encourage New Economy businesses, the Progressive Policy Institute (PPI) and Case Western Reserve University's Center for Regional Economic Issues yesterday released The Metropolitan New Economy Index: Benchmarking Economic Transformation in the Nation's Metropolitan Areas.