Two private venture firms have committed to raising a total of $125 million to invest in rural, early stage startups under the Department of Agriculture's Rural Business Investment Program. The program was launched last April, when Advantage Capital Partners launched the first $150 million Rural Business Investment Company (RBIC) fund.
Georgia lawmakers have approved a $40 billion FY16 state budget (HB 76), which is now awaiting the signature of Gov. Nathan Deal. The governor has line-item veto authority over the final document, but most appropriations related to innovation and economic development are consistent with the governor's proposed levels.
The Economic Development Administration (EDA) announced $3 million in planning assistance to communities impacted, or which may be impacted, by contractions in the coal economy. The funds were made available in part due to the newly established Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) initiative, a new interagency effort to assist communities negatively impacted by changes in the coal industry and power sector.
As a whole, research produced in the U.S. is cited 49 percent more than the world average, according to a new report by the academic publishing company Elsevier in partnership with the Council of State Governments (CSG).
A new website, Resources for Transitioning Economies, has been created to assist those interested in diversifying and strengthening their local economies, with an emphasis on county and regional leaders in coal-reliant communities. As part of a cooperative agreement between the National Association of Counties (NACo) and the U.S.
State Treasurer Janet Cowell announced a second North Carolina Innovation Fund (NCIF), a $250 million commitment to North Carolina-centered companies. Approximately $165 million will be designated to make co-investments in growth stage companies with the potential for a risk-adjusted, high return on investment (ROI) – 20 percent ROI. The second NCIF will make targeted investments into a diverse set of industries that include key sector identified by the state as growth sectors.
The National Science Foundation (NSF) announced a new round of funding for the Innovation Corps Sites (I-Corps Sites) Program. NSF will commit up to $1.5 million to establish up to 15 new I-Corps Sites at institutions of higher education. Applications are due June 27.
In 2010, 16.5 million individuals indicated that their job required at least a bachelor's degree level in a STEM field, according to a new report by the National Science Board (NSB) – Revisiting the STEM Workforce. These positions included many positions that are not traditional thought of as STEM jobs such as sales, marketing, and management.
Over the past few months, SSTI has followed proposals issued by governors in their budget requests, State of the State Addresses, Inaugural Speeches and other events. Now that many state legislatures have begun approving budgets, the Digest will check on the status of these proposals, and examine the state of technology-based economic development funding in the states. This week, we review actions in Alaska, Colorado and Indiana.
As a component of the U.S. Department of Commerce’s Skills for Business initiative, The Communities That Work Partnership is a new joint project aimed at accelerating industry-led workforce development and training efforts.
Although the benefits of basic research are often misunderstood due to their lack of immediate payoff, a new report by the MIT Committee to Evaluate the Innovation Deficit finds that this research is of the utmost importance in sustaining U.S. economic competitiveness. In The Future Postponed: Why Declining Investment in Basic Research Threatens a U.S.
Just three years ago, lawmakers in Washington put into place a research and commercialization initiative designed as a public-private model to build on the work of two longstanding agencies and better serve the state’s innovation community. The program, Innovate Washington, was eliminated in the legislature during the 2014 session with the passage of HB 2029 and its responsibilities transferred to the state’s Department of Commerce. Funding to support research grants under the Life Sciences Discovery Fund is reduced in the supplemental budget agreement passed by lawmakers. Gov. Jay Inslee has until April 5 to act on the legislation.
Corporate-sponsored research resulted in licenses and patents much more frequently than federally sponsored projects at the campuses of the University of California system, according to findings published in Nature. A 20 year study found that industry support was more likely to produce patents, licenses and future citations in all fields of research. Projects that received both corporate and federal support were even more likely to generate useful intellectual property.
North Carolina universities receive a larger share of research dollars from businesses than higher education institutions in any other state, according to the National Science Foundation’s (NSF) Higher Education Research and Development (HERD) survey. The most recent survey provides data on research expenditures by source for each state and territory for FY12. Wisconsin and the District of Columbia received the greatest share of R&D funding from nonprofits, while Wyoming, Maryland Guam and the Virgin Island receive the largest share of funding from the federal government.
A bill providing $35.4 million in workforce training grants to expand Wisconsin’s Fast Forward program was signed into law on Monday by Gov. Scott Walker. Funding will be available in the form of grants to technical colleges to reduce waiting lists for enrollment and for programs and courses that train students in high-demand fields. The funds also will support collaborative projects among school districts, technical colleges and businesses and for employment opportunities for people with disabilities.
In 2014, Angel groups in the Great Lakes region invested more dollars than anywhere else in the country, 17.2 percent of the U.S. total, including angel groups in California (17 percent). This marks the first time a U.S.
Following a lively debate over education funding, state worker pay and pensions, Maryland legislators approved a $40 billion budget. Under the approved legislation, $68 million would be available to support the state's most expensive school districts. Gov.
Throughout the United States, policymakers continuously call on entrepreneurs to be an important cog in the economic engine. One of the key barriers to entrepreneurship, however, has grown largely as a result of state policies: burdensome student loan debt. In the United States, the total amount of student debt is estimated at $1.2 trillion, a record high, according to the Consumer Financial Protection Bureau.
The Illinois Accelerator Research Center (IARC) is a new research facility for scientists and engineers from Fermilab, Argonne, and Illinois universities to work alongside industrial partners to develop breakthroughs in accelerator science and apply them to areas such as computing, health, indus
Even after equity crowdfunding reached a milestone earlier this month with new Securities Exchange Commission proposed rule changes, state legislatures across the country continue to pass intrastate crowdfunding bills.
The rise of advanced manufacturing has opened the door to a resurgence of New England's manufacturing economy, according to a new report from The New England Council and Deloitte Consulting LLC. In Advanced to Advantageous: The Case for New England's Manufacturing Revolution, the authors suggest that the existing network of universities, private manufacturers and government partners give the region a competitive advantage in advanced prototyping, additive manufacturing and the Internet of Things.
Pennsylvania’s economic development strategy should focus on building businesses rather than poaching, according to a new report from the Keystone Research Center (KRC) – All Pennsylvanians Prospering Together (APP): A Pennsylvania Economic Development Strategy for the Long Term.
Only 17 companies had initial public offerings (IPOs) in the first quarter of 2015, the lowest number since the beginning of 2013, according to data from Thomson Reuters and the National Venture Capital Association (NVCA). This is a significant drop from the 37 IPO exits in the first quarter of 2014. Mergers and acquisitions (M&A) were also down, with 86 exits, compared to 115 in Q1 2014. While 2014 was an unusually active time for venture-backed exits, the current data appears to be a return to recession-era levels of deals and disclosed values.
In order to build a prosperous, globally competitive economy in Louisiana, state universities must take on a greater role as hubs of regional innovation, according to a report from the Public Affairs Research (PAR) Council of Louisiana. The report includes 46 recommendations to transform the state's economy by revamping existing innovation programs, and boosting university research. PAR's strategic plan is based on a review of innovation policies in other states, particularly Georgia and the work of the Georgia Research Alliance.