Drug prices in the United States and pharmaceutical profits are considered excessive by many, including officials of the Trump Administration. The fact that the firms charge significantly less for the same medications in other countries than here has many wondering why and what can be done about it. One proposed solution has been to use the federal “march-in” rights allowed by the 45-year-old Bayh-Dole Act to force a change.
Personal income has nearly quadrupled in constant dollars over the past 56 years, from approximately $791 billion in 1969 to $2.9 trillion by 2024 in inflation-adjusted 1969 USD ($24.9 trillion in current dollars, increasing an average of seven percent each year), reveals SSTI analysis of the full breadth of newly released U.S. Bureau of Economic Analysis (BEA) data. Personal income has nearly quadrupled in constant dollars over the past 56 years, from approximately $791 billion in 1969 to $2.9 trillion by 2024 in inflation-adjusted 1969 USD ($24.9 trillion in current dollars, increasing an average of seven percent each year), reveals SSTI analysis of the full breadth of newly released U.S. Bureau of Economic Analysis (BEA) data. Standardized by population, growth is more conservative, with an average annual current dollar increase of 5%; in 1969, per capita personal income (PCPI) was just $3,931, but by 2024 had risen to $8,100 when adjusted for inflation to 1969 USD ($69,273 in current dollars).
As we come to the end of February, more than half of the governors have either delivered their 2026 State of the State, their Fiscal Year (FY) 2027 Budget addresses, or a combination of the two, laying out their priorities for the coming year. With forecasted revenues for many states tightening, many governors and lawmakers, with a few exceptions, offer cautious or constrained funding priorities and proposed initiatives.
U.S. Commerce Secretary Howard Lutnick wants the federal government to receive a return on funding awarded for R&D, innovation and economic development. The New Jersey Economic Development Authority has financed a dozen various technology innovation initiatives with the same expectation for the state’s money. Here’s how NJEDA says it's working.
It may not always be rocket science, but that doesn’t mean companies with scientific or technologically sophisticated innovations have an easy time raising capital. New academic research might lead one to wonder: Should TBED policy makers provide training for angel and VC investors that improves their understanding of critical tech - or continue to focus primarily on funding gaps and teaching founders to speak the language of VCs?
It has been five long, dark months for the nation’s small innovation-focused businesses and the regional innovation systems that rely on them for their strongest startups and future leaders, but a ray of light appeared Wednesday afternoon as a compromise was announced on the stalled reauthorization of the federal SBIR/STTR programs. And, if passed as written, we won’t have to go through this again until September 2031, which shifts future debate until an off-election year.
Regional innovation systems across the country can learn from the journeys of the EDA's designated Tech Hubs, regardless of your region’s competitive advantage. The twelve hubs continue to make progress, with consortia launching new programs and advancing key initiatives. The following highlights recent news from a selection of hubs. SSTI supports the Tech Hub community through its Technology-Based Economic Development Community of Practice.
Innovation districts have become a central tool in contemporary economic development, promoted for their ability to revitalize underused urban areas, attract high-growth firms, and strengthen regional competitiveness. Influenced by early work from Bruce Katz and colleagues at the Brookings Institution, many districts were intentionally located in formerly industrial or disinvested neighborhoods and initially delivered clear economic gains.
Ohio recently awarded more than $97 million for the Northwest Ohio Glass Innovation Hub in Toledo, the onMain Innovation Hub in Dayton, and the Greater Akron Polymer Innovation Hub in Akron. These hubs are part of the recently created a $125 million Ohio Innovation Hubs Program.
Quantum technologies are revolutionizing sensors, computation, and communication, according to an article from the World Economic Forum.
The Institutes and Centers of the National Institutes of Health receive an increase of $301 million in budget authority for a new total of $47.216 billion in FY 2026, a figure that stands in sharp contradiction to the severe cuts recommended in the Administration’s request. Additionally, ARPA-H is to receive $1.5 billion.
The Institutes and Centers of the National Institutes of Health receive an increase of $301 million in budget authority for a new total of $47.216 billion in FY 2026, a figure that stands in sharp contradiction to the severe cuts recommended in the Administration’s request. Additionally, ARPA-H is to receive $1.5 billion.
The breakthrough launch of ChatGPT in November 2022 sparked widespread questions about artificial intelligence and the future of work. How would generative AI reshape jobs and industries? Would certain roles become obsolete? How should education and training programs prepare workers for an AI-integrated workplace? To understand AI’s actual labor market impact, researchers examined unemployment patterns and hiring trends in AI-exposed occupations between 2022 and 2024 in a new study. The breakthrough launch of ChatGPT in November 2022 sparked widespread questions about artificial intelligence and the future of work. How would generative AI reshape jobs and industries? Would certain roles become obsolete? How should education and training programs prepare workers for an AI-integrated workplace? To understand AI’s actual labor market impact, researchers examined unemployment patterns and hiring trends in AI-exposed occupations between 2022 and 2024 in a new study. Their findings suggest that labor market shifts in those fields began earlier than ChatGPT’s high-profile arrival might suggest.
Most startups begin rich in vision but poor in financial support. Some founders have been known to go to great lengths to advance what they know to be worthwhile project. Asklepios BioPharmaceutical (AskBio), established in 2001, survived its earliest days with the help of bake sales held by families whose children had muscular dystrophy and believed in the startup's potential to develop treatments for the condition. When Lindy Biosciences was founded in 2017, its founder was not financially compensated for her time. However, after early assistance from the North Carolina Biotechnology Center (NCBiotech), both companies now have market values measured in billions of dollars.
Of the nearly $7 billion in the FY 2026 appropriations bill working its way through Congress for the Department of Housing and Urban Development, 51.7% is slated for “economic development initiatives (EDIs)” designated by members of Congress outside of any competitive process or assessment of need. The Community Development Block Grant program captures most of the rest of the funding at $3.3 billion. Separately, the Native American/Indian community block grant program is to receive $100 million.
With report language in the final budget package for FY 2026, Congress continues to thwart some of the administration’s efforts to shrink government operations and spending by fiat. In the Department of Transportation’s section, projects cannot be terminated without following established federal financial assistance regulations and established agency protocols. DOT must also inform Congress of how it will address the substantial backlog of projects, particularly of “awarded but not obligated competitive grant and community project funding.” This includes previously passed congressionally directed spending projects (earmarks) that the agency has not awarded, which is certainly one way to antagonize appropriators. Additionally, any “reprogramming requests must be submitted to the Committees on Appropriations no later than June 30, 2026.”
With 2025 behind us, and some time for the data to stabilize, we can look back at VC activity and try to understand what it means for TBED efforts going forward. The VC storyline of 2025 should be familiar to anyone who has been following investment news. Record funding rounds, huge amounts of capital deployed, questions of an AI bubble. Where amongst the big flashy lights of AI mega-deals do we find the subtlety and nuance that informs TBED investor activity and policy? With 2025 behind us, and some time for the data to stabilize, we can look back at VC activity and try to understand what it means for TBED efforts going forward. The VC storyline of 2025 should be familiar to anyone who has been following investment news. Record funding rounds, huge amounts of capital deployed, questions of an AI bubble. Where amongst the big flashy lights of AI mega-deals do we find the subtlety and nuance that informs TBED investor activity and policy? Looking closely at historical trends and segmenting the data by deal size highlights what most companies seeking funding face and points to potential outcomes for 2026.
All too often, jobseekers and employers seem to exist in non-compatible realities. While jobseekers flood the job market with descriptions of their generalized skills in communication, leadership, and problem-solving to fill various roles in different sectors, employers are looking for the more specific skills that will get the job done, say the authors of a report from the Wharton School and Accenture. And they propose that AI is accelerating this shift from a role-based economy to a skills-based economy. All too often, jobseekers and employers seem to exist in non-compatible realities. While jobseekers flood the job market with descriptions of their generalized skills in communication, leadership, and problem-solving to fill various roles in different sectors, employers are looking for the more specific skills that will get the job done, say the authors of a report from the Wharton School and Accenture. And they propose that AI is accelerating this shift from a role-based economy to a skills-based economy.
The Financial Services and General Government appropriations bill for FY 2026 passed the House of Representatives yesterday and now moves to the Senate where passage is also expected. The bill sets spending levels for several agencies supporting regional innovation, economic development, and investment. Foremost are the Treasury and Small Business Administration; selected highlights are provided below.
The Financial Services and General Government appropriations bill for FY 2026 passed the House of Representatives yesterday and now moves to the Senate where passage is also expected. The bill sets spending levels for several agencies supporting regional innovation, economic development, and investment. Foremost are the Treasury and Small Business Administration; selected highlights are provided below.
Higher Education Research and Development (HERD) expenditures grew in every state between Fiscal years (FYs) 2010 and 2024, rising 92% nationally over the 15-year period. However, when you adjust for inflation, five states and Puerto Rico instead experienced a real decline in HERD expenditures. Despite this broad growth, HERD expenditures remain highly concentrated, with five states having accounted for nearly 40% of all higher education R&D expenditures nationwide in FY 2024.
Higher Education Research and Development (HERD) expenditures grew in every state between Fiscal years (FYs) 2010 and 2024, rising 92% nationally over the 15-year period. Adjusted for inflation, five states and Puerto Rico instead experienced a real decline in HERD expenditures. Despite this broad growth, HERD expenditures remain highly concentrated, with five states having accounted for nearly 40% of all higher education R&D expenditures nationwide in FY 2024.
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