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NIH recently announced awards for five Research Evaluation and Commercialization Hubs (REACH) to accelerate the creation of small businesses and the transition of academic research discoveries into products that improve patient care and enhance health. These new REACH hubs will support innovators from diverse personal, educational, and professional backgrounds across 76 non-profit research institutions spanning 12 states.

The new hubs are:

The 2021 BERD dataset reveals the highest level of business R&D spending on record. Since 2015, R&D expenditures have increased by 69% from $356 to $602 billion, representing an average annual growth of $41 billion or 9%. But what industries are contributing the most to this trend?

New York City and the state of Illinois have both made moves recently to shift more of their economies to clean energy.

The National Science and Technology Council (NSTC) has released a new request for information (RFI) related to a national strategic plan for advanced manufacturing, and the National Institutes of Health (NIH) are seeking information on how the scientific community uses public data tools. Both RFIs provide an opportunity for the tech-based economic development field to shape the future of federal innovation policy. 

The EDA University Center Economic Development Program Competition recently announced $2.5 million in grants awarded to 25 colleges and universities in the Chicago and Philadelphia EDA regions to leverage assets, promote innovation and strengthen regional economies. The goal of these awards is “to boost innovation, create good-paying jobs and ensure American competitiveness in the global economy” while funding research as well as innovation economy development services.

The supremacy of the U.S. research enterprise has been eroding, particularly challenged by China and other Asian countries, and a new draft report from the Basic Energy Sciences Advisory Committee (BESAC) at the Department of Energy (DOE) concludes that U.S. leadership in basic energy sciences will continue to diminish without intervention.

The Biden administration announced the 30 members of the President’s Council of Advisors on Science and Technology (PCAST) this week. The panel, which is co-chaired by the president’s science advisor and external experts, exists to make science, technology and innovation recommendations to the White House. The administration calls this the most diverse PCAST in its history, which dates back to 1957, including the first women co-chairs. Included among the advisors are two former secretaries under President Barack Obama: Penny Pritzker (Commerce) and Ashton Carter (Defense).

The Appalachian Regional Commission (ARC) recently announced its largest POWER (Partnerships for Opportunity and Workforce and Economic Revitalization) grant package to date, investing nearly $46.4 million into 57 projects across 184 counties. The award aims to leverage entrepreneurship, workforce development, and infrastructure to bolster re-employment opportunities, create jobs in existing or new industries, and attract new sources of investment.

Latino- and Latina-owned businesses represent the fastest growing demographic in the U.S. business ecosystem, growing revenues and creating jobs for all Americans, according to the Stanford Graduate School of Business.

Communicating Tech-based Economic Development

Oct. 31 @ 3 p.m. ET | Free

An independent selection committee recently announced the incoming board of trustees that are expected to oversee a nonprofit entity that

Most states, businesses, families, and individuals spent the pandemic walking on the edge of a jagged economic cliff. Luckily, there were some guardrails in the form of fiscal recovery funds, disaster loans, paycheck protection, and childcare grants. These devices helped pull thousands back from the edge.

But now, with the pandemic emergency over, the cliff is still in sight, but the guardrails are gone. Without them, will states, businesses, and others tumble over the economic cliff? The answer may depend on how they used those guardrails during the pandemic.

The U.S. Department of Energy (DOE) recently announced up to $325 million for 15 projects to accelerate the development of long-duration energy storage (LDES) technologies. These demonstration projects will increase community control of local power systems, mitigate risks associated with disruptions to the grid, and help communities develop reliable and affordable energy systems.

NSF recently announced the first Experiential Learning for Emerging and Novel Technologies (ExLENT) investment of $18.8 million to 27 teams at U.S. institutions of higher education, including teams led by minority-serving institutions and historically Black colleges and universities. Each team will receive up to $1 million for up to three years.

The economies, the wellbeing, and the stories of the U.S. and China have become so intertwined and so interdependent that individuals not following global political-military-ideological studies might be excused for getting lost in the narrative, let alone following such a complex plot. There won’t be a simplifying explanation offered here, but there are a few new twists in the storyline SSTI wanted to share that may relate to the innovation investment, product development, and exit strategies for some parties within the TBED community. 

The Department of Defense recently awarded six Defense Manufacturing Community Support Program (DMCSP) grants totaling approximately $30 million from the Office of Local Defense Community Cooperation (OLDCC). The DMCSP invests long-term in critical skills, facilities, workforce development, research and development, and small business support to strengthen the national security innovation base.

SBA's Office of Investment and Innovation recently established the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) to serve as an independent source of information, advice, and recommendations to the Administrator on matters broadly related to the U.S. startup and small business innovation ecosystem. 

The committee will provide information and recommendations on how SBA can:

In the absence of cohesive federal policies or regulations involving the growing development and use of artificial intelligence (AI), states’ governors and lawmakers are undertaking studies and crafting legislation that seeks to balance governance and implementation of this evolving technology. The studies and legislation are intended to protect constituents from AI’s possible harms without hindering potential uses or contributions of AI to government services or medical, science, business, and educational advancements.

Despite the pandemic and accompanying global economic slowdown in 2020 and 2021, U.S. business spending on research and development (R&D) activities increased by nearly $65 billion (12%), rising from $538 billion in 2020 to $602 billion in 2021. This increase was led by a $61 billion, or 13% increase, in R&D paid for by the company, compared to a $3 billion, 5% increase, in R&D paid for by others.

Forthcoming research suggests venture development organizations, that is, those publicly-supported nonprofits that combine risk financing with expert technical assistance to grow local innovation-based startups, should give careful consideration to the exit histories of the venture capitalists they partner with to move the VDO’s portfolio firms through seed and series A investment rounds.

The White House has released reviews from the Departments of Commerce, Energy, Defense, and Health and Human Services in response to the president’s Executive Order on “America’s Supply Chains.” Vulnerabilities in supply chains were assessed in four key product areas: semiconductor manufacturing and advanced packaging; large capacity batteries; critical mineral and materials; and, pharmaceuticals and advanced pharm

The closely watched regional competition to identify the final two hubs of the ARPANET-H, a $2.5 Billion health innovation initiative of the Advanced Research Projects Agency for Health, has come to a close with the selection of two firms to operate the Customer Experience and Investor Catalyst elements of the national network.

As of this writing, Congress has yet to agree to fund the federal government beyond this Saturday, Sept. 30.

Created in 1987, the NSF Science & Technology Centers (STCs) program has supported exceptionally innovative, complex research and education projects that have opened up new areas of science and engineering and developed breakthrough technologies through integrative partnerships. The recent announcement of $120 Million in NSF funding for four new centers will bring the current active center portfolio to 17.