Initial public offerings (IPOs), the darlings of the dot-com boom, would be put on the endangered species list if they were a plant or animal — based on how few have been seen in the past year. Investor sentiment toward IPOs has been almost as negative since the bubble burst as the IT hype was positive before. But is the aversion to IPOs warranted? Have IPOs really become more risky than they were in years past?
A bill that includes $20 billion for state fiscal relief was to be voted on by U.S. senators Thursday, according to the Federal Funds Information for States (FFIS), a joint subscription service of the National Governors' Association and the National Conference of State Legislatures.
Whether it is oil, gas, logging or fishing, only one other state in the nation, Alaska, is as dependent on natural resource extraction as Wyoming. Using tech-based economic development to diminish the impact of the boom and bust cycles experienced by all "colonial" economies to diversify the state's economy has been one of the goals of Alaska's gubernatorial leaders since 1988, with the creation and continuation of the Alaska Science and Technology Foundation (ASTF).
The continuous decline of venture capital investing persisted in the First Quarter 2003 with total investments of $3.8 billion, down from the prior quarter of $4.3 billion, according to the latest PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association MoneyTree™ Survey. A total of 623 companies received funding in the first quarter compared to 726 companies in the fourth quarter of last year.
To help build the state's technology sectors, Governor Jeb Bush and the State Board of Education have selected Florida's first three Centers of Excellence. The Centers are designed to foster innovative, cutting-edge technology research at Florida’s colleges and universities, develop commercially viable applications for that research, and recruit high-tech industries and thinkers to the state.
The three projects are:
The National Association of Regional Councils (NARC) is holding on June 4 its fourth telecast on economic development. NARC is a nonprofit membership organization that assists regional councils and metropolitan planning organizations nationwide. Its telecast, "Three Rural Economic Development Strategies," will feature Dr. David Sampson, Assistant Secretary of Commerce, and Mark Drabenstott, Vice President of the Kansas City Federal Reserve to discuss economic development in rural areas.
Research released this week by the Information Technology Association of America (ITAA) suggests that, failing a dramatic turnaround in the national economy, a recovery in the IT sector in 2003 will most likely continue to be a “jobless” one.
In the final week of its 2003 Legislative Session, the North Dakota State Legislature passed sweeping legislation that favors tech-based economic development in the state. The Greater North Dakota Association (GNDA), serving as the state's Chamber of Commerce, subsequently issued a summary of those bills targeted toward job growth. Some highlights of GNDA's summary are presented below:
To spur technology development in the state, the Maryland Technology Development Corporation (TEDCO) has entered a collaborative agreement with the nation's cryptologic organization, the National Security Agency (NSA). TEDCO’s mission is to help foster a technology economy that will create and sustain businesses throughout Maryland. NSA coordinates, directs and performs highly specialized activities to protect U.S.
Given the proportionately small amount of money invested in transportation research and development (R&D), significant gaps exist in ensuring that the more than $120 billion in annual transportation funding is being spent wisely, witnesses have told a House Science Subcommittee. The testimony came at a hearing in April exploring the needs of transportation R&D as Congress considers the renewal of a massive transportation bill.
As states and communities consider how to build a tech-based economy, the prospects of centering efforts around hydrogen fuel cell technology has become an increasingly appealing option. Fuel cells may have huge implications for the future, and the technology already is the focus of some states' multi-billion economic development strategies.
Nonprofits looking for financial assistance, technology assistance or assistance in general may not need to look much further than one browser window. Two online resources, TechSoup and Gifts In Kind, offer a wide variety of tools that can help nonprofit organizations stretch tight budgets.
During a legislative season that was marked by heated discussions in most statehouses on what to cut or save, Indiana is one of a handful of states so far that focused considerable debate on planting the seeds for a stronger future through technology-based economic development.
Maine Governor John Baldacci got nearly everything he wanted in a bond proposal to encourage technology-based economic development (TBED). The Maine legislature shaved $10 million from the Governor's original request before passing the bond on to Maine voters for consideration at a special referendum June 10. The bond proposal includes:
The Department of Housing and Urban Development (HUD) has notified its partners more than $2.3 billion is available in the FY 2003 SuperNOFA (Notification of Funding Availability), including 43 separate funding opportunities for local units of government and nonprofit faith-based and community organizations.
Venture-backed women-led enterprises are moving well beyond start-up stages of corporate formation to revenue generation, and almost 20 percent report profitability, according to Springboard Enterprises, whose program for women entrepreneurs has helped raise $1.76 billion in equity capital for women-led companies.
A strategic plan issued in 2002 by the Fifth Planning District Regional Alliance in Virginia may officially have completed the first phase when the Alliance recently awarded $273,342 in grants and earmarked funds.
Perhaps in no other sector are efforts to grow an industry so dependent on a strong public-private partnership as they are for biotech and the life sciences. Most of the research funding for the field flows from the government to universities and research institutions. Industry then steps up for clinical studies and commercialization.
With only two months left in most fiscal years, states must still close a $21.5 billion budget gap in order to comply with their balanced budget requirements, according to a report issued today by the National Conference of State Legislatures.
The Senate and Congressional Manufacturing Task Forces garnered support from a majority of senators and representatives for continued funding of the Manufacturing Extension Partnership (MEP). Senators Olympia Snowe (R-ME) and Joe Lieberman (D-CT), co-chairs of the Senate Task Force, drew support from 58 Senators with both parties joining forces to support MEP.
The Economic Development Administration (EDA) recently announced the recipients of its 2003 Excellence in Economic Development Awards. A total of eight award-winners were named across seven broad award categories. Those pocketing awards in Innovation and Technology-led Economic Development, respectively, are described below.
Innovation
Washington Governor Gary Locke signed legislation last week that will give a tax break for research and development (R&D) firms. HB 1462 – passing unanimously, 96-0, in the State House and by a majority, 41-4, in the State Senate – prohibits Washington's local governments from taxing the intellectual property of these companies.
A recent study by Iowa State University researcher David Swenson suggests the ISU Research Park's substantial and diverse economic activity bolsters Iowa's economy. Focusing on current tenants, Swenson's research shows that the park links directly to almost $88 million in total industrial output. Businesses that provide goods and services to park customers and employees are said to generate an additional $46.3 million in economic activity.
Florida Incubators Form Alliance to Expand Services
Comparing the recent release to the same report issued two years ago surfaces an unavoidable danger of relying on trends identified 13 years ago in the 1990 decennial census. The 2002 educational attainment figures released by the U.S. Census Bureau in March reports 26.7 percent of the U.S. population 25 years or older holds at least a Bachelor's degree, about one percentage point higher than the previous year.