Coming out of the COVID-19 pandemic, the median net worth of Americans jumped an inflation-adjusted 37%, from approximately $141,000 to $192,000, representing the largest increase reported across available data from the Federal Reserve’s Survey of Consumer Finances (SCF). Breaking net worth down into its two main components, assets and debts, shows that while debts have increased, the sharp rise in assets—both financial and nonfinancial—has driven these numbers.

July 25 at 3pm ET | Free

Immigrant talent is a key driver of innovation in technology and entrepreneurship. However, navigating and understanding the many legal options available can be challenging. Join this TBED Community of Practice webinar to learn about pathways for TBED immigration, including lesser-known tools and under-utilized features of common immigration paths.

Speakers:
Sophie Alcorn, Founder & CEO of Alcorn Law
Doug Rand, Senior Advisor to the Director of USCIS

AlphaLab Health, an accelerator program developed by Innovation Works (IW) and Allegheny Health Network (AHN) for life-sciences startups in the Pittsburgh region, has received a $10 million grant from an anonymous donor. The grant establishes the AlphaLab Health Revolving Investment Fund, which will support startups in the accelerator program.

While the growth of female-founded and co-founded companies has increased at a faster rate than those of male-founded and co-founded and mixed gender founded companies, it is still a smaller amount than the other two. Additionally, these companies are more likely to receive a higher proportion of deals occurring earlier in the VC pipeline.

On Wednesday, the STEMM (Science, Technology, Engineering, Mathematics, & Medicine) Opportunity Alliance announced STEMM Equity and Excellence 2050: A National Strategy for Progress and Prosperity.

The measurements for success of female-founded and female-co-founded companies, while improving, remain lower than male-founded companies in number, deal count, and capital invested, according to PitchBook’s 2023 Annual US VC Valuations Report. PitchBook found that female-only-founded startups received just 2% of all venture capital (VC) dollars in 2023, while those female-co-founded reached 21% that year—a record high.

During a recent webinar presented by the National Semiconductor Technology Center (NSTC), center representatives announced details of its initial round of R&D funding opportunities, as outlined in its vision for 2024 document. The projects to be funded, which NSTC refers to as Jump Start Projects, are (1) AI-based Radio Frequency (RF) Design and (2) Test Vehicles.

Hear from your Peers—Three Build to Scale Success Stories
June 20 @ 2pm ET | Free

The American Council on Education (ACE) and the Carnegie Foundation for the Advancement of Teaching are seeking input into a social and economic mobility classification. The feedback form, available here, will be open until July 31, 2024.

The U.S.

In a recent ruling, a U.S. Federal Court of Appeals panel upheld the preliminary injunction against the Fearless Fund, preventing the organization from resuming operations of its Fearless Strivers Grant Contest, which awards winners with a cash prize and access to mentorship and business support services. Following on the heels of the U.S.

Led by increases in retail trade and professional, scientific, and technical services, the number of annual business applications nationwide has increased 119%, or nearly three million, from 2005 to 2023. However, the share of applications classified as high-propensity, or those more likely to result in businesses with a payroll, has decreased in all but the health care and social assistance sector, leading to a 26-percent point drop (58% to 32%) over the same period.

In SSTI’s recent TBED Community of Practice webinar, representatives from SourceLink and EcoMap Technologies shared practical insights on how ecosystem mapping supports both entrepreneurship and regional economic development.

Two weeks ago, I let the SSTI Board of Trustees know that I wanted to step down as President & CEO and that a search for a successor be launched. After leading the organization since its inception in 1996, I had come to the conclusion now was the right time for a new chapter both for SSTI and for me.

SSTI, a national nonprofit organization focused on strengthening initiatives to create a better future through science, technology, innovation and entrepreneurship, seeks a President & CEO, who will work with the SSTI Board of Trustees and staff to set the vision and direction for the organization.

Business applications have greatly increased over the last two decades, jumping 119% from 2005 to 2023. However, the rate of high-propensity business applications—applications identified by the Census Bureau as having higher likelihoods of turning into businesses with payroll—have decreased as a share of all applications every year since 2005, despite having grown 22% over the same period.

Ben Franklin Technology Partners, a technology-based economic development program serving all 67 Pennsylvania counties, reported in its 2023 Annual Statewide Impact Report that, since its inception more than 40 years ago, it has boosted Pennsylvania’s economy by more than $30 billion, generating more than 58,000 jobs in client firms plus an additional 101,000 spinoff positions, for a total of 159,000 new jobs that otherwise would never have existed.

The Rural Partners Network, an all-of-government program that helps rural communities find resources and funding to create jobs, build infrastructure, and support long-term economic stability, is asking the public to nominate rural innovators who are positively impacting their rural communities. Individuals of all ages, including youth, are eligible.

This article, including the downloadable data sheet, visuals, and analysis, was updated on July 10th, 2024, to include new data from Treasury’s SSBCI Capital Program Summaries.

This article was edited on April 4th, 2024, to correct for an error in, and add to, the original data. Refer to the note at the bottom of this article for more detail.

Why the U.S. Economy Needs More Consolidation, Not Less, a recent paper from the Information Technology & Innovation Foundation (ITIF), explains from an economics perspective the advantages of scale economy for improving an industry’s overall efficiency and productivity. Not all industries see significant economies of scale as firms grow, ITIF research points out.

SSTI has released a new video in our Federal Funding Video Library featuring Trent Thompson, economic development representative with the Economic Development Administration’s Denver Regional Office. In this interview, we discuss how EDA’s Economic Adjustment Assistance (EAA) funds can be leveraged to support technology-based economic development (TBED) activities.

The Securities and Exchange Commission is seeking candidates to fill a limited number of vacancies on the agency’s Small Business Capital Formation Advisory Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses.

The committee advises and consults with the Commission on rules, regulations, and policies as they relate to: