The U.S. Small Business Administration (SBA) has announced the 2024 Growth Accelerator Fund Competition (GAFC) Stage One winners. Each received $50,000 in prize awards for impactful and inclusive approaches to foster a thriving, collaborative national innovation support ecosystem to advance small business R&D.
Rev1 Ventures, an investor startup studio in Columbus, Ohio, that combines capital and strategic services to help startups scale and corporations innovate, recently released its 2023 Startup Impact Report. The report notes the entrepreneurs they supported last year raised $390 million in capital with 34 raising pre-seed capital, 16 seed capital, and 19 early-stage capital. The clients generated $192 million in revenue and created or retained 1,013 jobs.
Traditionally, a scientific discovery's commercial potential is gauged after significant R&D. However, a recent paper by Duke University researchers Roger Masclans-Armengol, Sharique Hasan, and Wesley M. Cohen (2024) proposes a new method for assessing the commercial potential of scientific research before it's fully developed.
May 21, 2024, 3:00 p.m. ET
Ecosystem mapping facilitates clear communication about the resources, support programs, and key players available to entrepreneurs and innovators in a region. For TBED organizations, it is also a valuable tool for identifying potential partners, facilitating referral networks, and uncovering new strategic opportunities. However, keeping these maps current and reflective of a region’s growing and evolving economic landscape can be a challenge.
The Internal Revenue Service (IRS) has released its final rules, as required by the Inflation Reduction Act, to make many clean energy tax credits transferable (able to be sold to a third party) or available for elective pay (a direct payment to the credit holder). Both rules may help expand investment in clean energy by providing mechanisms that get capital to the project’s developer immediately, even if the developer is a nonprofit or public entity that would never have paid any taxes on the project.
On Wednesday, the STEMM (Science, Technology, Engineering, Mathematics, & Medicine) Opportunity Alliance announced STEMM Equity and Excellence 2050: A National Strategy for Progress and Prosperity.
“Inclusive clusters have an explicit focus on equity, have identified the precise issues that lead to economic disparities in the cluster and have targeted strategies in place to shrink those disparities,” say the authors of Developing Inclusive Clusters, a recent Insight Report from the New Growth Innovation Network (NGIN) and RTI International.
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.
More than five months into fiscal year 2024, Congress has approved an agreement covering six of the twelve annual appropriations bills. Many tech-based economic development (TBED) programs received funding equal to the FY 2023 base appropriation—a strong sign of support for a year in which Congress agreed to return to FY 2022 overall spending levels and many programs across the federal government, therefore, saw cuts.
Americans have a strong level of confidence in scientists and scientific institutions overall, as SSTI reported in a Digest article in December 2023. A new NSF report reviews recent literature about public perceptions, awareness, and information sources for science, and reports strong support for science.
Last August, SSTI released a data tool exhibiting investment activity across 18 key technology areas. The tool comprises two interactive visuals and a downloadable data file and uses Pitchbook technology verticals selected to align with many of the key technology focus areas defined in the CHIPS and Science Act.
A federal judge in Texas has ruled that the U.S. Department of Commerce’s Minority Business Development Agency’s presumption that businesses owned by Blacks, Latinos and other minorities are disadvantaged violates the Constitution’s guarantee of equal protection. Unless it appeals, the Department of Commerce, which oversees MBDA, will be forced to immediately cease using an applicant’s race or ethnicity in determining eligibility for the program.
On March 1, Massachusetts Gov.
This article, written by Leonardo Vasquez and reproduced from the April 2024 issue of NBER Digest, is a summary of NBER Working Paper 31948, prepared by Luisa Gagliardi, Enrico Moretti, and Michael Seranfelli.
Shrinking shares of job-creating, high-growth firms across the country, the topic of SSTI’s Useful Stats column in last week’s Digest, is not being experienced within all sectors of the economy, according to analysis of the Business Dynamics Statistics of High Growth Firms (BDS-HG) experimental dataset from the Census Bureau.
SSTI has updated data across four states, and added data for an additional two and Puerto Rico, in last week’s “SSBCI 2.0: An overview of state uses of funds” article.
The Commerce Department has suspended plans to announce a funding opportunity for the construction, modernization, or expansion of commercial semiconductor R&D facilities, according to an announcement the CHIPS Program Office made in their newsletter last week. The suspension does not impact the $11 billion the CHIPS Program Office still plans to spend on semiconductor R&D through separate R&D programs, nor does it affect the awards for incentive program funding opportunities already announced.
Sometime in late May, the U.S. will pass a deadline that could have major repercussions for new administration rules, depending on the outcome of the 2024 federal elections. In effect, rules finalized before late May would be overturned only by going through a new, full rulemaking process, which can be a lengthy process. Rules passed after that date, however, could be overturned relatively quickly by Congress if control of the branches changes.
The U.S. Environmental Protection Agency has announced its selections for $20 billion in grant awards under two competitions within the $27 billion Greenhouse Gas Reduction Fund (GGRF).
The National Institute of Standards and Technology (NIST) have posted the position for director, Hollings Manufacturing Extension Partnership (MEP) Program after the recent announcement that the previous director had left to become director of the CDFI Fund. The director “directs and controls the activities of the MEP,” according to the posting.
The U.S. Department of Commerce has recently signed two non-binding preliminary memorandums of terms (PMTs) with semiconductor companies to provide direct funding under the CHIPS and Science Act. One company, the TSMC Arizona Corporation (TSMC Arizona), a subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), will receive up to $6.6 billion to support the company’s investment of more than $65 billion in three greenfield fabs in Phoenix, Arizona.
SSTI and more than 160 state and local governments, institutions of higher education, businesses, trade associations, and nonprofit organizations sent a letter to Congress asking for Tech Hubs appropriations in the FY 2025 budget.
Pending congressional appropriations, NSF announced a solicitation for a new set of NSF Regional Innovation Engines (NSF Engines). These NSF Engines would be in addition to the 10 inaugural engines the agency announced in January. In this proposed round of funding, NSF would only accept proposals for full NSF Engines, competing for up to $160 million over 10 years.
The National Science Board released the biennial Science and Engineering Indicators report on Wednesday. This report compiles data about the composition of the U.S. research enterprise and its trajectory relative to that of other nations. It covers data collected through 2021.
By a bipartisan vote on Tuesday, the U.S. Senate Committee on Environment and Public Works approved legislation that would reauthorize the Economic Development Administration for the first time since 2004.
By a bipartisan vote on Tuesday, the U.S. Senate Committee on Environment and Public Works approved legislation that would reauthorize the Economic Development Administration for the first time since 2004. The bill amends the Public Works and Economic Development Act of 1965 and does not affect the technology-based economic development programs authorized through separate legislation that are administered by EDA.