The 2012 Global Entrepreneurship Monitor (GEM) U.S. Report by Babson College and Baruch College shows that the total early stage entrepreneurial activity in the country increased 13 percent, the highest rate since 1999 when GEM first began tracking entrepreneurship. Among the findings, GEM found that a diverse population of age, gender, and immigrant status exists in the entrepreneurship community.
Nova Scotia, New Brunswick, and Prince Edward Island are collaborating to increase access to capital through the Build Ventures fund, a private early stage capital investment organization based in Halifax, Nova Scotia. The fund helps entrepreneurs build startups and invests $1 to $5 million (CAD) per venture. The provinces of Nova Scotia and New Brunswick will both contribute $15 million (CAD) to the fund, while Prince Edward Island will provide $2.5 million (CAD). Together with private contributions, Build Ventures has raised $50 million (CAD).
Graduates of Michigan State University, the University of Michigan and Wayne State University have started or acquired businesses at double the national average rate among college graduates since 1996, according to a report released by the Michigan University Research Corridor (URC). About 19 percent of all graduates have started their own business, and these businesses were 1.5 times more likely than the national average to remain open over the past five years. URC attributes their success to the comprehensive entrepreneurial curriculum available at the corridor's institutions.
The Department of Energy's guaranteed loan program has made headlines as automotive company Tesla paid back over $450 million in federal loans nine years ahead of schedule. Tesla's move highlights the potential of federal loan programs to support the growth of renewable energy industries by investing in companies that are developing new technologies such as lithium batteries and electric cars.
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Deep cuts to higher education and reorganizing economic development efforts are common themes in executive budget proposals across most of the country as governors seek to both reduce spending and create jobs. Iowa Gov. Terry Branstad recently introduced legislation to replace the state's existing economic development agency with a public-private partnership. Meanwhile, his budget eliminates the Iowa Power Fund, established by the legislature in 2007 to invest in private sector renewable and alternative energy industries. In Massachusetts, Gov.
Gov. Martin O'Malley last week unveiled details of his proposed $100 million venture fund announced last year during his re-election campaign as an initiative to grow the state's knowledge-based industries, particularly within the life sciences sector (see the June 9, 2010 issue of the Digest).
Funding for university-based research initiatives would be cut significantly under Gov. Nathan Deal's proposed FY12 budget as the governor aims to close a projected deficit of nearly $1 billion. The Georgia Research Alliance (GRA), a nationally recognized model for creating and sustaining tech-based economies, would receive $4.5 million in FY12, a 75 percent reduction from the current year. The governor's budget also would transfer GRA funds to the Department of Economic Development, a move that would align TBED with the state's more traditional economic development efforts.
While seeking to spur economic growth through new investments in university-based research, Gov. Sam Brownback also proposes to consolidate the efforts of a longstanding program recognized for creating high-wage jobs and diversifying the state's economy. Under the governor's FY12 budget proposal, many of the programs currently managed by the Kansas Technology Enterprise Corporation (KTEC), which provides dedicated support for researchers, entrepreneurs and technology companies, would be transferred to the Department of Commerce.
The National Institutes of Health (NIH) recently announced the Accelerating Medicines Partnership (AMP), a new $230 million public-private venture to transform the current model for developing new diagnostics and treatments by jointly identifying and validating promising biological targets of disease. The first phase of AMP will begin with pilot projects in three disease areas — Alzheimer’s disease, Type 2 diabetes and lupus. NIH and its partners will make the AMP data and analyses publicly accessible to the broad biomedical community.
London's Mayor Boris Johnson has announced an initiative to transform Olympic Park into a creative and digital business hub for the city. According to an article from startups.uk, the proposed redevelopment promises to boost the United Kingdom's (UK) GDP by $450 million ($692.5 million US) and create more than 6,500 new jobs.
Threats to America's cybersecurity continue to make headlines, underscoring the growing importance of protecting our country's digital infrastructure. As national security experts continue to grapple with how to address the challenge, the federal government is stepping up to coordinate state cybersecurity efforts. In an effort to promote our country's economic security and boost innovation and competitiveness, the National Institute of Standards and Technology (NIST) is working with states and the private sector to develop a framework for national cybersecurity standards.
As Congress considers comprehensive immigration reform, policymakers are debating the effect of high-skilled immigration on the U.S. economy. Amidst the fervent discussion, the question has been raised of whether or not there is a shortage of domestic high-skilled workers, especially those in the field of science, technology, engineering and math; a question that now is being fiercely debated by two renowned policy groups. Researchers from the Economic Policy Institute (EPI) recently made the claim that the U.S. has a sufficient supply of workers to fill the demand of STEM occupations.
The budget agreement reached by Texas lawmakers earlier this week includes $50 million in new funds to provide grants to technology companies for research and commercialization activities under the Emerging Technology Fund (ETF). A bill to address accountability and transparency of the fund was passed in the House, but later removed from the Senate calendar despite controversy surrounding the decision-making authority of the grants.
Businesses on SUNY campuses outside of New York City, and on certain designated private campuses, will be exempt from sales, property and corporate state taxes under a new initiative unveiled this week by New York Gov Andrew Cuomo. In addition, employees of these businesses will be exempt from income taxes. Eligible businesses must have a relationship with the host university related to its academic mission. The state will offer an additional 3 million square free of tax-free commercial space at New York private universities as part of the Tax-Free NY initiative.
New nonprofit initiatives have been re-defined in Seattle and Atlanta to support their cities' startup communities. Startup Seattle and Startup Atlanta will work to serve, support, and link the regional innovation systems and startup ventures in their respective cities. Both entities previously were developed by and for the local entrepreneurial communities to support new companies but are restructuring as independent organizations.
London's Mayor Boris Johnson has announced an initiative to transform Olympic Park into a creative and digital business hub for the city. According to an article from startups.uk, the proposed redevelopment promises to boost the United Kingdom's (UK) GDP by $450 million ($692.5 million US) and create more than 6,500 new jobs.
Puerto Rico Gov. Alejandro Garcia Padilla recently issued three executive orders aimed at advancing the island's renewable energy industry. The orders will grant priority approvals to renewable energy projects and introduce two new councils that will coordinate energy initiatives. Gov. Garcia Padilla joins a growing list of governors who have used executive orders to quickly implement energy policies without going to the legislature.
For as little as $2,000, you can highlight your organization, support SSTI -- and receive a registration to this year's conference in Portland, OR, Sept. 15-17! The more support we receive the larger the impact of the conference. Over the last few years SSTI has been able to introduce automatic polling, discussion groups, dine-arounds and numerous other opportunities because of the generous support of our sponsors.
Last week, the Obama administration announced that it would commit $200 million to establish three new manufacturing innovation institutions in 2013 (see the May 8, 2013 issue of the digest).
A new program that builds upon the successes of North Dakota's Centers of Excellence and Research Excellence programs will fund up to half of the cost of R&D and commercialization projects conducted by the state's research universities. Under Research North Dakota (RND), the development and commercialization of new products will be achieved on a project-by-project basis and state funds will be matched with private-sector cash investment.
Around the country, practitioners have gotten creative in their efforts to solve problems seen as barriers to economic growth. In Arizona, BioAccel has developed an innovative approach to funding and serves as a promising model for organizations dedicated to technology driven economic development by working with universities, medical centers and entrepreneurs to translate late stage discovery research into commercial products.