Operating with a $152 million surplus for the current fiscal year, Gov. Mike Easley unveiled his recommended budget adjustments for FY 2008-09 earlier this week, providing additional funding for university projects and expanding TBED initiatives. North Carolina is one of a shrinking number of states to still project black ink for its next fiscal year.
 

“I recognize the importance of attracting venture capital and new investments to Maine,” Gov. John E. Baldacci said. The governor later added, “However, as it is currently written the bill carries enormous risk. This bill would guarantee a rate of return for venture capital investors while Maine would shoulder all the risk. The potential liability for the State is too great for me to sign this bill.”
 

The General Assembly approved the fiscal year 2009 budget last week, providing $21 million for the Life Sciences Research Trust Fund. Established in 2003, the fund was created to support life science research, commercialization, and technology transfer using a portion of the state’s tobacco settlement funds. The FY09 appropriation will be administered by the Life Sciences Research Board, which is responsible for awarding grants and contracts for research.
 

Early-stage Colorado bioscience companies and researchers in clean and alternative energy working to commercialize new technologies are among the victors of Colorado’s legislative session that ended last week.
 

Unprecedented investment in alternative energy technologies and growing awareness about the need for clean and renewable energy production have driven many states to initiate strategies to promote alternative forms of power generation, such as solar, hydroelectric, geothermal and wind power. Most current government strategies, however, fall short of what will be needed to build a truly reliable, affordable and clean energy portfolio in the U.S., according to a new study from the U.S. Department of Energy (DOE).

Rallying the myriad local organizations, chambers of commerce and political jurisdictions of any large metropolitan area toward a shared economic development agenda is challenging. To twist a phrase from supply-side economics, the “trickle around” theory of benefits – when any major economic development project occurs in one community will have spillover benefits for the entire region – is a tough sell to communities and school systems trying to keep their budgets in the black.
 

Last week, the Federal Laboratory Consortium for Technology Transfer (FLC) held its annual national meeting in Portland, Ore. The gathering brought together laboratory technology transfer specialists, industry representatives and state and regional TBED organizations, among others, to discuss pertinent issues such as changes in federal legislation affecting intellectual property and SBIR reauthorization, STEM education initiatives, funding opportunities, and best practices for encouraging the successful commercialization of research.

Last week, Congress approved the $300 billion "farm bill" with large bipartisan majorities in both the House and Senate (318-to-106 and 81-to-15, respectively). The wide margins belie that fact that the bill remains somewhat controversial outside of Congress for its lack of reform of farm and crop subsidies. President Bush vetoed the bill today, citing concerns about its continued support of large subsidies for agricultural producers despite record profits for the farming industry. With veto-proof majorities in both houses, however, the bill is likely to survive.

As readers know, the United Kingdom is no slouch in the world’s economy. A steady rise in productivity since 1997, the pound trading at nearly twice the dollar, and the home of some of the world’s top research universities and a global financial center for centuries all attest to the United Kingdom’s strong economic position.
 

Several key proposals championed by Gov. Kathleen Seblius to prepare the state for an innovation-based economy were adopted by the legislature in the approved fiscal year 2009 budget signed into law by the governor earlier this month.
 

Legislative approval of several measures to support the state’s energy initiatives were accompanied with lawmakers’ rejection of Gov. Linda Lingle’s proposals to fund Science, Technology, Engineering, and Mathematics (STEM) programs and expand TBED initiatives at the conclusion of the 2008 legislative session earlier this month.
 

During the 1990s, especially the mid- to late-part of the decade, many countries experienced booms in their high-tech and venture capital industries. Few, however, grew at the same pace as Israel.
 
Israeli entrepreneurs created eight times as many high-tech companies during the 1990s than in the previous decade and equity investment in Israeli start-ups grew from $50 million to $6.65 billion. The number of venture capital companies in the country jumped from two in 1990 to about 100 in 2000.
 

The network of community colleges throughout the U.S. has an integral and increasing role in preparing the nation’s workforce for career and technical training. According to the National Center for Education Statistics, 6.2 million full-time and part-time students attended public two-year colleges in 2005 – about 41 percent of the nation’s total undergraduate population. Two reports released earlier this month provide a deeper look into U.S.

Excitement for SSTI's 12th annual conference is growing. Sponsorship opportunities are available to help build awareness of your TBED program and build beneficial relationships with the nation's top state and regional TBED decision makers at this year's event. Last year’s conference included more than 350 representatives from 48 states and four countries.

Dr. Michel Bitritto was named director of the new business incubator being run by the New Jersey Meadowlands Commission.

Dr. Peter Reczek was appointed executive director of the New Jersey Commission on Science and Technology.

Don Siegel, president of the Technology Transfer Society, will be dean of the School of Business at the University of Albany, SUNY, beginning in fall 2008.

Throughout most of the history of the U.S. venture capital industry, expanding, and not start-up companies, have been the primary focus of venture investors. Recent data from the PricewaterhouseCoopers and National Venture Capital Association (NVCA) annual MoneyTreeTM Report indicates that investors are beginning to focus on even later-stage companies, which could be a problem for entrepreneurs and states trying to attract earlier-stage dollars.
 

Last week, NASDAQ saw the debut of the Illinois Tech Index (symbol: ILTI), currently recognized as the only technology index in the U.S. tracking publicly traded technology companies within an individual state. Based on 61 firms with their headquarters in Illinois, the Illinois Tech Index is derived from the aggregate value of the firms’ total shares outstanding. When the index officially started on Monday, May 19, the base value of the ILTI was 1000.00. As of Wednesday’s close of markets, the Index finished at 969.20.
 

Minnesota legislators established the Office of Science and Technology (OST) to develop a collaborative partnership between industry, academia and government that will coordinate federal funding procurement efforts in S&T with Minnesota.

Earlier this month, the governors of Oregon and New York both outlined changes to the structure of their states’ lead economic development organizations.
 
Before Gov. Ted Kulongoski signed Executive Order 08-11 to reorganize the Oregon Economic and Community Development Department (OECDD), it consisted of three components:

Offering customized workspace such as wet laboratories and specialized research equipment is one of the many benefits provided by technology-focused incubators. Access to university research, business mentoring and administrative support services often accompany the reduced rent facilities with the goal of growing technology companies into successful, self-sustaining enterprises. Following are select announcements of recently launched incubators and partnerships from across the nation. 
 

Florida Gov. Charlie Crist paid a visit to Wall Street last week to celebrate the signing of a new law that will increase the state retirement fund's investment in high-tech industries. Under the new legislation, the Florida State Retirement System will dedicate up to 1.5 percent of the system's trust fund to technology and growth investments. The Miami Herald estimates that this could provide nearly $2 billion for high-tech industries in the state.
 

Legislators in Alabama, South Carolina and Tennessee recently approved spending plans for the upcoming fiscal year. Highlights of appropriations supporting TBED are included below.
 
Alabama